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 
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