MARKET TREND - ROARING STOCKS
Yesterday
Bulls optimum confidence on Indian Economy has forced them to go for
short coverage along with new positions in Index Futures. Interest to
observe FIIs have sold 2720.07cr on 8-8-14 and bought only 1553.24 cr
from last 2 trading sessions even in Markets' gap up opening situation.
Yesterday, unfortunately (as we cautioned), more contrasting economic
data has been released against to the most of analysts expectations.
Due to panic coverage of shorts by bears, Nifty crossed its Laxman Rekha
also, which set/expected by most of the prominent analysts. As bulls
have covered up their lower side positions, market base has been
improved to the level of 7600. Now Bears choice how best they can
corner Bulls. Yesterday FIIs are Net Buyers in both Equity and
Derivatives Segments, but DIIs are in selling side in small value of
39.78cr. FIIs have bought 370.83 cr of Equity and Net Buyers for worth
of 1390.78 cr by adding 10668 Long Contract and Square of Shorts by
25546 contracts by which OI has been decreased by 14878 contracts.
Due to short coverage and new positions, Market Breadth was closed
positively, even though it is less volumes than previous day. Rupee was
much weakened. Derivatives OI range is improved to 7600-8000 but
active range is in tact between 7600-7700.
Today
Nifty likely to open flat/negative bias in line with our SGX Nifty and
selling pressure by weak heart traders. To average their holdings and
bottom fishing, we may witness sluggishness in market. Nifty may play
between 7600-7800 for couple of days and may take direction there after.
NIFTY SPOT LEVELS:
Pivot: 7706
Resistance 7757/7787/7838
Support: 7575/7625/7595
NIFTY FnO BAN: IBREAL & IRB INFRA
STOCKS FOR DAY:
GULF OIL EQ: SELL < 143.50 TRG 136.50 SL 148
UFLEX EQ: SELL < 131.50 TRG 129.50/128 SL 133.50
JINDAL STEEL EQ: BUY > 277 TRG 281 SL 273
HDFC EQ: BUY > 1083 TRG 1102/1134 SL 1069
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