Nifty opened with a gap up of 31 points at 6724 and made a high of 6733. After testing the first resistance market went down the support level of 6703. The market then bounced back sharply to close 100 points up at 6303 levels. The highest closing basis level. The up move after testing the mere 38.2% of Fibonacci retracement indicates the strength of the up move. On the short term hourly charts market has broken out of the rounding bottom formation. The target for which lies at 6920. However the RSI index shows that the market has reached near a resistance and hence the market is expected to test 6777 levels, before moving up.
The support for nifty is at 6774-6714-6650 and the resistance lies at 6820-6848-6900. Nifty April Future has been trading at 39-40 points premium to
the spot. The implied volatility on the Nifty April Options of ATM strike calls
were at 15.49 and for puts were at 12.58. India VIX closed at 26.9175. PCR for
Nifty based on open interest was at 1.17 and PCR for the day based on volumes
was at 1.08 for the market.
CASH MARKET:
FII 5347.46 - 4303.6 = 1043.86 Cr.
DII 1576.68 - 2040.46 = -463.78 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1689.04 | 1568.08 | 120.96 |
| INDEX OPTIONS | 12088.69 | 10614.64 | 1474.05 |
| STOCK FUTURES | 3495.59 | 3615.01 | -119.42 |
| STOCK OPTIONS | 1536.58 | 1539.79 | -3.21 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Gulf Oil Corporation Limited | Interim Dividend - Rs 2.20/- Per Share + Special Dividend - Re 0.30/- Per Share | 10-Apr-14 | 14-Apr-14 |
| State Bank of Mysore | Interim Dividend - Rs 3/- Per Share | 10-Apr-14 | 12-Apr-14 |
| Honeywell Automation India Limited | Annual General Meeting / Dividend - Rs 10/- Per Share | 10-Apr-14 | - |
| Foseco India Limited | Annual General Meeting / Special Dividend - Rs 12.50/- Per Share + Final Dividend - Rs 3/- Per Share | 10-Apr-14 | - |
STOCKS IN NEWS:**
Financial
Technologies (India): FTIL is learnt to have received non-binding bids for its
stake in MCX from around a dozen domestic and international companies like BSE,
Kotak, Warburg Pincus, Deutsche Borse, CME group and the like.
The
company is being advised by JM Financial, which sources say is expected to take
stock of the expressions of interest by the week-end or early next week, before
shortlisting prospective bidders.
MCX:
Multi Commodity Exchange of India today said it has decided, for the time
being, not to go ahead with its controversial preferential allotment issue. The
board, at a meeting, decided not to go ahead with the controversial
preferential allotment of shares issue, for the time being, the Jignesh
Shah-promoted exchange said in a statement here.
SBI:
State Bank of India, the country's largest lender, is set to raise $750 million
to $1 billion through bond sales, reviving overseas fund raising by Indian
companies amid rising confidence in the economy which seems to have put the
worst behind.
Torrent
Pharma & Elder Pharma: Fair trade regulator CCI has approved Torrent
Pharma's proposed Rs 2,000 crore acquisition of Elder Pharma's formulations
business in India and Nepal, saying that the deal does not raise any competition
concerns.
Ranbaxy
Laboratories Ltd: In what might seem like ironic timing, Ranbaxy saw some good
news from the US drug regulator just days before the announcement of its
acquisition on Monday by Sun Pharmaceutical in a $4-billion deal inclusive of
debt.
HDFC
Bank Ltd: The government's approval to the proposal of HDFC Bank for raising
overseas shareholding limit to 67.55 per cent may get delayed as Commerce and
Industry Ministry is scrutinising all foreign investments made in the bank.
Man
Industries: The Company announced that it has bagged orders worth Rs 700 crore.
Following this, according to the pipe major, its order book stands at Rs 1,200
crore.
Ruchi
Soya Industries: FMCG firm Ruchi Soya launched its refined sunflower oil
"Sunrich" in Tamil Nadu, eyeing 15 per cent of market share.
NTPC:
State-run power producer NTPC has settled the dues of two Coal India
subsidiaries, bringing to a close a protracted tussle over quality of fuel the
state-run miner was providing.
STOCKS IN BAN PERIOD:
HDIL
|
L&TFH
|
Source:**economictimes.com , nseindia.com
Stock of the day:
Ranbaxy (CMP 467)
The stock is in a steady up move for past few days on the news of its acquisition by Sunpharma. It has moved into strongly over the past few days. The stock is expected to move higher till the clear outline of the acquisition is out. Thus it can be bought with stop loss of 460 for the target of 475-485 levels.
The stock is in a steady up move for past few days on the news of its acquisition by Sunpharma. It has moved into strongly over the past few days. The stock is expected to move higher till the clear outline of the acquisition is out. Thus it can be bought with stop loss of 460 for the target of 475-485 levels.
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