11-04-2014 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Market closed absolute flat. As we expected,  Market went for profit booking, rather than new positions.   FIIs have sold Index Futures worth of 354.91 cr which amount 10381 contracts (10937 long contacts squared off along with 556 shorts) by decreasing OI by 11493.    Derivatives  OI range is between 6700-6900, which has come down upper limit from 7000 to 6900.   FIIs Selling figures and PE activity indicate that, market do not have much higher (time being) and pull back rally may be witnessed till 6820/6840 level.   More volatility is expected,  in view of Friday along with long week end, Accumulation of India Vix. PCR nos.(is @ 0.93) and expected Positive IP Data & Trade Balance.  Io note, FIIs and DIIs are at long side by 342.75 and 13.45 cr respectively in Equity Segment.    In Derivatives Options segment also FIIs are in long worth of 1365 cr.

Inline with our Peer Markets, our Market also likely to open with negative bias.   Nifty likely to get resistance at 6840 level.  With 6860 SL day traders can go short for target of 6800.

NIFTY SPOT LEVELS:
Pivot: 6798
Resistance: 6818/6840/6860
Support: 6776/6755/6735

NIFTY FnO BAN:
HDIL & LNTFH

STOCKS FOR DAY:
PETRONET LNG EQ: BUY > 142 TRG 144/146 SL 140
TATAPOWER EQ: BUY > 86.25 TRG 89.75 SL 85
CROMPTON EQ: BUY> 173 TRG 181 SL 167
SUNTV EQ: SELL < 401 TRG 396 SL 405
GODREJIND EQ: SELL < 316 TRG 312 SL 319