03-04-2014 Market Technical View:

MARKET TREND:

Yesterday also Market has given new high (6763.50), but with 3rd Hangman Candle in series. Yesterday  Money has shifted from one Indices to other indices (yesterday from IT to Pharma).  As new quarter/financial year performance is on cards, analysts will sharp their swords, to bite their piece of fruits and this kind of stock specific movement will be witnessed in coming days.  Since Market is in over bought zone, simultaneously profit booking cant, be ruled out.  Averaging and Profit Booking should be short term strategy instead of going for new purchases.  In coming days HNIs and Volume Traders may park their funds in Debit Market to utilise the Re. volatility.  Based on their research, MFs and PMCs may prefer to shift their investments to better performed/projected companies.

Yesterday also FIIs have purchased 225 cr worth of Index Futures 6081 contracts (1574 shorts and 7655 long contracts) by adding OI of  9229 contracts.  FIIs are in buying side in Derivatives and Equity segment also, worth of 1374 & 595 cr. simultaneously.   Derivatives upper range was pushed to 6800 from 6700, but with low volumes compare to previous day.   But market breadth has been improved: 1080 advances 421 declines, which indicate the increased retailers confidence and participation. Rupee has been closed almost at same level of 59.80.

Today Market may open and continue in sluggish mood, till Europe Market opens.   Crossing yesterday's highs is critical to Nifty, market may close flat along with consolidate trades.  Day Traders can go short @ 6780 (spot level) with 6800/6820 SL by keeping pivot levels as target.

NIFTY SPOT LEVELS:
Pivot: 6746
Resistance: 6770/6796/6810
Support: 6730/6709/6690

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
RECL EQ: BUY > 234 TRG 243 SL 228
DELTA CORP EQ: BUY > 101.50 TRG 106 SL 98

 Disclaimer: Above are my personal views for my own trades.  Visitors may re-check the facts, for conclusions.