Nifty opened with a gap up of 10 points at 6789 and made a high of 6825.25. After fridays action the market gave a fallow through on monday. This rally was lead by the PSU banking lot. This clearly indicates a impending up move. On the lower 60 minute charts the market in moving in a rising channel. The upper end of this channel lies at 6838. Also the RSI is near its resistance. I expect the markets to move down as long as 6840 is not taken out and RSI stays below 70 levels. The open interest in 6750PE has increased by 6.4Lacs where as 6800PE it has increased by 3.5Lacs. This indicates the market move towards the 6750 levels.
The support for nifty is at 6787-6721-6673 and the resistance lies at
6840-6870-6893. Nifty April Future has been trading at 18-19 points premium to
the spot. The implied volatility on the Nifty April Options of ATM strike calls
were at 20.4 and for puts were at 17.87. India VIX closed at 34.6425. PCR for
Nifty based on open interest was at 1.16 and PCR for the day based on volumes
was at 1.08 for the market.
CASH MARKET:
FII 2258.18 - 2045.33 = 212.85 Cr.
DII 1419.49 - 1637.15 = -217.66 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 4059.32 | 3681.38 | 377.94 |
| INDEX OPTIONS | 12069.94 | 11715.26 | 354.68 |
| STOCK FUTURES | 14417.89 | 14721.23 | -303.34 |
| STOCK OPTIONS | 2087.05 | 2125.65 | -38.60 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Ramco Systems Limited | Rights 1:2 @ Premium Rs.145/- Per Equity Share | 22-Apr-14 | 23-Apr-14 |
| The Paper Products Limited | Annual General Meeting / Dividend - Rs 2.80/- Per Share | 22-Apr-14 | - |
| HCL Technologies Limited | Interim Dividend - Rs 4/- Per Share (Purpose Revised) | 22-Apr-14 | 23-Apr-14 |
STOCKS IN NEWS:**
L&T: The company has called off merger talks with Future Generali, nearly an year after agreeing to form a joint venture. Reports suggest that valuation issues coupled with a delay in finalising the transaction could be responsible for Biyani seeking to renegotiate the exit contract.
Tata Power: The company has mopped up over Rs 3900 crore after its rights issue gets oversubscribed by nearly 2 times. The company which had offered 33 crore shares at Rs 60 a piece will use the proceeds to fund capital expenditure and debt repayment.
Jet Airways: India's second-largest carrier Jet Airways has asked 40 employees to leave.The airline says the move is part of an overall restructurng of its cargo handling operations at the Delhi airport.
South Indian Bank: The RBI has lifts restrictions on share purchase in South Indian Bank. It has allowed foreign investors to buy further shares in the counter after the FII holding falls below the threshold limit.
Gujarat NRE Coke: The company is considering selling shares to ICICI Bank on a private placement basis. The move is in accordance with the terms and conditions issued by Corporate Debt Restructuring cell.
The board, which meets later this week, will also consider issuance of convertible warrants to promoters and non-promoter entities on private placement or preferential issue basis
IL&FS Engineering: The company's overseas arm has bagged a Rs 268 crore order from Saudi Binladin Group for road drainage works for King Abdul-Aziz International Airport Development Project at Jeddah.
Bajaj Auto: The company has prepared plan B to offset Chakan strike impact, sources told ET Now. The company is likely to step up production at Waluj facility and increase Pulsar production by 300 bikes per day.
Essel Propack: The promoters are likely to raise stake to 55.1 per cent from 52.7 per cent.
Hotel Leela: The company is in talks with lenders and investors to raise funds.
Raymond: According to reports, JK Helen Curtis is looking raise Rs 150 crore by to offloading 20 per cent stake. ICICI Ventures, Partners Group, Everstone Capital are in fray to buy the stake. JK Helen Curtis
Tata Power: The company has mopped up over Rs 3900 crore after its rights issue gets oversubscribed by nearly 2 times. The company which had offered 33 crore shares at Rs 60 a piece will use the proceeds to fund capital expenditure and debt repayment.
Jet Airways: India's second-largest carrier Jet Airways has asked 40 employees to leave.The airline says the move is part of an overall restructurng of its cargo handling operations at the Delhi airport.
South Indian Bank: The RBI has lifts restrictions on share purchase in South Indian Bank. It has allowed foreign investors to buy further shares in the counter after the FII holding falls below the threshold limit.
Gujarat NRE Coke: The company is considering selling shares to ICICI Bank on a private placement basis. The move is in accordance with the terms and conditions issued by Corporate Debt Restructuring cell.
The board, which meets later this week, will also consider issuance of convertible warrants to promoters and non-promoter entities on private placement or preferential issue basis
IL&FS Engineering: The company's overseas arm has bagged a Rs 268 crore order from Saudi Binladin Group for road drainage works for King Abdul-Aziz International Airport Development Project at Jeddah.
Bajaj Auto: The company has prepared plan B to offset Chakan strike impact, sources told ET Now. The company is likely to step up production at Waluj facility and increase Pulsar production by 300 bikes per day.
Essel Propack: The promoters are likely to raise stake to 55.1 per cent from 52.7 per cent.
Hotel Leela: The company is in talks with lenders and investors to raise funds.
Raymond: According to reports, JK Helen Curtis is looking raise Rs 150 crore by to offloading 20 per cent stake. ICICI Ventures, Partners Group, Everstone Capital are in fray to buy the stake. JK Helen Curtis
STOCKS IN BAN PERIOD:
HDIL
|
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Raymond
The stock has been moving in an uptrend. In mondays price action the stock has formed a shooting star pattern with good volume. The stock can be sold on the rallies from 337 to 340 with the stop loss of 345.5 and for the targets of 324.5-318-311.
The stock has been moving in an uptrend. In mondays price action the stock has formed a shooting star pattern with good volume. The stock can be sold on the rallies from 337 to 340 with the stop loss of 345.5 and for the targets of 324.5-318-311.
It reached the 331 level on the 21st April and 318 on 25th April 2014
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