MARKET TREND:
Yesterday
Market surprised by giving double bonanza (nifty & bank nifty) to
Bulls by beating 6800 level and closed at New High. Most of us
(technical followers) have expected that, 6765/6570 will act as
resistance, but to our surprise Nifty crossed and closed above trend
line along with good market breadth. Even though Nifty was closed with
101 pts Plus, (nifty futures) volumes are lesser (1.88%) than previous
trading day. This indicate lower conviction of positional traders and
this game is for movement / day traders. Even yesterday FIIs are at buy
in Derivatives & Equity Segment by 1173 & 1044 cr respectively
and DIIs are sellers in Equity segment by 464cr. In Index Futures also
FIIs have added longs by 3667 contracts worth of 120.96 cr. ( 3068
contacts sold and 6735 longs added) by increasing OI by 9803 contracts.
Derivatives OI range has been increased to 6700-7000 range along with
active range of 6700-6800. As FIIs are having habit of Selling Market
at Good News/Good Sentiment and futures premiums too are in high than
normal in CE and any small correction can put us in more loss, traders
should follow strict SL.
Today
market may open with negative bias in line with Peer Markets and
Traders' Hurry to cover their Yesterday's Open Positions. Now traders
should go for profit booking, but not to go for shorts, unless market
closes below 6700 level for a day or two.
NIFTY SPOT LEVELS:
Pivot: 6770
Resistance: 6835/6874/6940
Support: 6730/6666/6625
NIFTY FnO BAN:
HDIL & LNTFH
STOCK FOR DAY:
gsfc eq buy > 55.75 TRG 58.25 SL 60
liberty shoes eq buy >158.75 TRG 161.75 SL 155.75
gspl eq buy > 70 TRG 71.50 SL 69
jaynecoind eq buy > 10.50 trg 11.80 sl 9.90
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