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
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