Market Technicals 23 October 2013
Nifty future outlook 23 oct 2013
nifty oct expiry future last closed at 6227 with gains of 1 point.today nifty future made high at 6236 while low was at 6197.total almost 40 points intraday range and closed flat on consolidation.
on futures side,1.17% cut in open interest suggest profit booking as well as trapped shorts exits.on option side,todays 6200 put option and 6300 call option writing seen that why remained range bound.
for tomorrow,expect some correction here and below 6260 expect pull back upto 6160.but do not short here.wait for correction to over and then buy near 6150-6180 zone with stoploss for positional target 6325.
Banknifty future outlook 23 oct 2013
banknifty oct expiry future last closed at 10845 with gains of 7 points.today banknifty future made high at 10949 while low was at 10742.total 200 points intraday range and closed flat.
on futures side,1.89% open interest build up suggest long still accumulating in market.on option side,10500 put option and 11k call option both closed in red on fresh writing.
here traders wait for correction and buy near 10500-10600 zone only with stoploss for target 11k-11.2k on upside positional.may be till this expiry.
Intraday Stocks outlook 23 oct 2013
for tomorrow my pick will be IndusInd Bank Limited share. today INDUSINDBK closed flat at 425.25.today made high at 429.6 while low was at 418.65.for Wednesday,traders here sell near 430 with stoploss 443 and expect target 400 on downside as target.