MARKET TREND - ROARING STOCKS:
Friday Nifty closed with record high.
Markets' positive vibrations were boosted by Global Indices and other
Domestic Economic Factors. Nikki closed with > 750 pts. Now many
people may looking for Retracement Level of Nifty to get convince
themselves about the Markets' further movement. As per Trend
Indicators and also as per Dow Theory 8400-8450 likely to get resistance. Derivative OI range also substantiate this projections.
On
Friday FIIs have bought 1485.22 cr of Index Futures by adding 2,27,061
Long Contracts and 1,56,246 Short Contracts by which OI has increased by
3,83,307 contracts. After many trading days Nifty Futures OI also
crossed 2 cr. level, which indicate higher level of accumulation. In
Equity Segment FIIs have bought 3625.37 cr and DIIs have sold 276.49
cr. Market Breadth improved by over all Indices participation.
Derivatives OI range drastically increased to 8500 level along with
active range of 8200-8400. Even after this gains also PCR was run with
negative side and closed with 0.89 against its previous close of 1.08.
In
absent of Nikki Market and Flat PMI announcement from China, most of
the Asian Markets are running with negative bias. But our SGX Nifty
is in plus by 30pts (@8.00 AM). Today most of the traders may be
looking at our HSBC PMI Nos. to get moral support to their buying spree.
Today Nifty may get resistance at 8370 and go for consolidation of
their abnormal gains. Day traders can go for short at Market High
with 8420 SL.
NIFTY SPOT LEVELS: (wide range due to previous day higher gains)
Pivot: 8283
Resistance: 8270/8420/8502
Support: 8236/8150/8103
NIFTY FnO BAN: NIL
STOCKS FOR DAY:
IBULLSHSGFIN: BUY > 415 TRG 426 SL 406
NBCC: BUY > 823 TRG 869 SL 798
HINDALCO: BUY > 162 TRG 165.50 SL 160
RAYMONDS: SELL < 464 TRG 457/452 SL 470
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