Nifty opened flat at 7111but soon made the high of 7152 and closed with small gain of 14 points at 7123. The market maintained the support of 7075 and resistance of 7170. The lower WPI did nothing to cheer the market mood. The big D-day tomorrow is likely to create more volatility, which was absent for past two days. The market has already factored in a big win for NDA, a slight disappointment can break the bull spirit. The market is forming a Flag Pole formation on daily charts. I expect the market to breakout upwards in the first half of the session and move towards the 7200 levels. The RSI is also on the trend line support.
The support for nifty is at 7080-7020-6969 and the resistance lies at 7140-7172-7220. Nifty May Future has
been trading at 22-23 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 42.88 and for puts were at 44.27. India VIX closed at 36.765.
PCR for Nifty based on open interest was at 0.83 and PCR for the day based on
volumes was at 0.8 for the market.
CASH MARKET:
FII 4821.3 - 3886.36 = 934.94Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2538.75 | 2306.71 | 232.05 |
| INDEX OPTIONS | 16556.77 | 18119.57 | -1562.80 |
| STOCK FUTURES | 3471.28 | 4929.17 | -1457.90 |
| STOCK OPTIONS | 1823.10 | 1779.19 | 43.91 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Reliance Industries Limited | Dividend Rs. 9.50 Per Equity Share | 16-May-14 |
| Xchanging Solutions Limited | Annual General Meeting | 16-May-14 |
| GM Breweries Limited | Dividend Rs 2.50/- Per Share / Bonus 1 : 4 | 16-May-14 |
STOCKS IN NEWS:**
Adani group stocks: Adani group of companies such as Adani Enterprises, Adani Ports and Adani Power will be in focus as the election results unfolds. These stocks have already gained a lot in the run up to election results and if formation of Modi led government is confirmed these stocks will rally further more.
RCF Ltd: State-owned Rashtriya Chemicals and Fertilisers Ltd (RCF) has reported 30 per cent increase in net profit at Rs 152.47 crore for the fourth quarter ended on March 31, despite decrease in income.
Deepak Fertilisers Ltd: As the battle for control of Mangalore Chemicals & Fertilizers Ltd (MCFL) hots up, Deepak Fertilisers Chairman Sailesh Mehta hinted he was open to discussions with the rival alliance of Vijay Mallya and Saroj Poddar of the Zuari Group.
Cairn India Ltd: Oil explorer Cairn Energy has agreed a $575 million loan to help it to develop North Sea fields in a move welcomed by analysts as an indication that a tax dispute over its Indian assets will not cause any long-term damage to the company.
Infosys Ltd: Infosys Chairman and Chief Mentor N R Narayana Murthy on Thursday termed his company's performance as "creditable" and assured investors that the company remained on track to regain its lost momentum in two years.
ONGC & RIL: ONGC has alleged that Reliance Industries may have drawn natural gas worth thousands of crores of rupees from a common reservoir in the KG-D6 block, and taken the matter to the Delhi High Court, accusing the oil ministry and its technical arm of turning a blind eye to the issue.
Orient Cement: Ace investor Rakesh Radheyshyam Jhunjhunwala today picked up 17.1 lakh shares of Orient Cement for about Rs 9 crore through an open market transaction.
Wockhardt Ltd: Wockhardt Ltd is recalled 109,744 bottles of anti-hypertensive drug belonging to multiple lots from the American market following failure of a dissolution test, US regulator FDA said.
Apollo Tyres Ltd: Buoyed by an impressive performance in the fiscal ended March, Apollo Tyres has decided to set up a greenfield project in one of the East European countries with an estimated investment of E500 million, to be spent over a period of four years.
Adani group stocks: Adani group of companies such as Adani Enterprises, Adani Ports and Adani Power will be in focus as the election results unfolds. These stocks have already gained a lot in the run up to election results and if formation of Modi led government is confirmed these stocks will rally further more.
RCF Ltd: State-owned Rashtriya Chemicals and Fertilisers Ltd (RCF) has reported 30 per cent increase in net profit at Rs 152.47 crore for the fourth quarter ended on March 31, despite decrease in income.
Deepak Fertilisers Ltd: As the battle for control of Mangalore Chemicals & Fertilizers Ltd (MCFL) hots up, Deepak Fertilisers Chairman Sailesh Mehta hinted he was open to discussions with the rival alliance of Vijay Mallya and Saroj Poddar of the Zuari Group.
Cairn India Ltd: Oil explorer Cairn Energy has agreed a $575 million loan to help it to develop North Sea fields in a move welcomed by analysts as an indication that a tax dispute over its Indian assets will not cause any long-term damage to the company.
Infosys Ltd: Infosys Chairman and Chief Mentor N R Narayana Murthy on Thursday termed his company's performance as "creditable" and assured investors that the company remained on track to regain its lost momentum in two years.
ONGC & RIL: ONGC has alleged that Reliance Industries may have drawn natural gas worth thousands of crores of rupees from a common reservoir in the KG-D6 block, and taken the matter to the Delhi High Court, accusing the oil ministry and its technical arm of turning a blind eye to the issue.
Orient Cement: Ace investor Rakesh Radheyshyam Jhunjhunwala today picked up 17.1 lakh shares of Orient Cement for about Rs 9 crore through an open market transaction.
Wockhardt Ltd: Wockhardt Ltd is recalled 109,744 bottles of anti-hypertensive drug belonging to multiple lots from the American market following failure of a dissolution test, US regulator FDA said.
Apollo Tyres Ltd: Buoyed by an impressive performance in the fiscal ended March, Apollo Tyres has decided to set up a greenfield project in one of the East European countries with an estimated investment of E500 million, to be spent over a period of four years.
STOCKS IN BAN PERIOD:
| IBREALEST |
Source:**economictimes.com , nseindia.com
HDFCBANK:
On daily charts the stock has formed a bullish engulfing pattern. The high of 800 is likely to be tested todays again. Buy the stock with stoploss of 775 and for the target of 798-804.
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