06-03-2014 MARKET:

MARKET TREND:

Yesterday Market has closed in positive and above Trend Line, but with lower volumes.  Derivative segment 6400 CE are very active and OI interest increased from last 2 days, this indicate Shorts are getting accumulated in higher levels.  If good volume support comes in the way short coverage can take place and Nifty can see higher levels.  Yesterday market was supported by Bank Nifty and Infra/commodity Indices with boosting words (Basel III Norms) by FM.  

Many times, market gives periodical signals about its movement, but most of the time our Greediness will not allow us to see/observe that, and go against its signals.  Yesterday such candle given by Nifty (bearish hang man), which is need supportive candles in these 2 days.  If the Nifty breaks 6287 or if it closes with Red Candle or if it could not cross 6360 level, we can understand Nifty going to test 6200 level in coming days.

With influence of Peer Markets today Nifty may open positive and will try to hit its resistance level of 6360 (spot).  Day traders can go for 6300 PE and market highs with 6400 SL (on positional basis).

NIFTY SPOT LEVELS:

Pivot: 6318
Resistance: 6347/6366/6395
Support: 6298/6269/6250

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
SAIL EQ: BUY > 57.8 TRG 58.85/59.50 SL 57
HDIL EQ; BUY > 41.75/42.50 TRG 43/43.65 SL 41
PNB EQ: BUY > 584 TRG 604.50 SL 577/571