MARKET TREND - ROARING STOCKS:
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
UCOBANK: SELL < 84 TRG 80 SL 86
ICICIBANK: SELL < 353 TRG 347 SL 356
IOC: BUY > 347 TRG 352 SL 344
TECHNOFAB: BUY > 138 TRG 143/147 SL 136
Nifty almost reached the point, where it started getting consolidation (8300) to higher levels. At 8280 it is going to reach the level of 61% (which consider as one of the support area) out of the Nifty performed range between 7724 - 8627. Also Bears seconds this support by adding maximum 8300 PE in the system. Bulls are targeting 8500 by adding maximum 8500 CE in the same time. Derivatives OI highest range also reported as 8400-8500 by reducing its higher range from 8600 to 8500. All this gives us an idea about the Nifty's present (may valid only for one day also) range as 8300-8500.
Yesterday FIIs are net sellers of Derivatives Segment by (selling of stocks futures and adding index futures) for the worth of 255.49cr. In Index Futures FIIs are net buyers of 210.49cr worth of 13090 contracts, by adding 23765 Long Contracts and 10675 Short Contracts. By which, Index Futures OI has been increased by 34440. In Equity Segment also FIIs and DIIs are net sellers for the worth of 221.52cr and 345.38 cr respectively. Since all-round selling pressure prevailed, Market Breadth also weakened. Rupee closed at 61.77 by gaining 0.05ps. Movement and Volatility indicators turn positive, which guides us about possible pull back. PCR recorded 0.91 by narrowing gap by 0.02%.
After 2 days drastic fall, our Asian Peers, China and Hangseng opened with positive note. But our SGX Nifty is running with 35pts minus (at 7.45 AM) along with Nikkie's negative opening. As good support is at 8300 level for our Nifty, day traders may go long or cover up shorts if any at this level with 8280/8250 SL. As sentiment became question mark, by end of the day, Nifty may close flat.
NIFTY SPOT LEVELS:
Pivot: 8372
Support: 8299/8257/8185
Resistance: 8413/8486/8527
NIFTY FnO BAN: NIL
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
UCOBANK: SELL < 84 TRG 80 SL 86
ICICIBANK: SELL < 353 TRG 347 SL 356
IOC: BUY > 347 TRG 352 SL 344
TECHNOFAB: BUY > 138 TRG 143/147 SL 136
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