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
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