MARKET TREND - ROARING STOCKS:
We
all have to believe that: In Market Every Movement is Unique and Every
day it Surprises some/many people. More ever Indian participants are
more impulsive to react and no Technicals or Fundamentals can hold them
back to act. For example yesterday RBI announcement regarding Infra
Sector Loans, same thing happened. Our retailers/DIIs are more
participative than FIIs by forgetting that: more loans will increase
cost of Companies except increasing its activity. Activity may give good feel/impression
but surely not increase EPS. Market Breadth is positive and our DIIs
are net buyers in Equity Market by 471.78 cr against FII's selling of
3.4 cr. In Index Futures segment also FIIs are marginal buyers of 1794
contracts worth of only 67.30 cr. FIIs cautiously traded in Index
Futures by adding 8503 longs and 6709 shorts by increasing contracts of
15212 open interest.
Market
data indicate as Trading Bulls are back and Bears may force to go for
short coverage at this present level. But Bears may Try Hard to give
resistance at 6520/6550 level which most of Bulls also expected and try
to book their profits. In case short coverage is strong, Market re-test
its earlier high 7800 before it get correct. Derivatives OI range has
regained to 7500-8000 range, even though active range is in between
7500-7600.
Today
also market likely to open with positive note in line with Peer Markets
and continuation to yesterdays' spell. Market may be range bound
after open and likely to get resistance at 7630 level.
NIFTY SPOT LEVELS:
Pivot: 7506
Resistance: 7554/7583/7630
Support: 7478/7431/7403
NIFTY FnO BAN:
DISHTV, GMRINFRA, HDIL, IBRAL, IRB, UNITECH
STOCKS FOR DAY:
KPIT, IDEA, POLARIS
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