04-12-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday most of the world indices closed with positive note.   Our Nifty managed to close flat.   In particular large cap stocks are in the verge of profit booking, mid & small cap indices are supporting the market.   This indicate, investors shift to value stocks from over bought stocks.  But happy to note is; money is not going out the market.  

Yesterday FIIs are net sellers in Derivatives (total) Segment by 426.55 cr.   In particular to Index Futures, FIIs are net sellers of 47285 contracts for the worth of 996.99cr.  FIIs have added 40144 shorts and squared of 7141 long contracts, by which Index Futures OI decreased by 33003 contracts. In Equity segment FIIs are net buyers for the worth of 391.07cr and DIIs are net sellers for worth of 157.33cr.  Important to note, even though FIIs have hedged equal value of Index Options against their shorts in Index , Futures.   Derivatives OI range is intact between 8500-8700 along with active range of 8500-8600.  Due to mid & small cap participation Market Breadth improved sizable.  PCR position also improved and it recorded at 0.87.  Rupee closed at 61.86 by loosing 0.07pts.  Most of the technical indicators closed negatively (except RSI), indicate the possibility of recovery from lows.

Today morning our Asian peers started with mixed note.  Our SGX Nifty started with positive note.  All most all key commodities opened with positive note.  As traders are safe guarded their shorts with Options writing, there is possibility of short coverage from lower support levels.    Day Traders may go for long at 8490/8475 level with 8450 SL.

NIFTY SPOT LEVELS:

Pivot: 8531

Resistance: 8554/8570/8592

Support: 8515/8492/8476

NIFTY FnO BAN: NIL

STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN) 
 HDFC BANK: SELL < 936 TRG 929 SL 941
UTTAMGALVA: BUY > 72 TRG 74/78 SL 70
PRAKASHIND: BUY > 59 TRG 61/66 SL 57
SUPRAJIT: BUY > 124 TRG 128 SL 121
IDFC: BUY > 163 TRG 166/168 SL 160