08-10-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday Nifty got corrected/profit booked, with influence of Overseas Markets and Technical weakness.  Even though HSBC Economic Data and IMF Projections are encouraging, profit booking taken place.  As most of the short term traders and positional traders are going for profit booking in view of 2nd quarters results season and unrest around us, market breadth is getting weakened.   India Vix closing above 14 pts and Nifty closing below 50 DMA (7900) level confirms the prevailing selling pressure in the system.  As Derivatives range is intact between 7800-8200 along with active range of 7900-8000, Nifty likely to be range bound between these range for at least couple of days.

Yesterday FIIs are net buyers in Index Futures Segment by 3865 contracts for the worth of 152.17 cr.by adding 9622 Longs and 5757 Short contracts by increasing OI by 15379 contracts.   In Equity Segment  FIIs are net sellers for the worth of 332.84 cr. and DIIs are net buyers for the worth of 327.65 cr.  As Mid cap and Small cap stocks are under selling pressure in view of quarter results, market breadth is weakened. Directional Indicators like Bolinger and Movement are showing positive signs and Volume Indicators like RSI and MACD are showing negative signs are indicating that market is going to face validity.  CE & PE data indicate that market is likely to get support at 7800/7780 level.

Today Nifty likely to open with negative bias and likely to get support at 7800 and 7780 level. 7915 and 7980 level will act as resistance and invites selling pressure.

NIFTY SPOT LEVELS:

Pivot: 7879

Resistance: 7916/7980/8016
Support: 7815/7779/7715

NIFTY FnO BAN: NIL

STOCKS FOR DAY:
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