30-04-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday FIIs have extended their Selling and broken 20 DMA by signalling bearishness in Short Term Trend.   As we mentioned, yesterday Bank Nifty has played its role and put the traders in fix.   Yesterday FIIs have squared off their 21664 Longs and 9213 shorts in Index Futures with sale of 12451 contracts worth 427.56 cr .  OI was decreased 30877 contracts.   FIIs are buyers in Equity Segment for worth of 288 cr, even though DIIs sold worth of 551 cr by Pulling Down the Market Breadth.  Selective Strips like Tata Sponge, were honored with price upper circuits for their bright performances.   As market has corrected from last 3 days. its PCR @ 0.90, Nifty Technical at support @ 6680/6700, we can expect pull back/bottom fishing, before it takes big movement.  Above 6800 only Bulls can regain their grip to take the market new Highs.

Today Market open Flat with positive note in line with SGX Nifty and play range bound.

NIFTY SPOT LEVELS:

Pivot: 6734

Resistance: 6760/6805/6831

Support: 6690/6663/6618

NIFTY FnO BAN: NIL

STOCKS FOR DAY:

KNRINFRA EQ: BUY > 98/99.50 TRG 99.50-104 SL 96

GLAXOSMITH EQ: BUY > 2420 TRG 2434 SL 2410

AMARRAJA EQ: BUY > 413 TRG 421 SL 408