10-07-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

All we know that: no Guests will remain in house once House Event completes. Similarly many Stocks will try to leave to its place/levels.  In other words Many gather at Melas to enjoy, but one should be careful with pollution and pic-pocketers etc. to keep that joy for long.   This logic will apply to all events, whether it is House Event, Mela or our Budget, because it all made with public. (for Indian Investors Budget is an Event).

As we expected, Nifty got support from 7550 level and closed with positive note even though it could not get support from its Asian Peer Markets. Nifty Futures closed without any Premium. Most of the Strips have got corrected to its average levels/real value levels from its extra running. Due to selling pressure in Mid cap and Small cap indices, Market Breadth was poor.  FIIs have bought 645.19 cr in Equity Segment. DIIs have sold worth of 265.19 cr.   In Index Futures FIIs are net sellers of 17452 contracts worth of 662.64 crs. (added 11587 shorts and sold 5865 long contracts by decreasing OI by 5722 contracts).  Derivatives OI range is intact between 7500-8000.  Market volatility will continue and Nifty may get support from 7480/7500 level and may get push with Short Coverage, which accumulated from last 2 days.   Once 7480 breaks, Nifty may slide further and advise the traders to wait for Market reversal.

NIFTY SPOT LEVELS:

Pivot:  7595

Resistance: 7640/7694/7738

Support: 7541/7497/7442

NIFTY FnO BAN: 

GMR INFRA, IBREAL, UNITECH

STOCKS FOR DAY:

Better to Book Profits and wait for Fine Tuning of Prices with Budget priorities.