Nifty Daily For 29th May 2014

                   Nifty opened with a flat gap down of 4 points at 6778 and made a high of 6782. Once the market filled the gap it went down to the lows of 6750. The market is moving pretty much in the range of 30 points for most of the session. It picked the momentum with positive European market opening and made the 6786 high of the day. As I have been expecting for past week the market has finally made to 6750 levels. The RSI on the hourly charts shows that market has reached a support zone and can possibly bounce back on Tuesday. I expect the market to remain range bound with positive bias as long as 6750 is protected on the down side.

                    The support for nifty is at 6737-6700-6686 and the resistance lies at 6780-6804-6826. Nifty April Future has been trading at 61-62 points premium to the spot. The implied volatility on the Nifty April Options of ATM strike calls were at 31.51 and for puts were at 30.64. India VIX closed at 31.385. PCR for Nifty based on open interest was at 0.9 and PCR for the day based on volumes was at 0.8 for the market.

CASH MARKET:

FII                   3541.13     -     3464.11    = 77.02Cr.

DII                     931.52     -     1302.05   = -370.53Cr.

FII DERIVATIVES MARKET: 

In Cr.	Buy	Sell	Net
INDEX FUTURES	953.41	1191.35	-237.94
INDEX OPTIONS	4992.39	4452.49	539.90
STOCK FUTURES	2646.64	2749.45	-102.80
STOCK OPTIONS	834.81	762.70	72.11

CORPORATE ACTION:

Company	Purpose	Ex-Date
R Systems International Limited	Annual General Meeting /Dividend Rs.0.95 Per Equity Share	29-Apr-14

STOCKS IN NEWS:**

Idea Cellular Ltd: Telecom operator Idea Cellular on Monday posted over 91 per cent jump in consolidated net profit at Rs. 589.77 crore for the last quarter of 2013-14 on the back of expansion in both voice minutes and mobile data volume.

Bharti Airtel Ltd: The telecom operator is expected to report a 65 per cent QoQ rise in net profit number to Rs 1007 crores for the quarter ended March 31, as compared to Rs 610.20 crores reported in the year-ago period, according to an ET Now Poll.

Dabur India Ltd: The company is expected to report 17 per cent YoY rise in net profit number to Rs 235 crores for the quarter ended March 31, as compared to Rs 200.50 crores reported in the year-ago period.

AstraZeneca Pharma India Ltd: Britain's AstraZeneca urged its shareholders to take no action over the approach by US drugmaker Pfizer Inc on Monday and said it remained confident in its independent strategy.

Aurobindo Pharma Ltd: Three multinational drug makers - The Medicines Company, Hospira and Kowa Company Ltd, in separate cases - have dragged Indian firm Aurobindo Pharma to court on allegations of patent infringement.

Cholamandalam Investment and Finance Company Limited (CIFCL): The financial services arm of the Murugappa Group, posted a marginal 6% rise in fourth-quarter net profit, as lower commercial vehicle disbursements offset gains in home equity business.

Cipla Ltd: The National Pharmaceutical Pricing Authority (NPPA) recently issued fresh showcause notices to the company, asking why a Rs 105-crore fine shouldn't be imposed.

GMR Infrastructure Ltd: GMR Infrastructure Ltd on Monday said it has withdrawn plans to list its unit GMR Energy Ltd, within a month of filing a draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (Sebi).

JSPL Ltd: Naveen Jindal's JSPL group has commissioned a greenfield 2 million tonne (mt) steel plant in Sohar, Oman at an investment of $800 million.

ITC Ltd: ITC is foraying into the e-commerce business with its Wills Lifestyle retailing business and plans to set up standalone exclusive outlets for its sub-brands such as casual wear Wills Sports, work wear Wills Classic, and exclusive men and women wear stores.

STOCKS IN BAN PERIOD:

NIL

Source:**economictimes.com , nseindia.com

STOCK OF THE DAY:

 BPCL

The stock moved up from the lows of 432 to the all time high of 493. The stock after taking the resistance at weekly trendline has been moving down for past two days. It has formed a gravestone doji with good volumes. The RSI on the daily charts is also near its support, Thus the stock can be bought at 456 with stop loss of 451 for the target of 468-473-480.