MARKET TREND - ROARING STOCKS:
Yesterday our Nifty played as per music of Global Players. Nifty likely to test its 50 DMA (8200 level), where Fibonacci Level support (8180) in coming days. Present PE open interest also seconding this opinion. Adding 8200 PE and 8400 CE OI, indicates the trading range for day.
Yesterday also FIIs are net sellers in Derivative (total) for 1335.32cr. In Index futures section also FIIs are net sellers of 32924 contracts worth of 723.53cr, by adding 28380 Short contracts and Square off 4544 Long Contracts, which effects the increase of OI by 23836 contracts. In Equity Segment also FIIs are net sellers for the worth of 808.27cr and DIIs have continued their buying for the value of 431.93cr. PCR created some vacuum and recorded 0.81. Rupee closed at 62.52 by losing 0.26ps. Derivative Highest OI range is between 8300-8500 by reducing 100 pts in both levels. Oil Prices reduced further and increased worry to mid-east countries.
Almost all Asian Peer Markets recovered from its negative opening and running in green. Our SGX Nifty also recovered from it lows and turned positive. Our Nifty also likely to open flat and may be range bound till Europe Market Opens. If 8180/8200 acts as strong support for Nifty and once it taken support pull back rally will be very sharp.
NIFTY SPOT LEVELS:
Pivot: 8304
Support: 8260/8225/8185
Resistance: 8337/8380/8412
NIFTY FnO BAN: NIL
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
M&MFIN: SELL < 314 TRG 304 SL 321
JKLAXMI: BUY > 406 TRG 410/418 SL 404
PATINTLOG: BUY > 132 TRG 139/148/159 SL 128
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