MARKET TREND - ROARING STOCKS:
Friday
Nifty was taken to new highs and derivatives'active ranges also pushed
to 7400-7600. Nifty likely to play with 7440 support for its new
highs. 7650 will be next Support cum Resistance. Even on Friday FIIs
are net buyers in Equity Market. With Mid cap & Small cap
participation Market Breadth also in positive. Only IT & METAL
Sectors have not participated on Friday. FIIs have sold 11274 Index
Future Contracts worth of 421.36 cr (7497 longs squared off 3777 shorts
added) by Increasing 3720 contracts OI. PCR settled around 0.88 witch
indicates market gap to be fill. As Budget Meetings are in progress,
many Views, News and Monsoon Forecasts are likely to drive the Market.
As Nifty has done remarkable journey (not in over bought) and Sentiment
is in upbeat; likely to attract more volatility (over re-act) even to
small positive/negative news. Traders has been advised to maintain
strict SL for their positions.
Today Nifty likely to open with positive note and likely to be range bound.
NIFTY SPOT LEVELS:
Pivot: 7556
Resistance: 7618/7653/7713
Support: 7523/7463/7428
NIFTY FnO BAN: DISH TV & IBREAL
STOCKS FOR DAY:
APPOLOTYRES, PURVANKARA, NAHAR POLY.
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