MARKET TREND - ROARING STOCKS:
Yesterday
market was volatile as we expected, but closed in negative due to oil
price worries. Time being Nifty's upper limit is shrinking. Nifty
Derivatives upper resistance reduced to 7600 from its 8000 level, within
2 trading days. Bottom was intact at 7500 level with immediate
support of 7440/7450 level. Since cash flows are intact to our market
every fall could be an opportunity to buy for Long Term & Mid Term
Investors. Yesterday FIIs are net sellers of 12146 Index Futures
(added 2778 longs and 12146 shorts) by increasing 17702 OI contracts.
Even though FIIs are added Shorts; that have been hedged with Index
Options worth of 1296 cr. Both FIIs and DIIs are net sellers in Equity
Segment. Market Breadth is in negative due to retailers sales.
Today Nifty likely to open flat and go for range bound trading. Once 7440 breaks Nifty may go further down.
NIFTY SPOT LEVELS:
Pivot: 7550
Resistance: 7597/7597/7654
Support: 7493/7446/7389
NIFTY FnO BAN:
DISHTV, GMRINFRA, HDIL, IBREAL, UNITECH, LNTFH
STOCKS FOR DAY:
LONGS: ITC, HDFC
SHORTS: IDEA, TATAGLOBAL, JAICORP, APOLLOTYRES
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