MARKET TREND:
Yesterday Market has moved in its style of surprising traders: by
creating another New High, but low Breadth and closing above Upper Trend
Line. Even yesterday FIIs are in buying side in Derivatives worth of
26292 contract 885 cr. (339 longs and 25.9k shorts squared off) by
decreasing OI 25614 contracts . In Equity segment also FIIs are in plus
side by 1005 cr. In this month Derivative Series maximum OI range is
between 6400-6700, but 6600 ce & pe are active. Because Nifty has
given 388 pts plus (6627-6239) in this series, Bulls had leverage to
average their trades and to corner Bears. Cash inflows (Rupee closed @
60.23 strongest in 8 months) and Positive Political Situation (strong
govt.) have added fuel to fire and taken the Nifty to new highs, even
though under current is not much supportive. As today is closing day of
March Derivative session, stock specific action can be witnessed by
increasing the volatility. As Market momentum is one sided, the next month series Nifty premium is very high, Traders can/will
wait for 1 or 2 days to neutralism the Futures Premium.
Today market likely to open flat in line with peers and likely to get
resistance at 6625-6650 level. Day Traders can go short below 6575 with
6610 SL.
NIFTY SPOT LEVEL:
Pivot: 6593
Resistance: 6626/6650/6672
Support: 6578/6556/6532
NIFTY FnO BAN: HDIL & IBREAL
STOCKS FOR DAY:
BIOCON EQ: SELL < 427.50 TRG 417 SL 433
ZEE ENT EQ: SELL < 282 TRG 275 SL 287
JINDAL STEEL EQ: BUY > 277 TRG 280.50/283 SL 274
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