18-3-2014 MARKET:

MARKET TREND:

Last Friday (14th Mar) Traders have acted as we expected, but closed with Green Candle.  Even though Friday Market closed in Green, technical parameters are not supportive.  RSI in negative divergence, FIIs are in Selling Side in Derivatives (> 21K cr.) and Buying Side in Equity (982 cr) and Market Breadth is in Negative.  Also Nifty has tried 2 times again to beat 6562 level, but could not cross.  This all clearly gives indication as Nifty upper level has been sealed (at least for shorter period) and giving Oxygen to Bears to Survive.  But we all have to keep in mind that: still Nifty Trend is in up movement only and any Trades have to follow with Strict SL.

Today Nifty likely to open Flat with positive note in line with Peer Markets.   As Market likely to play range bound Day Traders may wait for Nifty upper levels of 6520/6540 and can go for short (or for Nifty PE) with 6570 SL and book profit by day end.

NIFTY SPOT LEVELS:
Pivot: 6485
Resistance: 6537/6570/6623
Support: 6450/6400/6355

NIFTY FnO BAN: NIL

STOCKS FOR DAY: 
SURAJ DAIMONDS EQ: SELL < 38.50 TRG 36 SL 40
JINDAL SOUTH EQ: SELL < 565 TRG 554 SL 573
RELIANCE EQ: BUY > 882 TRG 894 SL 874

POSITIONAL OPTIONS: (HERO or ZERO)
SYNDICATE BANK 90 CE BUY @ 2.20
INDIA CEMENT 52.50 PE BUY @ 1.10