12-11-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Market got consolidated from last 4 days forming Doji.   From 17th Oct, lows Nifty has gained almost 650 pts at a stretch with repeated (daily) Gap Ups.   By this most of Oscillators and Indicators showing the Market as over bought.    But cash flows are taking the Market up and up.   As market over run (as per indicators), professional buyers like FIIs have started covering up their positions in Derivative Segment. by accumulating Value Stocks in Equity.   But as per Options data, 8400 & 8500 PE and 8200 PE are Writing by Traders..  Also Reduction of OI in the range of 8700 CE and 7800 PE also indicating the protectionism of Trades.  Derivatives OI range of 8500-8000 gives the second confirmation.

Even yesterday, FIIs are net sellers in Derivatives section for the value of 1213.40cr.  In Index Futures segment also they are net sellers for the worth of 347.62 cr by adding 1346 longs and 16154 shorts,  which resulted increase OI  by 17500 contracts.  But in Equity Segment,  FIIs are net buyers for the worth of 458.04 cr and DIIs are net sellers for the value of 515.98cr.  As Bank Nifty extend its bullishness, with positive expectations in Economic Front, (economic data), Market Breadth also gained marginally.   PCR maintained its over bought situation, but Rupee also gained Marginally (0.03).  

Today Nifty likely to open Flat with positive note in line its Peer Markets.  As news/announcements are likely to influence the market, day traders may continue their longs with strict SL (to protect from profit booking possibilities).  8385/8420/8450 are like to act as resistance and 8300 is like to act support.

NIFTY SPOT LEVELS:

Pivot: 8354

Resistance: 8387/8411/8444

Support: 8330/8297/8273

NIFTY FnO BAN: IBREAL & UNITECH

STOCKS (POSITIONAL CALLS):

HOV SERVICES: BUY >  175 TRG 183/192 SL 174
IOB: BUY > 58.50 TRG 60/61 SL 57.50
ARVIND: SELL < 287.50 TRG 280.50 SL 293
OPEN CALLS: (B/F)

CANFINHOMES: BUY > 515 TRG 533/548 SL 482 (WAIT FOR NIFTY LOWS)
                            10/11--ACTUAL: LOW: 512.20  HIGH: 525.50 (CAN HOLD WITH TRAILING SL)

                            11/11--ACTUAL: LOW: 512.55 HIGH: 535.30