MARKET TREND - ROARING STOCKS:
Derivatives Previous Series has put new path to Nifty by pushing its range to 8400-8600. Global crude praise is supporting to Equity Market. Our Markets' positive environments like, Strong Govt., Well Controlled Inflation, Prospective GDP Growth, Friendly Economic Norms, Peace in the Country are well taken by Global Investors and trying to increase their stake in Indian Markets. This is reason our Nifty trying every day to scale new highs.
If we see other side of the coin, Low Participation of Indian Customers, Expected USD strength, Controlling or Trying to Influencing by many agencies (through RBI, SEBI, Finance Ministry, Excise Dept, Customs Dept. Income Tax Dept. Legal Dept. ) are threat to our market. Any negative news from any corner may disturb the upbeat of investors. Since, our present market is mostly controlled by FIIs, HNIs, PMS Organisers & MFs, trading volumes are high and in return its become very easy to break technical levels either side. That is reason momentum of Market became very sharp.
New Series of the Nifty started with much wider range, i.e. Derivatives OI range between 8000-8500. Nifty Futures OI also started with > 2cr. But PCR is < 1.00. India Vix also closed below 13 pts after touching its resistance level of 17 in previous session. Since, excess premium has to be adjusted, and is week end, today Nifty may play range bound and get adjust its variations.
As Global Crude price is encouraging and our GDP Data expected (mostly after trading hours), our SGX Nifty is opened very positive (nearly 50pts), our Nifty also may open with positive note any may be with gap up and off late it get adjust. As Trend Line resistance is at 8600 level, day traders may go for short at 8565/8580 level with 8600 SL.
NIFTY SPOT LEVELS:
Pivot: 8486
Resistance: 8515/8536/8566
Support: 8465/8435/8414
NIFTY FnO BAN: NIL
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
ABAN: SELL < 583 TRG 568 SL 594 (wait for Nifty trend reversal)
UTTAMSTEEL: BUY > 70 TRG 72 SL 69
TATAGLOBAL: BUY > 158 trg 160/163.50 sl 156
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