MARKET TREND - ROARINGSTOCKS
Nifty
has got corrected more than it deserved in fear of FED interest rise.
As we mentioned in our earlier note, US may not be in hurry or drastic
in revising their interest rate, irrespective of stabilised economic
growth. As US wants to improve their manufacturing base also along
with service (which they are dominate) sector, interest rise may not be
that much easy task to them.
In
concern to our Market, FIIs are net sellers in Equity and Index Futures
by hedging their short positions with Options. 7800 level new
positions indicate, that market likely to be get cooled at this range.
But highest OI range is intact between 8000-8200, indicate that; this
correction is temporary and any time traders will come for short
coverage. Yesterday DIIs are net buyers in Equity Segment. Market
breadth was fallen as most of the retailers influenced with media) have
started clearing their holdings.
Today
Nifty likely to open with positive note with influence of our SGX Nifty
and other Asian Markets. This opening may force to square off
positions (micro capital based traders). As most of the times, weak
technical and weak sentiment used by professionals for accumulation of
positions at lower price (to average or to reduce their holdings cost),
we can't rule out the possibility of market closing in plus.
NIFTY SPOT LEVELS:
Pivot: 7968
Resistance: 80102/8087/8130
Support: 7890/7847/7770
NIFTY FnO BAN:
GMRINFRA, HDIL, IBREAL, IRB, JP ASSOCIATES
CALLS FOR DAY:
You may mail your NAME along with MOBILE No to ROARINGSTOCKS@REDIFFMAIL.COM to get DAY & POSITION CALLS to get through SMS.
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