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
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