MARKET TREND:
Yesterday
Market has created one more New High and closed above 6800. As we
mentioned in our earlier notes, bulls are not leaving any chance to
create New Records. FIIs are net buyers in Derivatives (390.68 cr),
Equity (212.75cr) and Index Futures Segments. In Index Futures FIIs
have bought 11081 contracts worth of 377.94 cr. FIIs have bought 26.3 k
contracts and 15.2 k contacts are in short by adding OI of 41531
contracts. Futures Roll over also taking place more aggressively along
with Trading in May month series. As Nifty weekly and monthly charts
are entering to over bought zone (stochastic), before Election Results,
market may witness smaller correction/profit bookin.
Derivatives
OI range has been shifted to 6700-6900 range from 6700-6800 range,
with active 6800 CE & PE but in May series out of call range i.e
6000-7000 are having highest OI. This indicate that: Short Term
Traders/Speculators are more active in get Quick Bugs with their Speed
Money, which (might) have pumped (estimated 2.5 b) in to Market in
recent days. To counter this regular traders/retailers should
maintain strict SL.
Today
Market open flat and may see sluggishness, because of roller overs
exercise and to get consolidate at new high & Peer Markets'
influence. If Nifty opens above 6820; 6850, 6880 and 6920 may act as
resistance and force traders to go for profit booking. Going for 6800
PE in May series (positional) may be right strategy to limit our self
(self control) in these Over Bought Market.
NIFTY SPOT LEVELS:
Pivot: 6810
Resistance: 6833/6850/6872
Support: 6785/6770/6755
NIFTY FnO BAN: HDIL
STOCKS FOR DAY:
IFBIND EQ: BUY > 88 TRG 90 SL 86
KALYANISTEEL EQ: BUY > 67.50 TRG 72 SL 64
CROMPTON EQ: SELL < 188 TRG 183 SL 191
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