15-5-14 MARKET TECHNICAL VIEW:

MARKET TREND:

Yesterday Nifty got consolidate ("0" PLUS OR MINUS) at its level and positions of strips have been shifted to Value Stocks from Beta based trading stocks.  Infra Index & 2nd line bank stocks movement supports our view.  As Market is neither in Over Bought nor Over Priced, Nifty may not get corrected much.   But definitely, today or tomorrow,  short term traders and punters (who generally gamble/play with strips) may put some pressure on stocks which have made very good run (Bank Nifty almost 35% and Nifty nearly 17%) from last September.  Also as Election Results was factored (with exit poll and earlier expectations), upside movement may be limited and if any smaller disappointment or below expectations, Nifty will get correct more than it deserve.  Tomorrow Based on Election Results (<220 or > 300) volatility can't be ruled out.

Yesterday FIIs have bought 1520 cr Equities and sold 2878 Index Futures contracts for worth of 101cr (11983 longs and 9105 shorts have been squared off) by increasing OI by 21088 contracts.  DIIs have sold 410cr worth of Equities.  PCR was jumped to 1.00 level by increasing Market Breadth.

Today Nifty may open flat and go for positive closing to establish tomorrow's volatility. 

NIFTY SPOT LEVELS:

 Pivot: 7110

Respect: 7140/7171/7201

Support: 7080/7049/7017

NIFTY FnO BAN: IBREAL

STOCKS FOR DAY:

JYOTI STRUCTURE, PATEL ENG., RIIL, RECL, SSLT