30-5-14 MARKET TECHNICAL VIEW:

COULD NOT POST MY TECHNICAL VIEW, DUE TO POWER OFF FROM LAST 14 HOURS. SORRY IF I DISAPPOINT YOU.
RAMESH

29-05-2014 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday Nifty played more neutrally than wild.    Market breadth was improved, because of Mid cap and Small cap participation and profit booking was witnessed in selective Large cap stocks.   FIIs have bought 19317 contracts worth of 714.44cr in Index Futures ( 34694 longs and 15377 shorts), but  they are net sellers in Equity and Equity Futures for worth of  286.54 and 341.85cr respectively.   Since value buying is happening, market become range bound and consolidation note.   As Nifty rollovers are good and public mood is in upbeat, some more days market likely to be range bound till 1st Parliament Sessions completes.

Today Nifty likely to open flat with negative bias in line with Peer Markets and likely to be up trend there after.   7300 likely to be support.  Day traders can go long with 7280 SL for the target of 7350/7370.  Once 7280 breaks 7140 will be reliable support for Nifty.

NIFTY SPOT LEVELS:

Pivot: 7325

Resistance : 7349/7368/7391

Support: 7306/7283/7264

NIFTY FnO BAN: HDIL; UNITECH

STOCKS FOR DAY:

SHORTS: HINDALCO; APOLLO TYRES

LONGS (POSITIONAL): ZYDUS WELL; SUPRAJIT ENG; RECL

27-05-2014 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday also we witnessed profit booking in all most all sectors, except IT, Medical sectors.   But Nifty has not break the previous day lows, which indicate the buying also happened in selective strips.  FIIs are net sellers in Derivatives and Equity Segment for worth of 1270 and 203 cr respectively.  But marginal buyers  of 187 Index Futures contracts 15.56cr (1973 longs sold and 2160 shorts contracts have squared off) by increasing 4133 contracts.  Due to mid cap and small cap non participation, market breadth also closed in negative.  Rupee also marginally weak.  As new Govt. already started working on cash flows and giving feelers for development, market may wait for its impacts and play range bound for some time.

Today Nifty may open flat in line with Peer Markets and get support from it lows and likely to close in plus.  As tomorrow is Near Derivative Contracts going to expire, market volatility can't be ruled out.  Nifty likely to get support at 7270/7300 and may close at 7380 level.

NIFTY SPOT LEVELS:

Pivot: 7321

Resistance: 7369/7420/7467

Support: 7270/7223/7172

NIFTY FnO BAN: UNITECH

STOCKS FOR DAY:

IT Sector looks more prospective for trading with Strict SL

27-05-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday Nifty faced profit booking, after its try to meet High (sensex met new high).  Derivative OI range also reduced to the real range of 7000-7500 with active range of 7400-7500.    Yesterday FIIs have bought 8609 Index Future Contracts worth of 334.80 cr. (1985 longs and 6624 shorts squared off).   In Equity FIIs and DIIs are net sellers.   As Derivatives near series are closing on  29th, profit booking is inevitable by traders, which will force market volatility.   7480/7500 likely to act as resistance for this series.

Nifty likely to open weak and may witness profit booking at highs.  7200/7250 likely to act as support for this closing.

NIFTY SPOT LEVELS:

Pivot: 7377

Resistance: 7495/7612/7720

Support: 7250/7142/7015

NIFTY FnO BAN: UNITECH

STOCKS FOR DAY:

IBREAL; DISH TV; KPIT; HDIL

26-05-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Nifty had consolidation move and  closed with respectable points.   Present Indian Political and Economical climate setting positively to Sustain and Improve further.   Stock Market Values are not bubbled.  PCR shows still oversold situation.  Derivative OI range is in between 7000-8000 with active range of 7300-7400.   Nifty has all set to test its near high (which set on election results day).   Bank Nifty majorly supporting even though most of the Individual Stocks have  made Decent Journey.   As most of the individual stocks (book values and PE values) are supportive to have further journey, Investors can choose specific stocks.  On Friday, FIIs are net sellers of 12029 contract in Index Futures worth of 444.39cr (16215 longs squared off and added 4186 shorts) and Long in Equity segment for worth of  417 cr. and DIIs are net sellers woth of 136cr.  Market breadth is positive, which indicate sustained involvement of retailers/value buying. 

 Today Nifty likely to open with positive note and get adjust depend upon the Cabinet Portfolios and expectations.   Traders are suggest to have strict SL to save guard their trading money. 

NIFTY SPOT LEVELS:

Pivot: 7347

Resistance 7400/7434/7487

Support: 7313/7260/7226

NIFTY FnO BAN: DISH; IBREAL & HDIL

STOCKS FOR DAY: 

(SHORTS) IGL, HAVELLS

(LONGS) SUNPHARMA, JSWHL, POLARIS, ERAINFRA, ESSDEE.

23-05-14 MARKET TECHNICALVIEW:

MARKET TREND - ROARING STOCKS:

Nifty faced one more consolidation day with positive Buying.  FIIs have Sold marginally in Equities and Derivative Sector for worth of 295 and 9 cr respectively.   But DIIs have bought 203 cr in Equity Market.   In Index Futures also FIIs have Bought  10707 contract for worth of 394.85 cr by adding 12450 long contracts and shorting 1743 contracts, which OI increased by 14193 contracts.  As we mentioned earlier Nifty's up movement is due to try its earlier range of 7500-7600, which may happen today or Monday with Ministry Swearing Ceremony is due on 26th.   Derivatives OI range is intact between 7000-8000 with active range of 7200-7400.  As mid cap participation continued, the market breadth also in positive.    As profit booking also happening in selective indices like IT and Pharma, cash flow indices are running with negative divergence.

Today Nifty likely to open with positive note and likely to close with positive points.  Positional Traders can go long with 7220 SL.

NIFTY SPOT LEVELS:

Pivot: 7285

Resistance: 7311/7346/7373

Support: 7250/7223/7188

NIFTY FnO BAN: DISH & IBREAL

STOCKS TO WATCH:

CPIL, TATAMOTORS (LIKELY NEGATIVE SIDE)

MPS INFRA, UNITECH, KOLTEPATIL, POCHIRAJUIND.

22-05-2014 MARKET TECHNICAL VIEW:

MARKET TREND - ROARINGSTOCKS

Yesterday also Nifty got consolidated by giving nominal points.   FIIs are net buyers in Index Futures for 7186 contracts worth of 264.65cr.  They have added 16344 Longs and 9158 Short contracts.  But both FIIs and DIIs are net sellers in Equity Segment for worth of 266 & 439 cr respectively.   Due to Mid Cap and Small Cap participation Market breadth has improved.   In Derivatives, Options range is intact between 7000-8000 by active range of 7300-7200.   As market has got consolidated from last 3 days and bottom was established, Nifty may take upper Momentum in a day or two to test 7500/7550 level.

 Today Nifty likely to open positive in line with Peer Markets and try to break the immediate resistance of 7300 level and by end of the day may close flat with positive note.

NIFTY SPOT LEVELS:
Pivot: 7249
Resistance: 7291/7329/7372
Support: 7210/7168/7130

NIFTY FnO BAN: DISHTV & UNITECH

STOCKS FOR DAY:
TATA YODO; MOTHERSON; APOLLOTYRES;  RECL; NHPC; TILAKNAGR IND; BAJAJCORP; ELNET

21-5-2014 MARKET TECHNICAL VIEW:

MARKET TREND-ROARINGSTOCKS:

Yesterday nifty got some consolidation due short coverage by FIIs.   FIIs have covered Index Futures worth of 652 cr by Square off 17844 shorts and 375 long contracts.  OI has been improved by 18219 contracts. Even though Long Cap stocks not much parted,   due to Mid Cap participation Market breadth has been improved.  Derivatives highest OI range is intact between 7000-8000, but active range has been changed to 7400-7200.  As PCR @ 0.77 and India Vix is below the Mean Average.   All these kind contrast indications gives clue that market is looking for volume break to take market direction.

Today Nifty likely to open flat and get consolidate.

NIFTY SPOT LEVELS:

Pivot: 7292

Resistance: 7337/7398/7443

Support: 7231/7186/7125

NIFTY FnO BAN:

DISH & UNITECH

STOCKS FOR DAY:

PETRONET LNG; AUTOLINE IND

20-05-2014 MARKET TECHNICAL VEIW:

MARKET TREND - ROARINGSTOCKS

Yesterday Nifty got consolidated after its Stormy Movement.   FIIs are in Long side in Equity (1350 DIIs Sold (348cr) and in Index Futures Segment FIIs have Bought 1260 Crs worth of 16231 contracts (23210 longs sold and 39441 shorts contracts squared off).   As mid cap stocks have participated, market breadth also improved.   Rupee becomes more stronger than previous day.   

But as rare phenomena even after the continuous rally (with new highs), Nifty is in oversold status indicate by PCR  level of   0.66.   Which indicate possibility of some more journey in Nifty either by positive buys or short coverage rally. Derivatives OI range is intact between 7000-8000 wtih active range of 7000-7500 level.

Today Nifty may open with positive note and will be range bound with some more consolidation.

NIFTY SPOT LEVELS:
Pivot: 7249
Resistance: 7305/7346/7420
Support: 7207/7152/7110

NIFTY FnO BAN: NIL

STOCKS FOR DAY: 
EXIDE, BHARTI AIRTEL, UFLEX, HDFC

19-05-2014 MARKET TECHNICAL VIEW:

MARKET TREND-ROARRINGSTOCKS

16th May, 2014 is become Remarkable Day in the Indian History.  BJP's (MODI) election performance is Fantastic and Rooted out Opponents.   Even though it (not having strong opposition) is not advisable to Democracy, India needs Strong Govt., and it has become True and let us hope it will be Good also.

Regarding Nifty, it has happen as many Technical Analysis's have expected.   Nifty Vis has touched its Mean Average of 21 level and Nifty has touched its High.    As usual FIIs have taken their Muscle Power and bought 3635 cr of Equities and Sold 5293cr in Derivatives (futures & options) Sector.  They Sold 11457 Long contracts and accumulated 11124 Short contracts in Index Futures for the net worth (-)847 cr.

As we all know Technical Indicators will not work, when ever Sentimental Factors, News Flows are dominate, better to go with Delivery Based Trades with Strict SL.   As Nifty showing: still Over Sold Status, India Vix at Mean Level, FIIs carrying Derivative Shorts and Long Equities gives the indication, that market is in Buy at Lows Mode for shorter term and obviously volatility will be higer.:

NIFTY SPOT LEVELS: (Pivots may not work for couple days)

NIFTY FnO BAN: NIL

STOCKS TO WATCH:

SUNTV, HDFC, WIPRO & VALECHA ENG:

16-5-14 STOCKS Vs BUCKS

Do Not Think Terminal as CASINO, it is Holy Place to INVEST

MARKET TREND:

Yesterday Market got more consolidated and warmed up for Today.  FIIs have cleared their Index Positions both Longs & Shorts.   They sold 7330 longs and squared off 13758 shorts and generated 232 cash by adding 6428 contracts and improved OI 21088 contracts.  By are large they Sold 2745 cr and Bought Equities worth of 935 cr. 

Nifty has closed with Negative Divergence (RSI), which indicate sell at highs and likely to go for Profit Booking by end of the Day, unless there is Volume Break.

DUE TO HIPE IN MARKET LEVELS (Pivots) MAY NOT BE RESPECTED.

STOCKS TO WATCH:

HDFC, JINDAL POWER & STEEL (532286) & PRAJIND.

(KEEP WATCH ON RAJASTAN & PUNJAB, AAP POLARISATION MAY TURN TABLE)

15-5-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Nifty got consolidate ("0" PLUS OR MINUS) at its level and positions of strips have been shifted to Value Stocks from Beta based trading stocks.  Infra Index & 2nd line bank stocks movement supports our view.  As Market is neither in Over Bought nor Over Priced, Nifty may not get corrected much.   But definitely, today or tomorrow,  short term traders and punters (who generally gamble/play with strips) may put some pressure on stocks which have made very good run (Bank Nifty almost 35% and Nifty nearly 17%) from last September.  Also as Election Results was factored (with exit poll and earlier expectations), upside movement may be limited and if any smaller disappointment or below expectations, Nifty will get correct more than it deserve.  Tomorrow Based on Election Results (<220 or > 300) volatility can't be ruled out.

Yesterday FIIs have bought 1520 cr Equities and sold 2878 Index Futures contracts for worth of 101cr (11983 longs and 9105 shorts have been squared off) by increasing OI by 21088 contracts.  DIIs have sold 410cr worth of Equities.  PCR was jumped to 1.00 level by increasing Market Breadth.

Today Nifty may open flat and go for positive closing to establish tomorrow's volatility. 

NIFTY SPOT LEVELS:

 Pivot: 7110

Respect: 7140/7171/7201

Support: 7080/7049/7017

NIFTY FnO BAN: IBREAL

STOCKS FOR DAY:

JYOTI STRUCTURE, PATEL ENG., RIIL, RECL, SSLT

14-05-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday also Nifty continued its spell and created one high.   FIIs are long in Equity and Derivatives segment.   They bought 42023 Index Futures contracts for worth of 1500.22 cr  (they build up 50305 longs and 8282 shorts by increasing OI by 58587) along with 2026 cr worth of Equities.  PCR also improved to 0.87 level (still over sold status).  Here we all have to observe one thing that, even though 1500 pts were build up in Nifty from 3 days, still Nifty is under oversold status only.   This indicate, Traders are well Hedging their positions with Options.  Nifty may react to today's WPI (positive expectation) and may try to test its Ambitious Level of 7240/7250.

Today also Nifty may open with positive note in line with Peer Markets and try for its Target of 7200-7250. At present Nifty support at 7000.  Below this level market may go for smaller correction.

NIFTY SPOT LEVELS:

Pivot: 7116

Resistance: 7165/7221/7270

Support: 7069/7010/6955

NIFTY FnO BAN: NIL

STOCKS TO WATCH:

DEEWAN HOUSING, BGR ENERGY, LIC HOUSING, PRAKASH IND, UNITY INFRA

13-5-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Nifty has has completed its 2 leg of the Target Race which is at 7000 mark.   Market has proved how dynamic in its.   Traders are positive about the political stability well in before Exit poll surveys and taken market > 5% in 2 days by neglecting poor Economic Data and earlier news of Poor Monsoon Forecasts.     But FIIs have become cautious in their trades, even though they bought  1219 cr of Equities, they have sold  7265 contracts of Index Futures for worth of 258 cr (total Derivatives sold 2409 cr), which indicates they have hedged their longs with Options.   As still PCR @ 0.50 level (which is oversold area) and SGX Nifty Trading with great zeal, Nifty will try to meet its immediate target of 7200 range in a day or two.   Even though derivatives OI range is not changed from  its 6400-7000 range, 7500 CE and 6400 PE have become more active.   At present Nifty support lies at 6650/6680 level and 1st resistance lied at 7200.

Today also Nifty likely to open with positive note and if it opens above 7080 it may test 7200.   Day traders can go short below 6990/6980 for target of 6950-6920.

NIFTY SPOT LEVELS:

Pivot: 6965

Resistance: 7869/7122/7225

Support: 6911/6808/6754

NIFTY FnO BAN: NIL

STOCKS TO WATCH:

REL.CAPITAL, JPINFRA & BHARAT FORGE

13-5-2014 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Nifty has has completed its 2 leg of the Target Race which is at 7000 mark.   Market has proved how dynamic in its.   Traders are positive about the political stability well in before Exit poll surveys and taken market > 5% in 2 days by neglecting poor Economic Data and earlier news of Poor Monsoon Forecasts.     But FIIs have become cautious in their trades, even though they bought  1219 cr of Equities, they have sold  7265 contracts of Index Futures for worth of 258 cr (total Derivatives sold 2409 cr), which indicates they have hedged their longs with Options.   As still PCR @ 0.50 level (which is oversold area) and SGX Nifty Trading with great zeal, Nifty will try to meet its immediate target of 7200 range in a day or two.   Even though derivatives OI range is not changed from  its 6400-7000 range, 7500 CE and 6400 PE have become more active.   At present Nifty support lies at 6650/6680 level and 1st resistance lied at 7200.

Today also Nifty likely to open with positive note and if it opens above 7080 it may test 7200.   Day traders can go short below 6990/6980 for target of 6950-6920.

NIFTY SPOT LEVELS:

Pivot: 6965

Resistance: 7869/7122/7225

Support: 6911/6808/6754

NIFTY FnO BAN: NIL

STOCKS TO WATCH:

REL.CAPITAL, JPINFRA & BHARAT FORGE

12-05-2014 MARKET TECHNICAL VIEW:

MARKET TREND:

We all experienced Flamboyance performance of Nifty on Friday.   This kind of action expected by most of Technical Analysts, but it is surprised by advancing its Market Day.   On this day nobody can forget the Remarkable Performance/contribution of Bank Nifty.   As this week is calendered many Economical and Political Events like CPI, IIP (Monday),WPI Data and Election Exit Polls, most of us might have expected this Hectic Performance in  this week, but it has happened on Friday.  

As Nifty has respected support level of 6640 (6638 is recent low) and it has been closed above 6800 level, Nifty will try for its next target of 7050/7200, which is wooing Bulls for long.  To our surprise, even with this Big Move also, Nifty PCR is at 0.48, against its Wednesday level of 0.64, which indicate absolute over sold situation.   On Friday FIIs are in Long side in Index Futures for 17662 contracts for the worth of 593 cr. by selling 8652 Longs and Short Coverage of 26314 contracts.  In Equity Segment also they bought 1269 cr. and DIIs have sold 75 cr.   Except Pharma Index all major indices participated in this performance and improved Market Breadth.

We may witness Calmness which generally happens after Storm.   Nifty may try to get consolidate for its next move by using the news of CPI and IIP data.

NIFTY SPOT LEVELS:

Pivot: 6794

Resistance: 6936/7013/7155

Support: 6716/

NIFTY FnO BAN: REL. CAPITAL

STOCKS FOR DAY:

BHEL, RELIANCE, PFC & IRB

09-05-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Nifty has taken support from its Pivotal supporting level.  Nifty is being in over sold zone, bottom fishing/value buying has taken place.    Even though Fibonacci levels have broken, Nifty closed marginally in positive.   By and large Bulls were put under shell for time being.   Yesterday also FIIs are net sellers in Index Future of 8987 contracts for worth of 300.19 cr. by squaring of 11211 longs and 2224 of short contracts by decreasing open interest 13435.  But FIIs are buyers in Equity Segment for worth of 363 cr and DIIs are sellers for worth of 120 cr. Market breadth is weaken due to poor sentimental.   As options OI range is in between 6400-7000 with active trading of 6500 PE and 7000 CE.

Today Nifty likely to open flat and try for its support from lower and get consolidate to establish its uptrend.  Nifty likley to get support 6580/6615 level.

NIFTY SPOT LEVELS:

Pivot: 6663

Resistance: 6685/6712/6735

Support: 6636/6615/6585

NIFTY FnO BAN: REL. CAPITAL

STOCKS FOR DAY:

08-05-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Nifty got puch by Bears to test life and death situation.  Bears have got relief and pushed Bulls to Do or Die Situation.   Yesterday Nifty broken its Fibonacci level of 61.8 and reached 50% level.  As FIIs have sold 15239 Index Future contracts for worth of 511.96cr (sold 17825 longs and added 2586 shorts by increasing 20411 OI) pushed PCR to 0.66 level, which indicate over sold situation.  But in Equity Segment FIIs bought 119 cr and DIIs sold 259cr.  As new instruments like Indix Vix Futures (some days volatility is more than 10 pts in May series) have changed Dynamics of Hedging Options, Technical Analysis has become more different with earlier instruments like Momentum Indicators & Fibonacci etc.   As 6500 Nifty Options (CE & PE) are very active and OI range is between 6400-7000, we have to understand Upper Chances are more than Down side.  If we wants to en-cash Nifty in its Sliding Situation, we have to maintain Strict Stop Loss.   Be cautious for 1 or 2 days for Nifty's Trend  establishment.

Today Nifty may open with Positive Note in line with Peer Markets and 6700  and 6750 likely to act as resistance. 

NIFTY SPOT LEVELS:

Pivot: 6671

Resistance: 6699/6747/6775

Support: 6624/6595/6548

NIFTY FnO BAN: REL. CAPITAL

STOCKS FOR DAY:

TTK HEALTHCARE EQ: BUY > 532 TRG 544 SL 525

RAJESH EXPO EQ: BUY > 130 TRG 133/137 SL 125.50

07-05-2014 MARKET TECHNICAL VIEW:

Yesterday Market taken more consolidation by respecting Elliot Wave and Fibonacci support of 6650 for 5th day.   FIIs have squared off their Index Futures 10114 Long contracts and added 3025 shorts and kept open them selves to be buyers at lower levels.  PCR No.0.70 which indicate oversold status and other Options OI data confirms (6300 PE, 6800 & 7000 CE changes) this view.   Options OI range is intact between 6500-7000, along with the present support of 6650. If the Nifty breaks 6790/6800, we can hope for the new bullish trend in short term. 

Today Nifty likely to open flat to negative and try to get support @ 6680 to establish for positive trend and to close in positive.

NIFTY SPOT LEVELS:

Pivot: 6720

Resistance: 6739/6767/6780

Support: 6696/6678/6655

NIFTY FnO BAN: REL CAPITAL

STOCKS FOR DAY:

HOLIO & MATH EQ: SELL < 82 TRG 78 SL 88

AARTI IND EQ: BUY > 151 TRG 154.50 SL 147

TITAN EQ: BUY > 269 TRG 280 SL 260

JAYANT AGRO EQ: BUY > 116 TRG 131 SL 109

06-05-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Market taken breather from its sliding with the help of FIIs Index Futures longs.  But profit booking is witnessed in Mid cap segment, which taken the market breadth to negative.  As we mentioned yesterday Trend line & Elliot Wave Lines are holding Market above 6650.   With this support Nifty may try to cross yesterdays high, but technicals are not favoring, it may difficult to cross 6800 in these 2 days.  Once Elections opinion poll start coming, from May 13th, Market will face more volatility.   As the Nifty closing below 20DMA from last 4 days and Nifty OI range is intact between 6500-7000 and Trend is Supporting at the present levels, market may get more consolidate at this range for a day or two.

Today Market open with positive note in line with SGX Nifty and as Major Asian Market Hong kong on holiday, Nifty may be range bound till Europe Opens and may go for profit booking.

NIFTY SPOT LEVELS:

Pivot: 6707

Resistance: 6733/6768/6794

Support: 6672/6646/6612

NIFTY FnO BAN: REL CAPITAL

STOCKS FOR DAY:

GRAVITA EQ: BUY > 36.50 TRG 39 SL 34.50

ONGC EQ: BUY > 335 TRG 343 SL 328

05-05-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Friday Nifty has closed almost flat by respecting Thursdays lows.   FIIs are in long both segments of Derivatives and Equities for the worth of 747 and 387 cr respectively.   But they are sellers in Index Futures Segment worth of 273cr 7135 contracts by decreasing OI by 1309 contracts.   As the Trend line and EW is Support Level for Nifty at 6656 from lasst 2 days, today Nifty may pull back to its 1st resistance levels of 6780/6800 range.   As NIfty OI range in in tact between 6500-7000,  Charts's Grab Pattern showing the Resistance at 7050 level, on or before the Election Results (May 16), Nifty may try to meet its Resistance.

Today Market open with positive note in line SGX Nifty and will be in upbeat till Europe Market opens and may take give direction for closing.

NIFTY SPOT LEVELS;

Pivot: 6707

Resistance : 6725/6755/6775

Support: 6677/6659/6628

NIFTY FnO BAN: REL. CAPITAL

STOCKS FOR DAY:

PENNAR IND EQ: BUY > 30 TRG 32 SL 28.50

HSIL EQ: BUY > 163.50 TRG 178 SL 155

HINDZINC EQ: SELL < 127 TRG 125 SL 128.50

02-05-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Most of the retailers may be questioning themselves: whether they missed opportunity or escaped  from losses? due to more holidays and correction in recent.    Without any doubt Market has taken breather and many short traders and FIIs have participated in profit booking.   Even day before also FIIs have accumulated shorts in index futures worth of 267.08cr by adding 8899 shorts and 963 long contracts. But in Equity Segment FIIs are continued their buying even though Mid Cap Index got corrected.   Since last 4 days market taken profit booking or shorts accumulation, Nifty has got corrected more than 27% from its high and due for consolidation or pull back.  Even though many technicals are not favoring for positive views on Market, RSI divergence indicate, market will try to test its resistance levels which is at 6800/6820 range. As Derivatives OI range is intact between 6500-7000, if the Nifty closes 6800 for a day or two, Nifty will create another new High on or before May 16th.

Today Nifty likely to open with positive note in line with SGX Nifty and bill be range bound till Europe Market opens.   As today is week end along with physiological weak trend, profit booking can be witness at higher levels of 6760/6780.

NIFTY SPOT LEVELS:

Pivot: 6711

Resistance: 6765/6835/6889

Support: 6642/6588/6518

NIFTY FnO BAN: NIL

STOCKS FOR DAY:

Central Bank Eq: Buy > 53.75 Trg 56.75 SL 50.50

Mahindra Life Eq: Buy > 399 Trg 405 SL 400

IRB Infra Eq: Sell < 116 Trg 111 SL 121

HDFC Eq: Buy > 896 Trg 904 SL 889