MARKET TREND - ROARING STOCKS:
Yesterday Nifty formed double top candle and closed in red for second day. From 3rd November onward Nifty playing within range of 8290 -8455 range, which yesterday also maintained. Once this levels breaks, we can get clear direction for Nifty. As we mentioned in our earlier notes, Market is in over bought zone, profit booking is invincible. As Derivatives' OI bottom range is at 8300 and last 11 days trading range is also between 8300-8450 level, incoming 2 days a swing trade possibilities been seen, traders should maintain strict SL.
Yesterday FII purchases recorded as positive, due to short coverage that too with out any fresh longs. FIIs have squared off 8157 short contracts and added 1373 shorts in Index Futures net worth of 106.34 cr by which OI decreased 9530 contracts. In Equity Segment FIIs are marginal buyers for 71.80cr and DIIs are net seller for 491.26 cr. Market Breadth weakened after many days. Rupee also closed at 61.95 with negative points (0.22 ps). As most of the technical indicators closed with negative divergence, total sentiment looks grieved. PCR maintained its overbought sense with 1.10 pts. India Vix Positiveness indicate accumulation of Options in the system to hedge the existing equity positions.
Today Nifty likely to open with flat to negative bias in line with our peer markets and continuations to yesterday's spell. Also, as no much positive data expecting from US & Europe markets, these indices also may not support our market. As there is possibility of short coverage exercise, market may be volatile. 8300 likely to act as support and 8440/8460 may act as resistance. Below 8290 we may see down fall much sharper than normal.
NIFTY SPOT LEVELS:
Pivot: 8399
Resistance: 8438/8494/8534
Support: 8343/8304/8248
NIFTY FnO BAN: UNITECH
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
RPOWER: SELL < 74 TRG 71.80 SL 75.25
YESBANK: SELL < 685 TRG 674 SL 692
JAICORP: SELL < 89.75 TRG 87.25 SL 91
BHARTIAIRTEL: BUY > 402 TRG 408 SL 399
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