Nifty opened with a gap up of 3 points at 7112 and made a high of 7142. The market can be deemed essentially flat after the spectacular rally of more than 300 points. As per my expectation the market pulled back to the 7140 levels and then went down to the 7080 level, before closing flat for the day. The market has formed a doji on daily charts & is consolidating between the 7172 and 7075 levels. The 7076-7046 area is providing the support necessary for the market. As long as this area is protected the uptrend remains valid. A breach of this support will imply a short term reversal. The market is likely to trade sideways with positive bias. The RSI on support also supplements positive bias.
The support for nifty is at 7076-7020-6969 and the resistance lies at 7165-7200-7235. Nifty May Future has
been trading at 31-32 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 35.5 and for puts were at 37.25. India VIX closed at 32.42.
PCR for Nifty based on open interest was at 0.85 and PCR for the day based on
volumes was at 0.75 for the market.
CASH MARKET:
FII 5378.75 - 3858.67 = 1520.08Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1815.26 | 1916.80 | -101.54 |
| INDEX OPTIONS | 8506.71 | 11489.04 | -2982.33 |
| STOCK FUTURES | 3422.61 | 4789.71 | -1367.10 |
| STOCK OPTIONS | 1486.57 | 1509.06 | -22.49 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Nestle India Limited | Annual General Meeting / Final Dividend - Rs 12.50/- Per Share | 15-May-14 | - |
| IDBI Bank Limited | Agm E-Voting | 15-May-14 | 16-May-14 |
STOCKS IN NEWS:**
Tech Mahindra Ltd: Tech Mahindra reported a 4.3% jump in fourth-quarter revenue on a sequential basis, helped by strong growth in its manufacturing business and in digital services.
Tata Motors Ltd: Tata Motors, along with its partner Al-Hamad Automobiles, today launched three heavy trucks of its Prima range in the Qatar market.
Pfizer: The pharma major said that it would ringfence the development of important drugs if it acquired AstraZeneca, rejecting a charge from the British company that a takeover would disrupt important research and put lives at risk.
Reliance Industries Ltd: Forced to sell gas at rates that have long expired, Reliance Industries has categorically told buyers of its KG-D6 gas that new rates as and when approved, will apply from April 1.
Deepak Fertilisers Ltd: Government has stopped supply of domestic natural gas to Deepak Fertilisers, saying it manufacturers non-subsidised crop nutrients and as such should not get the cheaper fuel.
Tata Steel Ltd: Tata Steel reported a consolidated profit of Rs 1,035.8 crore, beating market expectations, helped by higher sales volumes and better realisations in Europe and India.
Asian Paints Ltd: Resilient volume growth coupled with low base effect enabled decorative paints major Asian Paints to post a good show in quarter to March. Its consolidated revenues grew 21% - highest in the last eight quarters. The company has informed of registering double digit volume growth aided by good demand from tier 2 & tier 3 cities.
NTPC Ltd: NTPC is expected to report a 7-8% growth in net profits in March 2014 quarter on the back of higher depreciation and employee cost.
Finolex Industries Ltd: The results of pipe maker Finolex Industries for the January-March quarter were surprisingly weak due to a combination of factors. But this is considered to be a temporary blip and the company is expected to shrug off its problems soon.
Cairn India Ltd: The Company expects 'substantial' gas production from its oil-rich Rajasthan block in the next three years and has floated global tenders for setting up a natural gas transportation pipeline and a gas processing terminal.
Tata Motors Ltd: Tata Motors, along with its partner Al-Hamad Automobiles, today launched three heavy trucks of its Prima range in the Qatar market.
Pfizer: The pharma major said that it would ringfence the development of important drugs if it acquired AstraZeneca, rejecting a charge from the British company that a takeover would disrupt important research and put lives at risk.
Reliance Industries Ltd: Forced to sell gas at rates that have long expired, Reliance Industries has categorically told buyers of its KG-D6 gas that new rates as and when approved, will apply from April 1.
Deepak Fertilisers Ltd: Government has stopped supply of domestic natural gas to Deepak Fertilisers, saying it manufacturers non-subsidised crop nutrients and as such should not get the cheaper fuel.
Tata Steel Ltd: Tata Steel reported a consolidated profit of Rs 1,035.8 crore, beating market expectations, helped by higher sales volumes and better realisations in Europe and India.
Asian Paints Ltd: Resilient volume growth coupled with low base effect enabled decorative paints major Asian Paints to post a good show in quarter to March. Its consolidated revenues grew 21% - highest in the last eight quarters. The company has informed of registering double digit volume growth aided by good demand from tier 2 & tier 3 cities.
NTPC Ltd: NTPC is expected to report a 7-8% growth in net profits in March 2014 quarter on the back of higher depreciation and employee cost.
Finolex Industries Ltd: The results of pipe maker Finolex Industries for the January-March quarter were surprisingly weak due to a combination of factors. But this is considered to be a temporary blip and the company is expected to shrug off its problems soon.
Cairn India Ltd: The Company expects 'substantial' gas production from its oil-rich Rajasthan block in the next three years and has floated global tenders for setting up a natural gas transportation pipeline and a gas processing terminal.
STOCKS IN BAN PERIOD:
| IBREALEST |
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
TATASTEEL:
The stock has broken past the strong resistance of the 434 and has closed higher with very good volumes. The stock can be bought with the stop loss of 441 for the target of 465.
TATASTEEL:
The stock has broken past the strong resistance of the 434 and has closed higher with very good volumes. The stock can be bought with the stop loss of 441 for the target of 465.
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