MARKET TREND:
Last
Month Series has been closed with Record High and above the Trend Line
Resistance. Now Nifty has opened new Trading Range, which might be between 6600-7200 for New Series. Wednesday FIIs have bought 49962
contracts worth of 1710 cr. Index Futures by decreasing OI by 201277
contacts. FIIs have squared most of their shorts and long contacts,
which resulted lower roll over than previous. This shows that FIIs have
become cautious for May 16 Election Results and also in view of over
bought. To establish new range, Nifty has close above Last Trade's
High for at-least for 1 or 2 days. Otherwise Nifty may try it
immediate support range of 6750-6800 level.
In
line with peer markets today nifty may open with negative bias and
trade in range of 6820-6860 range to neutral the excess premium/carry
forward cost.
NIFTY SPOT LEVELS:
Pivot: 6840
Support: 6820/6800/6780
Resistance: 6861/6882/6902
NIFTY FnO BAN: NIL
STOCKS FOR DAY:
DEEPAK FERT EQ: BUY > 125 TRG 130 SL 120
RPP INFRA EQ: BUY > 68 TRG 72.50 SL 65
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