28-03-2014 MARKET TECHNICAL VIEW:
MARKET TREND:
Last Nifty series has been closed with Big Bang. One more time it has been proved that: qualitative flows (cash or volumes) will over take Technical Views. As we heard, in recent times, P Notes inflows are very high ( > 23662 cr. which mostly unidentified investor/black money) into Equity Markets, in view of Elections. Due to this inflows, Rupee has become strong and likely to continue till Companies re-book these volumes. New series of Nifty started with higher OI about 1.60 cr with addition of 43.96 laks, which is very bullish in Trend: Yesterday also FIIs are in buy, both in Derivatives and Equity Segment by 740 and 2192 cr respectively. Rupee has been closed at 60.18 (marginally weak) and PCR at 1.01. Derivatives OI range is between 6500-6700, which indicates at present Market support lies at 6500.
Today Nifty likely to open with Positive note in line with peer markets and likely to be more volatile. Till Nifty Spot closes below 6610/6600, one should not be at selling side. As we mentioned Nifty Futures premium is high, wait till it get adjusted. Also keep in mind as today is week end.
NIFTY SPOT LEVELS:
Pivot: 6638
Resistance: 6677/6713/6752
Support: 6603/6564/6528
NIFTY FnO BAN: NIL
STOCKS FOR DAY: (momentum play)
HDFC, SHASUN PHARMA, ALLIED DIGITAL, IOB, UBL, ZEE ENT.
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