7-3-14 MARKET:

MARKET TREND:

Yesterday Market was responded very well to all positives news (Rupee appreciation, Cash flows, Ukraine news, BJP winning chances, China's growth predictions, Europe & US Economic Data) and created new high closing.  But highest OI of Nifty Derivatives are at 6400 CE only even though good no. of 6500 CE added in the system.  This indicate even though Traders (bullish) targeting 6500 level, positional traders still comfort at 6400 level.  Yesterday soon after resistance of 6360 crossed, all Bears rushed to cover their shorts and given new high to Nifty.  Still  we believe,  this is level where positional traders should book profits (at least partial or hold with SL) and wait for correction by respecting over bought situation of Indices.

Today Nifty will open with positive note with influence of SGX Nifty and other Peer markets.  As we all know, always Market surprises, we advise to trade with caution.  Also as today is week end, short term traders may go for square off their position at market highs. As Nifty Fibonacci Resistance is at 6450 along with Pivot Resistance & 3 rd resistance at 6492, traders may play accordingly.

NIFTY SPOT LEVELS:
Pivot: 6382
Resistance: 6425/6450/6492
Support: 6358/6315/6290

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
ZEE ENT EQ: BUY > 273.50 TRG 276 SL 271
APOLLO HOSP EQ: SELL < 903 TRG 893 SL 920
IOB EQ: BUY > 48.25 TRG 49.25/50 SL 47.50
PATEL ENG EQ: BUY > 59.10 TRG 61 SL 58