After a spectacular rally in last week Nifty took breather on Monday. The Friday low of 6494 held yesterday and gave a 30 point bounce. The market is facing resistance at 6550 levels. This is a trendline resistance from top of 29th January 2013 (6111) and 20th May 2013 (6157). A close above this level will take the market higher. A daily close below 6494 will signify correction of the uptrend from 5933-6562.
The support for nifty is at 6494-6456-6413 and the resistance lies at 6522-6555-6596.
Nifty March Future has been trading at 29-30 points premium to the spot. The
implied volatility on the Nifty March Options of ATM strike calls were at 14.91
and for puts were at 15.77. India VIX closed at 17.32. PCR for Nifty based on
open interest was at 1.06 and PCR for the day based on volumes was at 0.98 for
the market.
CASH MARKET:
FII 4406.51 - 2935.28 = 1471.23 Cr.
DII 1050.23 - 2381.96 = (1331.73) Cr.
FII DERIVATIVES MARKET:
| IN Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1731.03 | 1586.02 | 145.01 |
| INDEX OPTIONS | 14428.03 | 13899.92 | 436071 |
| STOCK FUTURES | 3929.46 | 4517.02 | 133924 |
| STOCK OPTIONS | 2683.54 | 2816.04 | 86453 |
CORPORATE ACTION:
| Ex-Date | Company | Purpose |
| 12-Mar-14 | Eicher Motors Limited | Annual General Meeting/Dividend Rs 30/- Per Share |
STOCKS IN NEWS:**
ONGC: ONGC's giant gas field in Mozambique holds 45 to 70 trillion cubic feet (tcf) of recoverable reserves, 28 per cent more than the minimum estimated resources when it invested USD 4.12 billion.
Reliance Industries Ltd: Final hearing commenced in the Supreme Court today on the pleas challenging the government decision to double the price of natural gas and seeking cancellation of Reliance Industries Ltd's contract for exploration of oil and gas from the Krishna-Godavari basin.
REC Ltd: Rural Electrification Corp (REC) is in talks with Germany's KfW for raising money to provide funding for renewable energy projects.
Maruti Suzuki Ltd: Sebi has stepped into the dispute between Maruti Suzuki India and local institutional shareholders, the fund houses have hardened their stand while the automaker has spelt out its position to Sebi.
Unitech Ltd: Life insurance major LIC today said real estate developer Unitech's Rs 200-crore loan account continues to remain sub-standard and it will pursue all options to recover the money.
Jindal Steel & Power Ltd: Jindal Power, a company promoted by Jindal Steel & Power Limited (JSPL), has commissioned the first 600-MW unit of an expansion scheme to existing 1,000 MW power plant in Chhattisgarh.
SpiceJet, Jet Airways: Kalanithi Maran's SpiceJet unleashed another bout of massive discounts, under the guise of 'Super Holi Sales' scheme, its fourth in three months, forcing market leader IndiGo to match the offer in their bid to entice people to fly.
The Indian Hotel Company Ltd: The country's largest chain in the segment, will make a Rs 500-crore impairment provisioning on its investments, even as it continues to feel the heat of depressed market conditions, said media reports.
Jet Airways Ltd: The Rs.2,060-crore Jet-Etihad deal seems to have hit a fresh round of regulatory turbulence, with the Abu Dhabi carrier rejecting any obligation to make an open offer for minority shareholders of the Indian carrier.
Reliance Industries Ltd: Final hearing commenced in the Supreme Court today on the pleas challenging the government decision to double the price of natural gas and seeking cancellation of Reliance Industries Ltd's contract for exploration of oil and gas from the Krishna-Godavari basin.
REC Ltd: Rural Electrification Corp (REC) is in talks with Germany's KfW for raising money to provide funding for renewable energy projects.
Maruti Suzuki Ltd: Sebi has stepped into the dispute between Maruti Suzuki India and local institutional shareholders, the fund houses have hardened their stand while the automaker has spelt out its position to Sebi.
Unitech Ltd: Life insurance major LIC today said real estate developer Unitech's Rs 200-crore loan account continues to remain sub-standard and it will pursue all options to recover the money.
Jindal Steel & Power Ltd: Jindal Power, a company promoted by Jindal Steel & Power Limited (JSPL), has commissioned the first 600-MW unit of an expansion scheme to existing 1,000 MW power plant in Chhattisgarh.
SpiceJet, Jet Airways: Kalanithi Maran's SpiceJet unleashed another bout of massive discounts, under the guise of 'Super Holi Sales' scheme, its fourth in three months, forcing market leader IndiGo to match the offer in their bid to entice people to fly.
The Indian Hotel Company Ltd: The country's largest chain in the segment, will make a Rs 500-crore impairment provisioning on its investments, even as it continues to feel the heat of depressed market conditions, said media reports.
Jet Airways Ltd: The Rs.2,060-crore Jet-Etihad deal seems to have hit a fresh round of regulatory turbulence, with the Abu Dhabi carrier rejecting any obligation to make an open offer for minority shareholders of the Indian carrier.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
Stocks in view:
This is the chart of LICHSGFIN. The stock had a rally after hitting a triple bottom. This sharp rally ended near the 231 levels. The 61.8% Fibonacci Level has been a strong resistance. After drifting for a while the stock again took off breaking the falling channel. The target for which lies around 247 levels. However the stock hit 242 levels but closed in negative. It has formed a classic shooting stat pattern at the top of rally & at 61.8% Fibonacci retracement level. This has very bearish implications.
Stocks in view:
The Stock can be shorted with 243 as stop loss and the target can be 226.5-216-211.
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