26-11-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday Market went on correction which was due for long time.   Market never wait for our conviction, it will act more dynamically.   Yesterday Nifty Futures lost 30.99% OI and shunted OI levels to 1.30 cr in a day, which indicate, that traders have utilised yesterday's correction for roll-over their positions to next series.   That is reason, late hours Nifty had good pull-back.  Yesterday mid-cap and small-cap faced more correction than large cap. Most of the time this kind of this kind of technical weakness used for short coverage by FIIs, today also may try to continue.  Yesterday also, FIIs have utilised this correction and added longs in equity segment.  But they have protected with Options.  As we are only 2 working days away for new series of Derivatives session, we can expect good volatility.  Due to short coverage and roll-over exercise we can not rule out pull back from pivot support levels.

Yesterday, FIIs have recorded good amount  (688.29 cr) of selling in this series, for the worth of 25108 contracts.   Still PCR is recorded 1.16, which indicate, market over bought position.  FIIs have added 20649 shorts and squared off 4458 long contracts in Index Futures by which OI increased by 16191 contracts.  In Equity segment FIIs have bought 1168.94 cr and DIIs have sold 732.12cr.  Market breadth recorded very weak (298 plus vs 1263 minus).  Rupee almost sustained.   Non of the day (technical) indicators closed in green.   Derivatives OI has been reduced by 100 pts i.e 8600 to 8500 level.

Today our Nifty may open with negative bias/flat in line with our peer markets and as per prevailing weak sentiment.   If Nifty opens below 8460 level, 8415/8370 may act as support.

NIFTY SPOT LEVELS:

Pivot: 8476

Support: 8416/8370/8310

Resistance: 8522/8582/8629

NIFTY FnO BAN: GMRINFRA, HDIL & IBREAL

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

BHEL: BUY > 258/263.50 TRG 263/268 SL 260 (WAIT FOR NIFTY TREND REVERSE)

ZEEL: BUY> 388 TRG 394/402 SL 385 (WAIT FOR NIFTY TREND REVERSE)

RELINFRA: SELL < 594.50 TRG 572 SL 609 (DEC PE WILL BE BETTER)

RCOM: SELL < 103 TRG 99 SL 107 (DEC PE WILL BE BETTER)