24-01-2014 MARKET:

MARKET TREND:

YESTERDAY MARKET COULD NOT GET VOLUMES BREAK, EVEN THOUGH NIFTY SUPPORT SHIFTED TO 6300 LEVEL.  FIIs ARE AT LONG IN EQUITY BY PROTECTING THEIR LONGS WITH DERIVATIVES.    MARKET BREADTH IS IN MINUS EVEN MARKET CLOSED IN GREEN.  PEER MARKETS ARE ALSO NOT IN SUPPORTIVE FOR ALMOST ALL THE DAY. TRADERS COULD NOT GO LONG OR COVER THEIR SHORTS IN FULL.  MID CAP AND SMALL CAP HOLDERS WENT ON PROFIT BOOKING AS THEY ARE NOT YET CONVINCED FULLY ABOUT MARKET'S UP MOVEMENT.   

TODAY MARKET MAY OPEN WITH NEGATIVE BIAS AND LIKELY TO GET SUPPORT AT 6300/6320 LEVEL.  DAY TRADERS CAN GO LONG WITH 6300 SL FOR POSITIVE CLOSE.  SINCE TODAY IS WEEK END STRICT SL TRADES ARE ADVISABLE TO MINIMISE THEIR TRADE COSTS.

NIFTY SPOT LEVELS:
Pivot: 6339
Resistance: 6362/6378/6402
Support:: 6322/6300/6280

NIFTY FnO BAN:
AURBINDO
APOLLO TYRES

STOCKS FOR DAY:
JAIN IRRIGATION EQ: SELL < 67 TRG 64 SL 69
ADANI ENT EQ: BUY > 252 TRG 262 SL 248
GAIL EQ: BUY > 349 TRG 355 SL 344
WIPRO EQ: BUY > 574 TRG 583 SL 569