22-07-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Nifty had consolidation move and closed positive on 5th day also.    As we expected till Bank Nifty supported Nifty gained more than its later stage and finally managed to closed above (psychological) support of 7680.   As many analysts expected 7730/7740 become resistance zone and holding Nifty.    Unless 7735 breaks, Nifty can't reach its immediate target level 7800 and there on 8000 which is Highest OI area.   

Even though, Yesterday Nifty closed with positive note, in total derivative sector FIIs cash flow is nil (0) which might be forced Nifty to closed with red candle.  In index Futures FIIs net Buyers of 7669 contracts worth of 294.99 cr by adding 2874 Longs and Square Off of 4795 Short contracts, which resulted decrease of 1921 contracts OI.   RSI and MACD indicators are in opposite direction, which confusing Traders mostly.   As 7700 area become more supply area, Traders should be cautious between 7680-7740 with strict SL.

Today Nifty likely to open with positive note in line with SGX Nifty and likely to be range bound.   Incase Nifty breached 7660 may get support at 7610 level.

NIFTY SPOT LEVELS:

Pivot: 7693

Resistance: 7712/7742/7761

Support: 7605/7645/7616

NIFTY FnO BAN:

DISH TV, GMR INFRA, IBREAL, IRB AND UNITECH.

STOCKS FOR DAY:

IFB IND:  Buy > 154 trg 158 sl 151

HDFC : Buy > 1005 trg 1022 sl 994

MARKSONPHARMA: Buy > 35 trg 36.50 sl 33.50 

(if acquisition news becomes true, price may go further high. positional traders can maintain 31.50 as SL for target of 60 plus)