MARKET TREND:
Friday Market got corrected as we expected, through over all sales from FIIs, except in Equity Market. They have bought
295 cr of equities. In Index Futures they are in Short side. FIIs
have sold 27258 contracts worth of 931.95 cr. by selling 16.5k longs and
adding 10.7k by decreasing OI worth of 5750 contracts. As PCR is below 1, with Bank Nifty support and Auto Sector Volumes (volatility due to sector results) market may get support at 6730/6740 level which is also 50DMA level. Nifty Derivatives Highest OI range is between 6500-7000, but 7500 CE and 6500 PE are actively trading. As this market (2 weeks) likely to drive by News
of Elections, Corporate Results and Overseas News like FED report,
Ukraine Tensions, Short Term Positional Traders & Day Traders should trade with strict SL, with out looking for Quick Bugs.
Today
Market likely open Flat and likely to get support at 6700 levels.
Momentum Based Trades are advisable than Technical or Fundamental Base,
because market range is going to be short lived.
NIFTY SPOT LEVELS:
Pivot: 6808
Support: 6747/6711/6650
Resistance: 6844/6905/6941
NIFTY FnO BAN: NIL
STOCKS FOR DAY:
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