15-7-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING SOCKS:

Market shifted to Trading Zone from its accumulation zone.  Market neither in Over Bought nor in Over Sold situation.   Yesterday's Trend Line breaking, irrespective of Good Economic Data is not good sign.  This indicate Investors wants their positions to re-organise at every movement.  In this kind of situation selective stocks will be picked up and other selective stocks will be sold (shifting of strips).    

Yesterday FIIs are net buyers both in Equity & Index Futures for worth of  558.25cr and 503.12 cr respectively by adding 4994 longs and short covering of 8463 shorts contracts in Index Futures, which resulted increase of OI by 444100 contracts.  Nifty may get support at 7400/7380 level and get resistance at 7500/7520 level.  Once it crosses 7650 will be strong resistance area.  Derivatives OI range has been widened between 7400-8000 along with active range of 7400-7600.   PCR range (0.73) welcoming MORE BUY and RSI, MACD & CE accumulation suggesting SELL at HIGH. Any how Traders should be with Strict SL to minimise their TRADING VALUE to sustain Longer time in Market. 5th continue fall of Nifty may prompt bottom fishing/pull back rally, which generally short lived.

Today Nifty likely to open with positive note in line with Peer Markets and likely to close in red.

NIFTY SPOT LEVELS:

Pivot: 7452

Support: 7424/7395/7368

Resistance: 7481/7508/7537

NIFTY FnO BAN:

DISHTV, GMRINFRA, HDIL, IRB INFRA.

STOCKS FOR DAY:

IDEA FOR LONG AT NIFTY LOWS & GULF OIL and GODREJ PROP. FOR SHORT AT HIGHS.