Nifty opened with a gap up of 66 points at 7080 and made a high of 7172. The markets reversed from the 7175 level mentioned on Tuesday daily report. On the daily charts nifty has formed a shooting star pattern. In an uptrend this is considered bearish. However I expect the markets to move up 7140 levels before moving towards the lower levels. A confirmation in the form of a bearish candle will impart more importance to the pattern. As long as markets remain below 7172 this pattern remains valid. I expect the markets to consolidate before the WPI number today. The 7076-7046 area is a strong support zone and a breach of this area is necessary to start correction. As long as this area is protected longs can be held.
The support for nifty is at 7076-7020-6969 and the resistance lies at 7165-7200-7235. Nifty May Future has
been trading at 27-28 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 36.96 and for puts were at 38.31. India VIX closed at 32.0475.
PCR for Nifty based on open interest was at 0.87 and PCR for the day based on
volumes was at 0.66 for the market.
CASH MARKET:
FII 6199.33 - 4173.1 = 2026.23Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 4918.27 | 3417.99 | 1500.27 |
| INDEX OPTIONS | 14719.96 | 13628.25 | 1091.71 |
| STOCK FUTURES | 4361.45 | 4555.25 | -193.80 |
| STOCK OPTIONS | 2009.94 | 1981.36 | 28.58 |
STOCKS IN NEWS:**
HCL Technologies Ltd: India's fourth largest IT services firm HCL Technologies said it has won a global contract from pharmaceuticals major Novartis to provide infrastructure management services.
L&T Ltd: Larsen & Toubro has bagged orders worth Rs 1,137 in the financial year 2014-15 so far, the engineering major said in a statement.
BHEL: The Cabinet Committee on Economic Affairs (CCEA) today ratified the decision to sell 4.66% stake in power equipment maker BHEL through block deal route. The decision was ratified by the CCEA headed by Prime Miniser Manmohan Singh, sources said.
Tata Communications Ltd: Tata Communications today reported a net loss of Rs 123.19 crore for the quarter that ended March 31, 2014. The company had posted a net loss of Rs 5.20 crore for the corresponding quarter last fiscal.
Castrol India Ltd: Castrol India disappointed with 19.4 per cent drop in net profit for the Jan - Mar '14 quarter with operating profit margins falling 420 basis points from year ago period to 16.9 per cent.
Bank of Baroda: State-run Bank of Baroda reported 12.48 per cent rise in net profit at Rs 1,157.27 crore for the quarter ended March 31, 2014. The bank had reported a net profit of Rs 1,028.85 crore in the January-March quarter of 2012-13 fiscal.
Nestle India Ltd: Nestle India said net profit for the quarter ended March 31 dropped 7.1% from a year ago toRs 259.2 crore. Operating margins were hit by high price of milk solids, the packaged food maker said in a statement.
Repco Finance Ltd: Repco Home Finance Ltd has posted an increase of 13.7 per cent in net profit at Rs 31.49 crore for the quarter ended March 31, 2014, as against Rs 27.70 crore posted for the same period of last fiscal year.
Reliance Industries Ltd: The oil ministry hopes to resolve the gas price dispute and the arbitration notice from RIL amicably but there are doubts whether this can be done by the outgoing UPA government or the new regime that may take the matter to cabinet.
ONGC: ONGC Videsh, the overseas arm of state explorer Oil and Natural Gas Corp (ONGC), plans to raise Rs 5,190 crore in loans this fiscal to fund its planned capital expenditure of Rs 14,792 crore.
L&T Ltd: Larsen & Toubro has bagged orders worth Rs 1,137 in the financial year 2014-15 so far, the engineering major said in a statement.
BHEL: The Cabinet Committee on Economic Affairs (CCEA) today ratified the decision to sell 4.66% stake in power equipment maker BHEL through block deal route. The decision was ratified by the CCEA headed by Prime Miniser Manmohan Singh, sources said.
Tata Communications Ltd: Tata Communications today reported a net loss of Rs 123.19 crore for the quarter that ended March 31, 2014. The company had posted a net loss of Rs 5.20 crore for the corresponding quarter last fiscal.
Castrol India Ltd: Castrol India disappointed with 19.4 per cent drop in net profit for the Jan - Mar '14 quarter with operating profit margins falling 420 basis points from year ago period to 16.9 per cent.
Bank of Baroda: State-run Bank of Baroda reported 12.48 per cent rise in net profit at Rs 1,157.27 crore for the quarter ended March 31, 2014. The bank had reported a net profit of Rs 1,028.85 crore in the January-March quarter of 2012-13 fiscal.
Nestle India Ltd: Nestle India said net profit for the quarter ended March 31 dropped 7.1% from a year ago toRs 259.2 crore. Operating margins were hit by high price of milk solids, the packaged food maker said in a statement.
Repco Finance Ltd: Repco Home Finance Ltd has posted an increase of 13.7 per cent in net profit at Rs 31.49 crore for the quarter ended March 31, 2014, as against Rs 27.70 crore posted for the same period of last fiscal year.
Reliance Industries Ltd: The oil ministry hopes to resolve the gas price dispute and the arbitration notice from RIL amicably but there are doubts whether this can be done by the outgoing UPA government or the new regime that may take the matter to cabinet.
ONGC: ONGC Videsh, the overseas arm of state explorer Oil and Natural Gas Corp (ONGC), plans to raise Rs 5,190 crore in loans this fiscal to fund its planned capital expenditure of Rs 14,792 crore.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Asian Paints:
As shown in chart above the stock has formed a gravestone doji. This post a rally from 504 levels to 551 levels has bearish implications in short term. The stock can be shorted with the 545 as stop loss for the target of 535-531-523.
As shown in chart above the stock has formed a gravestone doji. This post a rally from 504 levels to 551 levels has bearish implications in short term. The stock can be shorted with the 545 as stop loss for the target of 535-531-523.
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