MARKET TREND - ROARING STOCKS:
Yesterday
Nifty bounced from its support area and almost closed flat. Even
though WPI Inflation Data is negative, Nifty taken support from 7585
level. PCR almost around 1.00 from last 2 trading sessions. Rupee
crossed 60 mark after 5th May. Market Breadth also closed weak. FIIs
and DIIs are net sellers in Equity Market. But FIIs marginally added
longs in Index Futures 2061 contracts worth of 78.16 cr. (added longs
13039 and shorts 10978) by increasing OI by 24017 contracts. FIIs
adding longs and shorts simultaneously indicate that: market is
un-decisive and likely to be range bound for some days. But due to
unrest in Asian Countries and Tax Payment data is flowing, stock
specific action can be continued. Derivatives High and Low OI range is
intact between 7500-8000 along with active range of 7500-7600.
Today Nifty likely to open flat and can play range bound. Nifty likely to close marginally with positive points.
NIFTY SPOT LEVELS:
Pivot: 7523
Support: 7498/7462/7436
Resistance: 7559/7584/7620
NIFTY FnO BAN: DISHTV, HDIL, LNTFH, UNITECH
STOCKS FOR DAY:
LONGS: PETRONET, NTPC, VOLTAS, REL CAP (ce advisable), RAJESH EXPO
SHORT: DR. REDDY (pe advisable)
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