06-04-2014 MARKET TECHNICAL VIEW:

MARKET TREND:

Last week Market has taken breath by giving up only 2 points by depreciating Rs by 0.04 ps.    Even though our Indian Market is not cheaper in comparison to Peer Markets, cash inflows improved by expecting Stronger Govt. through PE funds (expected inflow of 3 billions ).   If the exit-pole expectations goes wrong, we can see heavy correction (faster), otherwise also profit will be taken in view of good news in slow phase.   Since profit booking is inevitable, maintaining SL  is must for Short Term Traders or Positional Traders, with out sitting 'Bindaas'.

Friday also bottom fishing, which improved market breadth.  FIIs are buyers in Equity Market (232 cr) and net sellers Index Futures by 599 cr. worth of 17869 contracts (24880 contacts sold and 7011 short contracts squared off) by reducing OI by 31891.  But Bank Nifty has been covered from its lows and closed only with 13 pts minus.    Since cash flows are intact and new bank licenses are in news, Bank Nifty may get support @ 12520/12200 level. (SL levels @ 12430 & 12000).   As we going through shorter month (tradings days wise), and Corporate Results on the way along with Election Schedule, Market volatility will be improved and stock specific action will be higher than Nifty.

Today Market may open flat and trade in range bound in line with peer markets and in view of tomorrows holiday.   If market opens below 6700, 6670/6650 may act as support. and if it opens above 6710, 6730/6765 may act as resistance.

NIFTY SPOT LEVELS:

Pivot: 6707

Resistance: 6730/6764/6795

Support: 6672/6650/6615

NIFTY FnO BAN: LNTFH

STOCKS FOR DAY:

BHEL EQ: SELL < 184.50 TRG 182/180 SL 186.50

RELCAPITAL EQ: BUY > 342 TRG 347 SL 338

RECL EQ: SELL < 228 TRG 224/220 SL 232.50

CENTURY TEXT EQ: BUY > 371 TRG 381 SL 364

CENTURYTEXT EQ: