MARKET TREND - ROARING STOCKS:
As we mentioned in our earlier notes, Market yesterday also played volatile on short coverage based. This kind of range bound markets obviously makes foundation for big swing either side, which may happen either today or later. To counter this kind of swing we can do only maintaining SL.
Yesterday also FIIs have recorded buying in Derivative section, that too with short coverage for net worth of 792.09cr. In Index Futures they have squared off 8988 Long contracts and added 198 Shorts by which OI has been decreased by 9384 contracts. But in Equity segment FIIs have sold 477.15 cr worth and DIIs have bought 101.62cr. Market Breadth maintained its weakness. Derivative OI range maintained between 8300-8500, but active point reduced to 8400 from its yesterdays 8500 level. PCR recorded 1.09. Rupee closed at 61.93 by gaining 0.02 ps. Nifty Futures OI maintaining > 2 cr. level which indicate high level of accumulation.
Today Nifty likely to open flat in line with our Peer Markets and our SGX Nifty. In case Nifty opens above 8400 level, 8425/8450/8480 likely to act as resistance and below 8380, 8365/8330 likely to act as support. As today we are having week end trade, we can expect profit booking by short term traders at Market highs.
NIFTY SPOT LEVELS:
Pivot: 8389
Resistance: 8424/8446/8482
Support: 8366/8330/8308
NIFTY FnO BAN: UNITECH
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
GATI: SELL < 294 TRG 271 SL 308
BIOCON: BUY > 452 TRG 458 SL 448
GEOMETRIC: BUY > 140 TRG 144/155 SL 136
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