08-12-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Friday Nifty closed with downward confirmation candle and on weekly basis also market went on consolidation with negative bias, with record of 2 new highs.   Since, market has run more than expected, obviously short term traders would like to book profit in the view of their (FIIs)  financial year end.   As the sentiment and cash inflows are good, FIIs are not in hurry to sell their stocks in urgency and they are trying to sell at better prices, by which market facing consolidation and likely to continue this trend till this month end.

On Friday, FIIs are net buyers after a weeks  time in Derivatives segment for worth of 285.95cr. In Index Futures slot also they are net buyers for the worth of 300.31cr by adding 13744 long contracts and 1565 short contracts, by which 15309 OI contracts were increased.  In Equity segment, FIIs are net sellers for the worth of 109.45cr and DIIs are net buyers for the worth of 166.05cr.   Market Breadth closed with negative bias.   Rupee also closed at 61.92 by loosing 0.29 ps.  PCR devalued by 0.01pt and closed at 1.00.  Derivatives OI range has been narrowed to 8500-8600 from its 8500-8700 level.   These all indicates the market's consolidation mood.

Today our SGX Nifty is running flat, even though other Asian Peer Markets regained from its minus opening/lows.   If our Nifty opens below 8550, 8510 and 8480 are likely to act as support and 8620 likely to act as resistance.   Below 8470 closing on EOD basis Nifty may go for correction up to 8400/8350 level in coming days.

NIFTY SPOT LEVELS:

Pivot: 8550

Support: 8512/8485/8447

Resistance: 8576/8615/8641

NIFTY FnO BAN: NIL

STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
RELCAP: SELL < 525 TRG 510 SL 533
TCS: SELL < 2600 TRG 2550 SL 2628
LIBERTYSHOES: BUY > 263 TRG 265/268 SL 260
SINTEX: BUY > 96 TRG 99/103 SL 94.50