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