17-11-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Friday Market was surprised by Bears, by going for short coverage and adding shorts at higher level to counter Bulls buying spree.   If we analyses FIIs buying pattern we can understand how they are playing safe bets in market.   On Friday FIIs are net buyers in Derivative (total) session for total of 647.99cr.  Particularly in Index Futures FIIs are net sellers for the value of 208.47cr against their net buying in Equity Market for the worth of  648.90 cr.  In Index Futures FIIs have sold 8128 Long contracts and Added 7668 short contracts, by which OI decreased by 460 contracts.   This indicate that FIIs are hedging their equity longs and index futures with options.  But DIIs are continuing their selling in Equity Market and on Friday also they sold for the value of 517.51cr.  Market breadth was improved and closed positively.   Derivatives OI range maintained between 8300-8500 along with active point at 8400.   PCR maintained its oversold zone at 1.08. All major indicators of volumes & value indicators are indicating over bought zone.   As positive news on economy like crude price, inflation, positive signals on global economy growth and cash in-flows are favoring stocks markets, Bulls do not wants to give up the market and go on searching for value stocks and putting money in share market. But as markets were pushed to over bought zone, profit booking is inevitable to some extend, we may foresee profit booking at market highs by maintaining range of 8200-8500.

Today in line with our peer markets and with influence of our SGX Nifty market likely to open with negative bias 8340 & 8320 may act as support area and 8420 & 8440 as resistance levels.  Once, Nifty breaks and sustain 8300 level on EOD basis, Market may get its short term support at 8250 level. 

NIFTY SPOT LEVELS:

Pivot: 8379

Resistance: 8411/8433/8465

Support: 8357/8325/8303

NIFTY FnO BAN: UNITECH

STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)

JAIN IRRIGATION: SELL < 83.50/82.60 TRG 81.50 SL 84.60

ASIAN PAINTS: BUY > 663 TRG 671/683 SL 652

SAIL: BUY > 84 TRG 89 SL 81

BHARTFORGE: SELL < 911 TRG 904/899 SL 917 (PE ARE ADVISABLE)