13-10-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Friday also global markets went on correction. No time during the day Nifty is in positive and finally closed with bearish candle,  that too below 50 DMA.   After market hours our IPP data also given weak numbers.  IMF comments regarding global growth is become worry some to many investors and rushing up to take away money from Stocks.   This will be temporary, as we all know aggressive investors can't satisfy with any other class of investment than Stocks.  Recent,  RBI Governor comments on Interest rates, Cash Reserves and Inflation indicate; that he is not much worried about IPP data  (is not his priority) and he has not given any room for speculations on interest rate reduction.   Considering present Crude Price and US Tapering matters, our Stock Market suppose to be at advantageous position and might have attracted more investors.  But as Market has over run from last 6 months and peer market become worry some, investors are preferring for profit booking.  Also due to expected fuel inflation around the world FIIs might have become nervous on stocks markets.  This is confirming recent FIIs sales figures (800 cr withdrew) and Sensex correction over 2%.

FIIs have become net sellers on Friday in Index Futures and Equity Market for the worth of 1463.85 cr. and 719.77 cr. respectively.   Friday  FIIs have sold 6463 longs and added 30632 shorts in Index futures by decreasing OI by 24169 contracts.  But DIIs are net buyers in Equity Segment for worth of 558.21cr.  Even though DIIs are in long side Market Breadth was closed in negative.  PCR ration was closed above >1 oo (1.02).  Rupee closed at 61.29.  As Derivative range is intact between 7800-8200 and PCR indicator showing possibility of short coverage from next supporting area of 7800/7780 level.

Today Nifty likely to open with gap down as our SGX Nifty started with wildness and running negatively  and almost all peer markets also opened huge negative points.  RIL's Dollar Margins and Business Projections may get encouraging words at the time of performance announcement (mostly after market hours) and stock may get support.  Nifty may get support at 7780/7800 level.  

NIFTY SPOT LEVELS:

Pivot: 7877

Resistance: 7907/7953/7982

Support: 7831/7780/7755

NIFTY FnO BAN: IBREL

STOCKS FOR DAY:

WIPRO: SELL < 588 TRG 577 SL 596

COALINDIA: SELL < 336 TRG 332/329 SL 340

UBL: SELL < 703 TRG 694 SL 713