23-12-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Nifty started good roll over exercise with positive note.  Next Month  Nifty Futures (Jan) series are showing > 60pts premium.   OI increased positions also seconding this roll overs, which sounds the Bullish mood of our Investors/Traders .  Relating to yesterday's trades, Nifty had good volatility and closed above 50 DMA (after 10th Dec).  Global Indices also have given good support to market.   All most all Global Indices also closed in Green, which generally face profit booking before festival holidays.   Positive news on GST Front, Action on Commodity Supplies and Unlocking of SBI group value, has given boost to the general volatility, which generally happens before any settlement (near futures) time.  Global Crude price and US GDP also positively taken by traders, which they preferred to be in Longs Side.

Yesterday, in our Market FIIs are net buyers in Derivative segment (total products) by 886.18cr, with OI reduction for more than 9%.   FIIs have continued their buying in Index Options (871.50) on second day also.  In particular to Index Futures section, FIIs are net buyers of 5260 for the value of Rs.106.17cr by adding 99753 longs and 94493 shorts (which may included roll overs) by increasing OI of 194246 contracts.  As we saw over all participation of all indices, market breadth also improved.  But PCR was shunted to over bought zone by recording 1.03.   Rupee managed to close at 63.23.   Derivative OI was narrowed down to 8200-8400 from its earlier range of 8000-8500.   Active range maintained between 8200-8300 level.  

Morning most of Asian peers turned to negative by 8.00 AM from its positive opening.   Our SGX Nifty started with new series and followed the same trend.   Our Nifty also may open flat and likely to get resistance at 8370/8380 level where our 20 DMA is established.   

NIFTY SPOT LEVELS:

Pivot: : 8294

Resistance: 8361/8397/8463

Support: 8258/8191/8155

NIFTY FnO BAN: HDIL, IBREAL, UNITECH

STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
HDFC BANK: Buy > 950 Trg 957/972 SL 948 (JAN CE will be better option)
JINDALSTEEL: BUY > 143 TRG 149 SL 140
SUPRAJITENG: BUY > 135 TRG 142 SL 130