31-3-2014 MARKET TECHNICAL VIEW:

31-3-2014 MARKET TECHNICAL VIEW:

WISH YOU ALL HAPPY UGADI (TELUGU NEW YEAR)

WITH YOU ALL HAPPY GUDI PADAWA

MARKET TREND:

Friday Market closed with positive consolidation, without considering Over Bought (daily basis), RSI's Negative Divergence and Poor Market Breadth situations.   Rupee is become stronger and closed below 60 (59.85)  Cash In-flows are playing major role for hitting New Highs with major support from Bank Nifty.  FIIs are major contributors in Money Flows and Equity Buying.  Even Friday FIIs are in buying side: Index Futures by 9055 lots worth of 306 cr.  (7949 in longs and 32902 shorts squared off) and OI increased   by 24953.    Derivatives OI range is between 6400-6700.   In Equity segment also FIIs are in buying side by 1363cr. along with increased Market Breadth.  PCR at 0.92. As Tomorrow RBI credit Policy and HSBC economic is going to announce, today also we may witness speculative trades.  As Nifty momentum is in up swing,   till the Nifty closes below 6580, we cant' expect any smaller correction.  

As 6800 CE and 6600 PE are more active, and our SGX Nifty is in positive by 30 pts (at 8.20 am), our Nifty also may open with positive note and may go for profit booing at higher levels.  Considering tomorrows RBI action, traders can go for profit booking, particularly in Bank Nifty.  As Rupee is become stronger, Export oriented indices like IT, Pharma will not be more active and our short term traders may go for value by in Infra, Cement and other Consumer Goods sectors.

NIFTY SPOT LEVELS:
Pivot: 6680
Resistance: 6718/6740/6776
Support: 6658/6620/6600

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
MMFORGING EQ: BUY > 120.50 TRG 135 SL 113
PENNAR IND EQ: BUY > 23 TRG 24.25/25 SL 22
JINDALSTEEL EQ: SELL < 279 TRG 276 SL 282.50