04-02-2014 MARKET:

MARKET TREND;

Yesterday market indicate over cautiousness of our traders.   Even though volumes are at lower side, market was pushed to over sold levels through Derivative Section. Yesterday FIIs have bought more than 1000 crores worth of options, which are very high in recent times.   Still Nifty 6000 level is in tact.   Since, market is in oversold situation and OI range is still at 6000,and FIIs buying more options, indicate market may surprise with its volatility and panic sales and rush up short coverages.

Today market may open with Gap Down and go for Filling (at least 75%) by evening.   This day will be a day of Momentum Traders. Day Traders can go long with 5940/5950 sl and above 5970 go for short coverage.

 

NIFTY SPOT LEVELS:
Pivot:
Resistance:
Support:

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
Oil Distribution Cos. and Telecom/Electronic Component Manufacturing Cos. at buy on Delivery Basis