MARKET TREND - ROARING STOCKS:
Yesterday Nifty had consolidation as we expected. Also as we cautioned
on longs, Nifty has made bearish candle and given alert to Bulls. Even
though Derivatives' OI range zoomed to 7500-8000 level, active range is
at 7600-7700. For a day or two, Nifty may move between these range.
If the Nifty closes > 7680 or < 7580, only next movement can be
established. If Nifty closes above 7680, Nifty may test 7750 and 7960
aslo. If Nifty closes below 7580, Nifty may try to test 7440 level and
there on next movement will start.
Yesterday FIIs have bought 682 cr Equities and DIIs have sold 1215cr.
Market breadth maintained its positiveness. In Derivatives segment
FIIs have sold 828cr. Also FIIs have accumulated 28756 shorts and 3584
nos of Index Futures Contracts (net selling of 25172 contracts worth of
959.60 cr). Futures premium nullified, PCR is still below 1.00 (0.87),
RSI and Bo-linger Indicators indicate that: market is going to
accumulation zone (range bound and buy at lows). Since Options
Segment premiums will be not much attractive till this near month
sessions closes, Traders may force to go for Equity or Futures segment
along with hedging.
Nifty likely to open with positive note and may go for another day
consolidation and likely to close in positive. Bank Nifty may be down
puller, even though stock specific action witnessed. Expected Trade
Balance Data may not be surprised and likely to be in negative only.
NIFTY SPOT LEVELS:
Pivot: 7640
Resistance: 7700/7744/7804
Support: 7596/7535/7492
NIFTY FnO BAN: DISHTV, IBREAL, UNITECH
STOCKS FOR DAY:
RCOM, TITAN, COAL INDIA, MPSLTD, DELTA CORP (LONGS)
KARNATAKA BANK, LICHSG, IRB, ADANI POWER (POSITIONAL SHORTS)
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