MARKET TREND - ROARING STOCKS:
Yesterday
Nifty has closed at New High, even though on EOD basis. As we
expected, Nifty has been covered from it lows and closed at record
High. Market is getting consolidation, very nicely: with out bubbling,
without over bought (PCR @ 0.80), with out much shorts, without over
value and all round participation. But one should be careful only with
one aspect:: as most of the stocks prices have been increased almost
100% plus, short term traders and professional traders would be seeing
for opportunity to book profits. As Market journey (recent) has started
with Positive Expectations (on Modi Cabinet) and many Corrective Steps
(mostly hard decisions) to be taken for Long Term Benefits (petrol and
gas price increase to adjust subsidy b/f etc), common investor will get
disappoint and negative sentiment may spread.
As
this situation was well assessed by FIIs and they started hedging their
Equity Buying with Index Futures. Yesterday also FIIs have sold 23856 index future contracts for worth of 889.76cr (sold 20811 longs and added 3045 shorts) by decreasing OI by 17766 contracts. But they are very much in Long side in Equity and Equity Index Segments.
As per Technical guidelines; Nifty has
immediate resistance at 7500/7520 level. If Nifty sustained above 7440
(todays pivot) level, Nifty may hit 7564 level as we mentioned earlier.
As RSI (with negative divergence)and Stochastic Indicators are in Over
Bought zone, we advise Short Term Traders to exit at highs. But for Long Term Investors, every dip is an opportunity to Buy.
Today Nifty likely to open with positive note in line with SGX Nifty. There after we can witness stocks specific action.
NIFTY SPOT LEVELS:
Pivot: 7440
Resistance 7520/7565/7645
Support: 7394/7315/7270
NIFTY FnO BAN: DISHTV
STOCKS FOR DAY:
ONGC, THINKSOFT, BANCO PRODUCTS, NATCO PHARMA & REL. INFRA.
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