MARKET TREND - ROARING SOCKS:
As we mentioned in our yesterday morning and evening notes, market going through consolidation at this level. Most of the traders are hedging their positions with derivative products and continuing their investment in market. As FIIs are selling at higher level and adding shorts, traders should be
cautious with strict SL, to counter the sharper down fall. Yesterday (after long time) FIIs and DIIs are net sellers in Equity Segment. FIIs have sold 101.98 cr and DIIs sold 232.42 cr. In Derivative segment also FIIs are marginal sellers by 10.75. In Index Futures also they continued as net sellers and they sold 163.86 cr by square-off 10867 long contracts and adding 3250 short contracts by which OI has increased by 14117. Market Breadth manged positiveness. Derivatives range intact with in 8300-8500, but active range improved to 8500 from 8400. PCR maintained its oversold zone and recorded 1.12.
Today Nifty likely to open flat and play range bound with positive bias till Europe market opens for its guidance. Market range could be between 8400-8480 for the day, which more advantage for momentum traders with day pivot guidance in view of improved volatility range.
NIFTY SPOT LEVELS:
Pivot 8429
Resistance: 8451/8476/8498
Support: 8404/8391/8356
NIFTY FnO BAN: UNITECH
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
CCL: BUY > 137/140 TRG 146/148 SL 140
RIIL: BUY > 529 TRG 544/561 SL 524
ABAN: SELL < 585 TRG 568 SL 596
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