10-3-14 MARKET:

MARKET TREND:

Friday Market has given Bonanza to Bulls and Cornered Bears by opening the NIfty above the Trend Line Resistance.  Wisely/Cautiously DIIs and Proprietary Traders have en-cashed the Nifty movement and booked profits, particularly in IT and Pharma Sectors.   Even though Nifty is in Plus (120 pts)., FIIs are in Buying Side, OI is in Plus & Derivative range increased to 6500 (upside from 6400 to 6500) by adding 6700 CE in high volume, market breadth is in Negative.  This kind of data gives feeling, that smaller investors are not convinced about growth opportunities and still they are in fear about Stock Market. Shifting from over bought indices like pharma & IT (higher PE %) to low PE stocks is a wise step by investors, to increase their appetite and in return to do more Trades.   As most of the Analysts are expecting Jan IIP & Feb CPI date is in negative (on 12 & 14 respectively), short term investors should be cautious and trade with strict SL. 

Today market may open Flat to Negative to en-cash the 3 days uptrend and to respect peer markets (opened in negative).  Day traders can be at short/book profits till Nifty Spot cross 6510.

NIFTY SPOT LEVELS:

Pivot: 6493
Resistance: 6572/6620/6696
Support: 6447/6368/6323

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
ZEE ENT EQ: BUY > 277 TRG 281.50 SL 274
JINDAL SOUTH EQ: SELL < 593.50 TRG 583 SL 601
GLENMARK EQ: SELL < 562 TRG 548 SL 573
BHEL EQ: BUY > 181 TRG 188 SL 176