MARKET TREND - ROARING STOCKS:
Yesterday
Nifty has got corrected on disappointment (due to non-dynamic budget).
This could be an opportunity to Positional Traders to average their
holdings and minimise their Cost of Holdings. Yesterday Market left
with weak technicals and sentiment. FIIs are net Buyers in Equity
Segment for worth of 422.72. DIIs are net sellers. In Index Futures
FIIs are net Sellers for worth of 14173 contracts valuing 549.62 cr.
FIIs have added 7999 shorts and 6174 longs squared off by increasing OI
of 1825 contracts. As sentiment weaken due to disappointment market
breadth was weaken. Derivatives OI range is intact between 7500-8000
and PCR recorded at 0.77 indicates that Market has left the steam for up
movement. Nifty has good support at 7480/7500 level and Trend Line
Resistance at 7850. Fibonacci Support at 7550. Todays Economic Data and
Tomorrows Budgetary Nos. can fuel for Market Volatility.
Today
Nifty likely to open with negative bias in continuation to yesterdays
fall and in line with Peer Markets. Nifty likely to get support from
lows.
NIFTY SPOT LEVELS:
Pivot: 7675
Resistance: 7756/7889/7969
Support: 7543/7463/7330
NIFTY FnO BAN: GMR INFRA, IBREAL, UNITECH
STOCKS FOR DAY:
Better to go for Average of Holdings instead of going new strips.
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