10-11-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Friday Nifty made another consolidation (3rd day) with smaller range volatility. FIIs are net buyers in Index Futures worth of 332.44cr by adding 20204 Long Contracts and 2551 Short Contracts.  By this accumulation OI has been increased by 22755 contracts.   In Equity segment FIIs continued their buying wth 2537 cr.   But DIIs are net sellers for worth of 192.20 cr.   As small and mid cap indices are undergone through profit booking after is weekly gains,  Market Breadth closed negatively.    Except Cash Flow Indicators and Momentum Indicator, other indicators maintaining its up side signals.    But PCR recorded 1.09 which indicate over bought situation.   Negative divergence of Stochastic and Positive gain (over bought) indicate that, money floated in to system for coverage of positions than adding new positions. Since market is under over ought zone by recording PE > 21 pts IIP and CPI data is scheduled for Wednesday, short term traders may apply wait watch strategy for these couple of days.

Today Nifty likely to open flat inline with our Asian Peer Markets and SGX Nifty and Niffy may get resistance at 8380 and get support at 8280.   Day traders may go long at 8280 level with 8240 SL.

NIFTY SPOT LEVELS:

Pivot: 8329

Resistance: 8368/8399/8438

Support: 8298/8259/8228

NIFTY FnO BAN: IBREAL

SHORT TERM POSITIONAL CALLS: 

(MAY HOLD FOR FURTHER HIGH WITH TRAILING SL)

CANFINHOMES: BUY > 515 TRG 533/548 SL 482 (WAIT FOR NIFTY LOWS)

COALINDIA: SELL < 345 TRG 341.50/338 SL 348

NTPC: SELL <145 TRG 143 SL 146

UNION BANK: SELL < 216.50 TRG 212/209 SL 220