MARKET TREND - ROARING STOCKS:
Nifty playing in the range of 8500-8600 and Friday we had more elevated closing. Prevailing Crude prices and Prospective GDP data expectations have supported Nifty to have good starting of new derivative series. Nifty Futures premium also sustained almost at same level due to existing bullishness. FIIs have bought 77337 contracts worth of 1933.53cr. In Index Futures FIIs have added 65417 Long Contracts and 11920 contracts squared off by which 53497 OI was increased. In Equity segment also FIIs are net buyers for the worth of 935.86cr and DIIs are net sellers worth of 439.31 cr. As mid-cap and small-cap not participated much on Friday Market, Market Breadth was closed negatively. Rupee also closed negatively by loosing 0.48ps. PCR again shunted to over bought zone. Derivatives OI range was concentrated at 8500 along with active range of 8500-8700. Friday late hours GDP was announced weak numbers but better than expected. Crude Prices have come down further to the level of 64 USD.
Today Nifty may open with negative bias in line with our Asian Peer Markets. Today Nifty may play between 8530-8630 levels.
NIFTY SPOT LEVELS:
Pivot: 8574
Pivot: 8574
Resistance: 8631/8675/8732
Support: 8530/8473/8430
NIFTY FnO BAN: NIL
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
Bharatforge: Sell < 967 Trg 955 SL 977
Coal India: Buy > 353 Trg 360 SL 349
Orient Cement: Buy > 149 Trg 152 SL 147
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