11-11-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday Nifty created one more new record by closing all time high on EOD basis.  But FIIs are selling side in Derivatives Segment and Long side in Equity Market.   FIIs have added  4262 long contracts and 6477 short contracts in Index futures by which its OI has been increased by 10739 contracts.  As we mentioned FIIs have bought 355.30 cr worth Equities, where as DIIs have sold worth of 314.93 cr.   Market Breadth closed with negative bias.  PCR recorded 1.02, which indicate marginally over bought status of Market.   Momentum and Volume Indicators are also almost reached to its upper limit area, which indicate, short term traders should not be in long side, unless it get consolidate and create some more vacuum.  8400 level itself Nifty Charts are forming Doji with negative bias, even though Derivatives OI range is intact between 8000-8500 along with active range of 8300-8400.   In view of tomorrows economic data (likely to release after business hours), Today or Tomorrow market may be more volatile than normal.   

Today Nifty may open flat in line with our peer markets,  and likely to get resistance at 8425 level.   Day traders can go long from day lows 8300/8320 level with SL 8280.

NIFTY SPOT LEVELS:

Pivot: 8344

Resistance: 8383/8422/8461

Support: 8304/8265/8226

NIFTY FnO BAN: IBREAL

SHORT TERM POSITIONAL CALLS:

JINDALSAW: BUY > 81 TRG 83.60 SL 79

 IOB: SELL < 58 TRG 57/56 SL 58.75 (OPTIONS BETTER)

OPEN CALLS: (B/F)

CANFINHOMES: BUY > 515 TRG 533/548 SL 482 (WAIT FOR NIFTY LOWS)
                              ACTUAL: LOW: 512.20  HIGH: 525.50 (CAN HOLD WITH TRAILING SL)

  UNION BANK: SELL < 216.50 TRG 212/209 SL 220
                           ACTUAL: LOW: 210.35 HIGH: 216.55 (CAN HOLD WITH TRAILING SL)