20-05-2014 MARKET TECHNICAL VEIW:

MARKET TREND - ROARINGSTOCKS

Yesterday Nifty got consolidated after its Stormy Movement.   FIIs are in Long side in Equity (1350 DIIs Sold (348cr) and in Index Futures Segment FIIs have Bought 1260 Crs worth of 16231 contracts (23210 longs sold and 39441 shorts contracts squared off).   As mid cap stocks have participated, market breadth also improved.   Rupee becomes more stronger than previous day.   

But as rare phenomena even after the continuous rally (with new highs), Nifty is in oversold status indicate by PCR  level of   0.66.   Which indicate possibility of some more journey in Nifty either by positive buys or short coverage rally. Derivatives OI range is intact between 7000-8000 wtih active range of 7000-7500 level.

Today Nifty may open with positive note and will be range bound with some more consolidation.

NIFTY SPOT LEVELS:
Pivot: 7249
Resistance: 7305/7346/7420
Support: 7207/7152/7110

NIFTY FnO BAN: NIL

STOCKS FOR DAY: 
EXIDE, BHARTI AIRTEL, UFLEX, HDFC