premarket view-nifty banknifty BAJAJ-AUTO tips 7 nov 2014
NIFTY Nov. expiry future last closed at 8388 with 27 points gain. In Intraday NIFTY, future made high at 8412 while low was at 8361. Total almost 55 points intraday range and closed with gain. On futures side, +5.96% open interest build up suggest strong long addition. On option side, 8400 call options writing was seen which is strong resistance. Tomorrow, market remains closed on event of Gurunank Jayanti. For Friday above 8300, keep buy on dips view with strict stop loss in place for target 8450-8480. Option traders can use ITM call options for same strategy.
BANKNIFTY Nov. expiry future last closed at 17490 with gain of 265 points. In intraday BANK NIFTY, future hit high at 17545 while low was at 17219. Total 250 points intraday range and closed with gain. On futures, side +10.28% open interest build up suggest strong long addition. On option side 18,000 call options writing has been seen. For Friday, 17300 is trailing stop loss for long positions. Targets will be 17850.
India VIX active future closed with no trading activity.
Bajaj Auto Limited stock closed at 2572 with loss. In intraday stock hit high at 2624 while low was near 2561. For Friday, traders can sell this stock near 2600 levels with strict stop loss 2639 for targets 2500.