What is your view on the market for Monday 02 November. Do you the markets continue to be under pressure?

If you look at the options accumulation data, the Nifty looks to test lower levels of 11,500 in a worst case scenario. Till then, the trend still shows a likely bounce but trend could shift if that happens. Last week, the Nifty did sustain its lower support of the 11,600 levels.

Watch out for the big results in this week with some of them slated for Monday. HDFC, ITC, State Bank of India are among the big results due. Out of the 10 most valuable companies on the Nifty, HDFC is the only company that has not yet announced results.

After a long gap FPIs have been selling. They sold Rs.871 crore on Friday while DFIs bought Rs.631 crore. The good news in October is that FPIs infused over Rs.22,000 crore into Indian markets of which Rs.19,500 crore was into equities and the balance in debt instruments.

In global markets The NASDAQ dipped below the 11,000 mark on Friday and closed 2.5% lower. Dow index closed in the negative on election uncertainties. While Europe was mixed, Asia is strong on early trades on Monday. SGX Nifty is in the green in early trades.

The key to watch on Monday will be the reaction of the markets to critical results post Friday trading like Reliance Industries and ICICI Bank.