MARKET TREND:
Yesterday Nifty has recorded another high, but could not cross Trend Line Resistance of 6612. 6620 become very crucial for Nifty to maintain its Bull momentum. Rupee was closed @ 60.60 which is almost 8 month high. Political news (BJP winning chances) indicate stronger Govt. at Central. FIIs are at long in Derivatives and Equity Market also. They bought 31921 Index future contracts (54 k Longs & 22k shorts) and 1466 cr worth of Equities with increase of OI by 76867 contracts and pushing PCR to 1.07. Yesterday 6600 CE shorts witnessed and its indicate market likely to close below 6600 in this settlement. Market Breadth is in Negative, which indicate, that Profit Booking. As the near month derivatives settle is in due with in 2 working days and US/Europe Economic data is going to be mixed, these 2 days profit booking can be expected at higher level and premiums are going to be neutralised.
Today market likely to open Flat with negative bias and try to test yesterdays high till afternoon (Europe market opens). Momentum Trading should be strategy (by keeping strict SL) for Day Traders. 6613-6620 will be crucial level for Bulls and 6570 will be for Bears.
NIFTY SPOT LEVELS:
Pivot: 6562
Resistance: 6613/6643/6694
Support: 6532/6480/6551
NIFTY FnO BAN: LNTFH
STOCKS FOR DAY:
SINTEX EQ: SELL < 41.75 TRG 40.75/40 SL 42.50
SBI EQ: BUY > 1725 TRG 1740/1754 SL 1710
JSWSL EQ: SELL < 983.50 TRG 969 SL 994
MCLEOD EQ: SELL < 285.50 TRG 282.25 SL 288
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