MARKET TREND - ROARING STOCKS:
Yesterday our Nifty hit another high (8627), but could not sustained due to dominated shorts in the system. India Vix is more volatile than Nifty indices, which indicate the activity of hedging with Options. As most of the traders, do believe the inherent strength of our Indian Market, and re-structuring their portfolios with hedging, by that they can maintain their average selling price.
Yesterday FIIs have sold 311.64cr in Derivatives Segment. Particular to Index Futures, FIIs have sold 756.81 cr worth of 32249 contracts. FIIs have squared off 7879 long contracts and added 24370 short contracts by which 16491 contracts OI has been decreased. In Equity Segment FIIs are net buyers for the worth of 474cr and DIIs are net sellers for the worth of 595.98. Yesterday, mostly short coverage and adjustment of positions taken place, Market breadth increased marginally. Even though Derivatives OI range maintained between 8500-8700, volatility likely to increase. PCR recorded at 0.99 by increasing 0.01pt. Rupee recorded @ 61.63 by strengthening 0.24 ps. Global crude price became cheaper than its previous day. Parliament session could not take any major decisions except fighting for political identity.
Today Nifty may open flat in line with our Asian Peer Markets and our SGX Nifty. Nifty first support lies at 8540/8520 level. Once it breaks 8470 can be second support. 8620 & 8670 can act as resistance.
NIFTY SPOT LEVELS:
Pivot: 8573
Resistance: 8619/8673/8720
Support: 8518/8472/8418
NIFTY FnO BAN: NIL
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
BGR ENERGY: BUY > 161 TRG 162.50/170 SL 157
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