Nifty opened with a 5 point gap down at 6727 and made a high of 6748. The market gave away the strength and collapsed as per expectation. The double top target at 6670 I had mentioned was achieved was achieved. I expect the market to move tread with positive bias. The market can remain range bound. As long as 6650 is protected the market can move higher towards the 6750 levels.
The support for nifty is at 6650-6598-6563 and the resistance lies at
6716-6742-6783. Nifty April Future has been trading at 22 points premium to
the spot. The implied volatility on the Nifty April Options of ATM strike calls
were at 13.67 and for puts were at 11.18. India VIX closed at 31.16. PCR for
Nifty based on open interest was at 1.10 and PCR for the day based on volumes
was at 0.91 for the market.
CASH MARKET:
DII 1058.34 - 1406.04 = -347.7 Cr.
FII 2998.97 - 3043.66 = -44.69 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 64920 | 2169.76 | 59361 |
| INDEX OPTIONS | 410577 | 13592.99 | 405733 |
| STOCK FUTURES | 127442 | 4613.67 | 136657 |
| STOCK OPTIONS | 82519 | 2982.34 | 80725 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Clariant Chemicals (India) Limited | Annual General Meeting / Final Dividend Rs 20/- Per Share | 17-Apr-14 |
| Esab India Limited | Dividend Re 1 Per Share | 17-Apr-14 |
| Vesuvius India Limited | Annual General Meeting / Dividend Rs. 4.75/- Per Share | 17-Apr-14 |
STOCKS IN NEWS:**
HCL Technologies Ltd: India's fourth largest software services exporter is expected to report a 3.6 per cent sequential rise in its net profits for the quarter ended March 31 to Rs 1551 core as compared to Rs 1496 crore reported in the previous quarter, according to ET NOW estimates.
Wipro: India's third-largest information technology (IT) Service Company is expected to report a 3 per cent sequential rise in its net profits for the quarter ended March 31 to Rs 2080 core as compared to Rs 2014.70 crore reported in the previous quarter, according to ET NOW estimates.
Reliance Industries Ltd: The oil & gas major is expected to report 5.4 per cent sequential rise in its net profits for the fourth quarter ended March 31 to Rs 5800 core as compared to Rs 5500 crore reported in the previous quarter, according to ET Now estimates.
Tata Consultancy Services Ltd: India's largest IT services exporter on Wednesday reported a Profit After Tax (PAT) of Rs 5,357 crore versus an ET NOW Poll of Rs 5,196 crore for the quarter ended March 2014. This is a growth of 0.8% in profit QoQ.
Piramal Enterprises Ltd: Ajay Piramal is now set to take a fuller plunge into financial services. His Piramal Enterprises Ltd (PEL) will purchase a 20 per cent stake in Shriram Capital Ltd, the financial services holding company of the Chennai-based Shriram group, for Rs 2,071 crore, said two people with direct knowledge of the development.
Cairn India Ltd: Scottish explorer CairnBSE 0.99 % Energy plc has sought shareholder approval to sell its 9.65 per cent stake in Cairn IndiaBSE 0.99 % after restrictions imposed by the Income-Tax Department are lifted.
HCC Ltd: Infrastructure major Hindustan Construction CompanyBSE -3.99 % (HCC) said it has won a Rs 300 crore contract from Delhi Metro Rail Corporation Ltd (DMRC) for design and construction of twin tunnel on Dwarka corridor.
Bajaj Auto Ltd: Vishwa Kalyan Kamgar Sanghatana (VKKS), Bajaj Auto's independent trade union, has threatened to strike at the plant in Chakan (near here) from April 28, said media reports.
Idea Cellular Ltd: Two top private equity players - Kohlberg Kravis Roberts (KKR) and Blackstone - have put in bids for a total of eight per cent stake in Idea CellularBSE -1.85 %, India's third-largest telecom operator by users, said media reports.
MindTree Ltd: Mindtree surpassed expectations on every parameter during January-March quarter with the net profit growing 11 percent sequentially to Rs 98.2 crore as against 4 per cent growth expected by analysts.
Wipro: India's third-largest information technology (IT) Service Company is expected to report a 3 per cent sequential rise in its net profits for the quarter ended March 31 to Rs 2080 core as compared to Rs 2014.70 crore reported in the previous quarter, according to ET NOW estimates.
Reliance Industries Ltd: The oil & gas major is expected to report 5.4 per cent sequential rise in its net profits for the fourth quarter ended March 31 to Rs 5800 core as compared to Rs 5500 crore reported in the previous quarter, according to ET Now estimates.
Tata Consultancy Services Ltd: India's largest IT services exporter on Wednesday reported a Profit After Tax (PAT) of Rs 5,357 crore versus an ET NOW Poll of Rs 5,196 crore for the quarter ended March 2014. This is a growth of 0.8% in profit QoQ.
Piramal Enterprises Ltd: Ajay Piramal is now set to take a fuller plunge into financial services. His Piramal Enterprises Ltd (PEL) will purchase a 20 per cent stake in Shriram Capital Ltd, the financial services holding company of the Chennai-based Shriram group, for Rs 2,071 crore, said two people with direct knowledge of the development.
Cairn India Ltd: Scottish explorer CairnBSE 0.99 % Energy plc has sought shareholder approval to sell its 9.65 per cent stake in Cairn IndiaBSE 0.99 % after restrictions imposed by the Income-Tax Department are lifted.
HCC Ltd: Infrastructure major Hindustan Construction CompanyBSE -3.99 % (HCC) said it has won a Rs 300 crore contract from Delhi Metro Rail Corporation Ltd (DMRC) for design and construction of twin tunnel on Dwarka corridor.
Bajaj Auto Ltd: Vishwa Kalyan Kamgar Sanghatana (VKKS), Bajaj Auto's independent trade union, has threatened to strike at the plant in Chakan (near here) from April 28, said media reports.
Idea Cellular Ltd: Two top private equity players - Kohlberg Kravis Roberts (KKR) and Blackstone - have put in bids for a total of eight per cent stake in Idea CellularBSE -1.85 %, India's third-largest telecom operator by users, said media reports.
MindTree Ltd: Mindtree surpassed expectations on every parameter during January-March quarter with the net profit growing 11 percent sequentially to Rs 98.2 crore as against 4 per cent growth expected by analysts.
STOCKS IN BAN PERIOD:
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Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
IDEA
Idea has been moving in a downtrend for past week. After its drop from 148 till 137 its has formed a bullish hammer. A gap up opening or white body candle will provide the necessary confirmation. The stock is near its 50 DMA. This has formed a confluence of support area. The stock can be bought for cmp 137.7 with the stop loss of 135.3 for the target of 140.05-142.75.
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