04-08-2014 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Last week Nifty has been corrected almost 250 pts from its recent highs.   As major portion of Corporate Results are being announced, majority of Strips have been calibrated accordingly.    Even though we do not have much important events in last week, with Overseas News market got corrected to its 2 nd level support.    This week we have more influential events from RBI (9th HSBC DATA and 12th Economic Data, Market may re-act with its volatility. 

On Friday also FIIs are net sellers in Equity and Index Futures for worth of 1072.96 cr and 1145.73 cr respectively.    FIIs have Sold 5875 Longs and Added 24103 shorts by decreasing 18228 contracts in OI.  But from last 2 days FIIs are very much hedged these shorts with Options.  Rupee gained marginally and closed at 60.83.   PCR at 0.98 even though Market Breadth is weak.  Derivatives OI range is intact between 7300-8000 along with active range of 7600-7800.

Today Nifty likely to open with positive note in line with SGX Nifty and other Peer Markets.    Once Nifty face Short Covering, off late/simultaneously we can see Selling at Highs also.   Market likely to close flat and wait for tomorrows HSBC data .   Nifty may get1st resistance at 7680 and 2nd resistance at 7740/7750  and support could be at 7590/7560.  Today Market will be sell highs till closes above 7750.

NIFTY SPOT LEVELS:

Pivot: 7637

Resistance: 7681/7760/7804

Support: 7558/7715/7435

NIFTY FnO BAN: NIL

STOCKS FOR DAY (WAIT FOR NIFTY RES/SUP LEVELS TO GO SHORT/LONG WITH SL)

HINDALCO EQ: BUY > 187 TRG 191.50 SL 180 (or) Buy > 180 Trg 187 SL 176

HINDOILEXP EQ: SELL < 51.75 TRG 50 SL 53

ORIENT CEMENT EQ: BUY > 105 TRG 110/117 SL 98 (POSITIONAL)

BANK NIFTY AT BUY FROM LOWS 15000 sl (SPOT)