15-12-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Friday Nifty hold at 50 DMA by loosing more than 69 pts.  Non of the Global Indices or our Economic Data Supported the market to recover from its day lows.   Recently, Share Market going through new trend; ie correcting along with commodity prices like crude.   In general, crude price reduction, use to take by the Market as one of the clue for positive closing.  Presently, even though Crude getting corrected, Share Market (sensex) also lost more than 1480 pts from 4th Dec., onwards.  As 8100 PE highest number of contracts  have got opened in the system, Bears must be trying to take the Market further down to 8070 level where the Fibonacci 62% correction level is there.  But Bulls are looking to pull back the market to above 8400 level by opening highest number of 8450 CE options.  Traders may take this level as trading range.

On Friday FIIs are net buyers in Derivative Segment (total) for Rs.554.99 cr.  In Index Futures session also FIIs are net buyers of 14,549 contracts for the worth of 351.66 cr.  FIIs have added 37,670 Longs and 23,121 Short contracts in the system by which Nifty Index Futures OI has been increased by 60,791 contracts.   But In Equity Segment FIIs are net sellers for the worth value of 864.96cr and DIIs are net Buyers for the value of Rs323.41cr.   PCR closed at 0.86.  Rupee closed at 62.53.  

Today also our Asian Peers have opened their a/c with minus (but Nikkie recovered almost 200 pts from its lows by 7AM), and our SGX Nifty also running in Red with > 50Pts.   As cash flow indicators are in over sold zone and we are expecting WPI positive nos., Nifty may try to take support at 8070/8100 level.  Since, most of the Technical Indicators (particularly cash flow indicators) are in over sold zone, further shorts may not be advisable and may book partial profits in their short positions or PE positions or hold with strict SL.

NIFTY SPOT LEVELS:

Pivot:  8254

Resistance: 8291/8360/8398

Support: 8186/8148/8080

NIFTY FnO BAN: NIL

STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)

TATAMETALIK: BUY > 134 TRG 141/152 SL 131

RELIANCE: SELL < 892 TRG 872 SL 904

LICHSGFIN: SELL < 442 TRG 430 SL 450