24-07-2014 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

NIFTY closed in green on 8th day in a row.   Nifty formed Double Top along with Bearish Reversal Candle, which creeping under the Trend Line.   These are all ALERTING us to be CAUTIOUS IN OUR  TRADES by keeping Trailing Stop Loss for our Positions or Day Trades.  Continuation of Poor Market Breadth is seconding the need of Caution on Bearishness.  Today closing will be critical to get an idea about Nifty's further movement.     

Yesterday also FIIs are in long side in Equity and Index Futures segment for worth of 652.40cr and 52.38 cr respectively.   FIIs have added 11407 longs and 10077 shorts which given 1330 contracts of Net Buying by adding 21484 contracts to OI.    Derivatives OI range is intact between 7700-8000 by increasing active range  7800-7900 level.   Even though we treat 8000 as Wall of Resistance, immediate Trend Resistance is at 7880/7885 level.   As cash flows are in tact during this Result Time, Market volatility likely to be continue.

In line with Peer Markets Nifty likely to open with negative bias and may go for consolidation of Trend.  We advise you to take breath for a while, in case Nifty breaks yesterday's high/low and strictly make a Trailing SL for your Trades.

NIFTY SPOT LEVELS:

Pivot: 7786

Resistance 7818/7842/7875

Support: 7762/7729/7706

NIFTY FnO BAN:

GMRINFRA, HDIL, IBREAL, UNITECH

STOCKS FOR DAY:

JINDAL SAW EQ: BUY > 80.50 TRG 86 SL 77

SUN PHARMA EQ: SELL < 748 TRG 742/736 SL 755

 ACL EQ: SELL < 218.50 TRG 212.50 SL 222

Note: Movementum Trades: WIPRO (today is results day, which indicate sell @ high)

DISCLOSURE NOTE: These are scribed for self. Others can consult their adviser before initiate any trades.