MARKET TREND - ROARING STOCKS:
Yesterday
Nifty made path to go further high and we may not surprise if it
creates new record by beating earlier high. But one should be careful
as the Charts are forming 'Rising Wedge Pattern", which generally go for
correction after forming 3 highs during 3 to 6 months period. Our
Nifty going to form 3 highs (First one at Election result, there after
7809 on 8th July and 3 rd one expected with in these derivative near
session closing. Trend Line Resistance is showing at 7880 level. As per Derivative OI range Nifty range is in between 7500-8000 along with active range of 7700-7800.
Yesterday FIIs are in buying side both in Equity and Derivatives session for worth of
412.03 cr and 1200.60cr (which is high after 13-5-14) in Index Futures
respectively. Yesterday Bulk Deals also happened in high value stocks
like Infosys, HCL, Biocon etc. But surprisingly Market Breadth was in negative due to profit booking in Mid cap and Small Cap Segment. RSI also indicating Negative Divergence. PCR indicate Nifty as in little over bought zone PCR (1.03). FIIs are accumulating CE and PE shorts at higher range of market, which odiously measure as trend reversal area.
Today Nifty likely to open with positive note in line with SGX Nifty and other Asian Indices.
NIFTY SPOT LEVEL:
Pivot: 7748
Resistance: 779/7818/7862
Support: 7724/7680/7655
NIFTY FnO BAN:
GMR INFRA, HDIL, IBREAL, UNITECH.
STOCKS FOR DAY:
RELIANCE: BUY > 1022 TRG 1042/1054 SL 1010
KALYANI STEEL : BUY > 110.50 TRG 114/116 SL 108.50
PETRONET : SELL < 180.50 TRG 176 SL 184 (SELL AT MARKET HIGHS)
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