MARKET TREND - ROARING STOCKS:
As
wementioned in our yesterdays' evening note, nothing could stop the
Nifty in creating one more record. Crude Oil price has given boost to
Nifty. FIIs Cash flows and Bulk Deals in selective stocks are playing
key roll in Nifty movement. Beta stocks become spectators are beaten in
this recent rally. At present situation unless Nifty breaks 8100
level, we should not think as Nifty has taken its return journey. In
most of the stocks weekly pull-downs are (2 days shorts) coming of
buying/short coverage and surprising Short Term Traders. Since Nifty
is in over bought position and India Vix is at almost near to its 4
years low (11.8375 on 14th aug, 14) and Derivative range is set between
8000-8200, we will not advise to go carry Nifty positions. Unless
Nifty get consolidate at this present level and this week news (today's
coal case and favors, we can not expect further range for Nifty.
Yesterday
also FIIs are net buyers in Equity and Derivative Section for the worth
of 1162.98cr and 192.71cr respectively. In this process FIIs have
added 7669 long contracts and 2870 short contract by which OI increased
by 10539 contracts. Market Breadth also improved as over all market
participation.
Today
Nifty likely to start with flat in line with our SGX Nifty, (China and
Hong Kong markets holiday) and likely to be range bound and may wait for
Supreme Court Comments and Europe Markets. 8215/8245 may act as
resistance for Nifty.
NIFTY SPOT LEVELS:
Pivot: 8160
Resistance: 8194/8214/8248
Support: 8140/8106/8095
NIFTY FnO BAN: HDIL, IBREAL, JP ASSOCIATES.
STOCKS FOR DAY:
You may send your MOBILE No. AND NAME through mail: to ROARINGSTOCKS@REDIFFMAIL.COM to enable us to send DAY AND POSITIONAL CALLS though SMS.
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