Nifty opened with a gap up of 13 points at 6823 and made a high of 6838. As per my expectations the market could not cross the upper trendline of hourly channel on nifty and went down to the low of 6806 levels. The market remained sideways with negative bias.
Above chart shows the nifty hourly graph along with RSI. In the last hour of trade nifty has formed a doji and RSI is near its support of 60. Thus it is clear indication of positive trend for Wednesday's trading. As long as 6806 is protected on the down side the market can move upwards.
The support for nifty is at 6815-6770-6721 and the resistance lies at
6840-6875-6893. Nifty May Future has been trading at 60-61 points premium to
the spot. The implied volatility on the Nifty May Options of ATM strike calls
were at 30.09 and for puts were at 32.44. India VIX closed at 23.355. PCR for
Nifty based on open interest was at 1.19 and PCR for the day based on volumes
was at 1.1 for the market.
CASH MARKET:
FII 2520.78 - 2357.85 = 162.93 Cr.
DII 1074.26 - 1372.72 = -298.46 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 5104.44 | 4181.36 | 923.08 |
| INDEX OPTIONS | 13547.48 | 13057.36 | 490.12 |
| STOCK FUTURES | 15003.99 | 15422.23 | -418.23 |
| STOCK OPTIONS | 2147.62 | 2115.14 | 32.49 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Gujarat Pipavav Port Limited | Annual General Meeting | 23-Apr-14 |
STOCKS IN NEWS:**
L&T Finance Holdings & Yes Bank: In what could be seen as an aggressive attempt by L&T Finance Holdings to get into banking, sources with direct knowledge share that L&T Finance Holdings is in talks with YES Bank for buying out the promoter stake in the company.
Novartis India Ltd: Novartis believes GlaxoSmithKline's cancer drugs Votrient, Tafinlar and Mekinist could have more than $1 billion in sales each, the head of the Swiss company's pharmaceutical unit said on Tuesday.
MRF Ltd: Tyre maker MRF reported 18.86 per cent decline in net profit at Rs 170.87 crore for the quarter ended March 31, 2013.
Zensar Technologies Ltd: The mid-sized software services firm reported 41.3 per cent jump in consolidated net profit at Rs 55.25 crore for the quarter ended March 31, 2014, helped by good performance of its application business in Western markets.
Tata Elxsi Ltd: Tata Group firm said its net profit registered close to three-fold jump in net profit to Rs 21.84 crore for the quarter ended March 31, 2014 from Rs 8.13 crore in the same quarter of 2012-13.
Cairn India Ltd: The company is expected to report a net profit of Rs 2873 crore, down 1.3 per cent sequentially (QoQ) for the quarter ended March 31, as compared to Rs 2884 crore reported in the year-ago period.
SEAMEC Ltd: HAL Offshore's acquisition of SEAMEC at a share price of Rs 97 per share is set to disappoint the shareholders of SEAMEC, as the mandatory open offer price is at a 3% discount to the scrip's latest closing price of Rs 100.2 on NSE.
Rallis India Ltd: Agri-chemicals firm Rallis India on Tuesday reported a 71.4 per cent increase in net profit at Rs. 19.3 crore for the quarter ended March. The Tata group firm had posted a net profit of Rs. 11.26 crore in the same period last year, it said in a statement.
Union Bank of India: State-owned Union Bank of India (UBI) has raised $350 million by selling offshore bonds as part of its $2 billion medium-term note (MTN) programme. They will be listed in the Singapore Exchange. A basis point is 0.01 percentage point.
Novartis India Ltd: Novartis believes GlaxoSmithKline's cancer drugs Votrient, Tafinlar and Mekinist could have more than $1 billion in sales each, the head of the Swiss company's pharmaceutical unit said on Tuesday.
MRF Ltd: Tyre maker MRF reported 18.86 per cent decline in net profit at Rs 170.87 crore for the quarter ended March 31, 2013.
Zensar Technologies Ltd: The mid-sized software services firm reported 41.3 per cent jump in consolidated net profit at Rs 55.25 crore for the quarter ended March 31, 2014, helped by good performance of its application business in Western markets.
Tata Elxsi Ltd: Tata Group firm said its net profit registered close to three-fold jump in net profit to Rs 21.84 crore for the quarter ended March 31, 2014 from Rs 8.13 crore in the same quarter of 2012-13.
Cairn India Ltd: The company is expected to report a net profit of Rs 2873 crore, down 1.3 per cent sequentially (QoQ) for the quarter ended March 31, as compared to Rs 2884 crore reported in the year-ago period.
SEAMEC Ltd: HAL Offshore's acquisition of SEAMEC at a share price of Rs 97 per share is set to disappoint the shareholders of SEAMEC, as the mandatory open offer price is at a 3% discount to the scrip's latest closing price of Rs 100.2 on NSE.
Rallis India Ltd: Agri-chemicals firm Rallis India on Tuesday reported a 71.4 per cent increase in net profit at Rs. 19.3 crore for the quarter ended March. The Tata group firm had posted a net profit of Rs. 11.26 crore in the same period last year, it said in a statement.
Union Bank of India: State-owned Union Bank of India (UBI) has raised $350 million by selling offshore bonds as part of its $2 billion medium-term note (MTN) programme. They will be listed in the Singapore Exchange. A basis point is 0.01 percentage point.
STOCKS IN BAN PERIOD:
HDIL
|
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Axis bank:
The Stock has been moving in a steady uptrend. On the hourly charts the stock has made a double bottom on the RSI charts. Also the stock price was in a sideways mode. Thus it is expected to move upwards the previous highs of 1517. For short term the stock can be bought with a stop loss of 1493 for the target of 1513-1526-1531.
The Stock has been moving in a steady uptrend. On the hourly charts the stock has made a double bottom on the RSI charts. Also the stock price was in a sideways mode. Thus it is expected to move upwards the previous highs of 1517. For short term the stock can be bought with a stop loss of 1493 for the target of 1513-1526-1531.
All targets achieved on the Axis bank call
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