Nifty Daily For 09th April 2014

                   Nifty opened flat and soon made a high of 6725 and tested lower trend line of the rising channel. The market then tumbled down to the levels of 6650 levels. The 38.2% of the Fibonacci retracement acted as support and the market bounced back to close near the opening. Thus on the daily charts it has formed a doji. This indecision on the back of the on going Loksabha elections. This is in line with my expectation. As long as 6776 remains intact, the market is expected to remain range bound. On the 120 minute charts the market has formed a bullish engulfing pattern. Thus a pull back can be expected in the short term till 6720-6733 levels.

 

                    The support for nifty is at 6650-6603-6563 and the resistance lies at 6736-6776-6820. Nifty April Future has been trading at 41-42 points premium to the spot. The implied volatility on the Nifty April Options of ATM strike calls were at 13.65 and for puts were at 11.71. India VIX closed at 24.9525. PCR for Nifty based on open interest was at 1.17 and PCR for the day based on volumes was at 1.09 for the market.

CASH MARKET:

FII                   3591.96    -      2888.25  = 703.71Cr.

DII                  689.84     -       1771.2   =(1081.36)Cr.

FII DERIVATIVES MARKET: 

In Cr.	Buy	Sell	Net
INDEX FUTURES	1510.94	1412.59	98.35
INDEX OPTIONS	9827.73	10233.50	-405.77
STOCK FUTURES	2739.30	3183.23	-443.92
STOCK OPTIONS	1174.85	1181.52	-6.68

CORPORATE ACTION:

Company	Purpose	Ex-Date	Record Date
State Bank of Travancore	Interim Dividend - Rs 2.50/- Per Share (Purpose Revised)	9-Apr-14	10-Apr-14

STOCKS IN NEWS:**

Suzlon Ltd: Wind turbine maker Suzlon Group has signed an loan agreement worth Euro 850 million with a consortium of banks for funding its working capital requirements and expansion plans.

Maruti Suzuki Ltd: In the biggest-ever auto recall issued for a single model in the country, market leader Maruti Suzuki India is expected to soon issue a recall notice for around 1.5 lakh units of the new Swift Dzire compact sedan, said media reports.

Tata Power Ltd: The country's electricity regulator's decision to compensate Tata Power for its higher costs has been challenged by Rajasthan and Punjab governments before the Appellate Tribunal for Electricity while Maharashtra and Haryana are also expected to file their petitions soon.

Coal India Ltd: State-owned miner CIL produced 462 million tonnes coal in the just-concluded 2013-14 fiscal, missing the target of 482 MT. Coal India Ltd, which accounts for over 80 per cent of the dry fuel's domestic production, has been drawing flak for missing production targets.

Alstom India Ltd: To consider sale of auxiliary components business to Indian entity. ALSTOM India has announced that on 07 April 2014 the Company has received a letter from Alstom Finance B.V.

GVK Power Ltd: Indian conglomerate GVK Power & Infrastructure Ltd and Australia's richest woman on Tuesday were ordered to meet strict environmental conditions over water conservation before developing a coal mine in the arid Australian Outback estimated to cost $10 billion.

Tata Steel Ltd: Tata Steel is selling a unit of its international operations, specifically the business in New Zealand and Pacific Island for NZ$ 27.5 million or Rs 143 crore, to a Kiwi company, Steel and Tube, as part of its restructuring strategy.

ABB: Power and automation technologies provider ABB has bagged $ 18 million worth order from Power Grid Corporation to construct a 400 kV gas-insulated switchgear (GIS) substation at Kolhapur in Maharashtra.

Piramal Enterprises: The company has inked a pact with Merisant India to distribute the company's artificial table-top sweetener brand, Equal, in the country. Piramal Enterprises has partnered with Merisant India for an exclusive sales and distribution partnership in the country for its artificial table-top sweetener Equal, Piramal Enterprises said in a statement.

Yes Bank Ltd: The Bombay High Court has asked the co-promoters of Yes Bank, Rana Kapoor and Madhu Kapur, to amicably settle their dispute over the right to nominate directors.

STOCKS IN BAN PERIOD:

HDIL

L&TFH

Source:**economictimes.com , nseindia.com

Stock of the day:
Maruti Suzuki 

The stock has been in a steady down move after hitting the all time high of 1980. On the hourly charts the stock has formed bullish harami along with confirmation. Thus the stock can bought for the target of 1920-1940 stop loos of 1870.