23-01-2014 MARKET:

MARKET TREND:

YESTERDAY NIFTY HAS GIVEN SIGNAL OF SHORT TERM UPTREND.   DERIVATIVES OI RANGE ALSO HAS BEEN INCREASED TO 6200-6500.   BUT 6400 CE AND 6200 PE ARE MORE ACTIVE.   THESE ALL INDICATE, BEARS CANT HOLD THEIR SHORTS FOR LONG AND MAY FORCE SHORT COVERAGE ONCE NIFTY CROSSES 6350 LEVEL.  WE ALSO MAY WITNESS MORE VOLATILITY MORE THAN PREVIOUS WEEK.   IN COMING TRADES, 6425 MAY ACT AS RESISTANCE FOR NIFTY AND ONCE THIS LEVEL BROKEN, WE CAN GET NEW HIGH FOR THE YEAR.

TODAY MARKET OPEN FLAT AND ONCE IT SUSTAIN PIVOT LEVEL, SHORT COVERAGE CAN WITNESS.   DAY TRADERS CAN GO LONG WITH 6325 SL FOR TARGET OF 6350/6365.

NIFTY SPOT LEVELS:
Pivot: 6325
Resistance: 6363/6387/6425
Support: 6300/6262/6238

NIFTY FnO BAN: AURBINDO & APOLLOTYRES

STOCKS FOR DAY:
HDFC EQ: BUY > 840 TRG 848 SL 833
BHARATFORGE EQ: BUY > 347 TRG 350 SL344
ICICIBANK EQ: BUY > 1082 TRG 1095 SL 1074