Nifty opened with a gap up of 74 points at 7276 and made a high of 7291. Once the 7289 high was made in the morning the market drifted lower towards the support of 7190. After taking the support the market bounced back to the high of the day at 7291 close at 7263. I expect the market to drift lower towards the 7120 level. As long as 7290 is protected on the up side the market is likely to move in the range of 7300-7100. The mid-cap and small-cap stocks are likely to rally as the market is likely to enters consolidation. The RSI is also facing a trendline resistance as shown below.
The support for nifty is at 7222-7186-7120 and the resistance lies at 7296-7347-7396. Nifty May Future has
been trading at 4-5 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 18.22 and for puts were at 19.22. India VIX closed at 20.63.
PCR for Nifty based on open interest was at 0.66 and PCR for the day based on
volumes was at 0.68 for the market.
CASH MARKET:
FII 8446.21 - 7096.17 =1350.04Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 4025.59 | 3444.55 | 581.05 |
| INDEX OPTIONS | 18837.88 | 16924.46 | 1913.42 |
| STOCK FUTURES | 6734.31 | 7890.60 | -1156.29 |
| STOCK OPTIONS | 2520.42 | 2598.29 | -77.87 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Kewal Kiran Clothing Limited | Interim Dividend - Rs 5/- Per Share | 20-May-14 | 21-May-14 |
STOCKS IN NEWS:**
Jaiprakash Power Ventures Ltd: Jaiprakash Power Ventures Ltd plans to raise up to 30 billion rupees ($508 million) in new debt and equity to fund future projects and pay down its debts, the company said on Monday, sending its shares up 30 percent.
JSW Steel Ltd: JSW Steel today reported a 14 per cent rise in its crude steel production for the month of April at 9.9 lakh tonnes (LT).
DLF Ltd: DLF today said on Monday that it will move Supreme Court against the Competition Appellate Tribunal (Compat) ruling that has upheld the CCI order imposing Rs 630 crore penalty on the country's largest realty firm for unfair business practices.
Wipro Ltd: Wipro has won an over $400 million (Rs 2,400 crore) deal from Takeda Pharma under which the former will develop and support IT requirements of the largest Japanese pharmaceutical company.
United Bank of India: Kolkata-based United Bank of India plans to raise Rs.1,000 crore through a public issue, QIP or a rights issue and an additional Rs.300 crore through a preferential allotment to the government and Life Insurance Corp. of India (LIC), the bank said in a notification to the stock exchanges, said media reports.
Reliance Power & Reliance Infrastructure Ltd: Anil Ambani-led Reliance Infrastructure (R-Infra) and Reliance Power (R-Power) reported weak fourth-quarter results on Monday. While R-Infra, with metro rail lines, cement plants and roads under it, reported 14 per cent dip in net profit versus a year ago. R-Power had a near flat profit, said media reports.
SKS Microfinance Ltd: SKS Microfinance Ltd is getting ready to rise about Rs 400 crore through Qualified Institutional placement (QIP). As part for the preparatory work, the trading window for SKS Microfinance board members, designated employees and their dependent family members would be closed during May 19-28.
Tata Communications Ltd: Tata Communications Ltd has sealed an all-cash deal to sell its 67 per cent stake in South African telecommunications unit, Neotel Pty., to an arm of Vodafone Group for about $680 million (Rs3978 crore), people familiar with the matter said Monday.
Tata Global Beverages Ltd: Tata Global Beverages, Tata Group's multinational beverages arm, on Monday said it has acquired Australian coffee company Bronski Eleven for an undisclosed amount.
JSW Steel Ltd: JSW Steel today reported a 14 per cent rise in its crude steel production for the month of April at 9.9 lakh tonnes (LT).
DLF Ltd: DLF today said on Monday that it will move Supreme Court against the Competition Appellate Tribunal (Compat) ruling that has upheld the CCI order imposing Rs 630 crore penalty on the country's largest realty firm for unfair business practices.
Wipro Ltd: Wipro has won an over $400 million (Rs 2,400 crore) deal from Takeda Pharma under which the former will develop and support IT requirements of the largest Japanese pharmaceutical company.
United Bank of India: Kolkata-based United Bank of India plans to raise Rs.1,000 crore through a public issue, QIP or a rights issue and an additional Rs.300 crore through a preferential allotment to the government and Life Insurance Corp. of India (LIC), the bank said in a notification to the stock exchanges, said media reports.
Reliance Power & Reliance Infrastructure Ltd: Anil Ambani-led Reliance Infrastructure (R-Infra) and Reliance Power (R-Power) reported weak fourth-quarter results on Monday. While R-Infra, with metro rail lines, cement plants and roads under it, reported 14 per cent dip in net profit versus a year ago. R-Power had a near flat profit, said media reports.
SKS Microfinance Ltd: SKS Microfinance Ltd is getting ready to rise about Rs 400 crore through Qualified Institutional placement (QIP). As part for the preparatory work, the trading window for SKS Microfinance board members, designated employees and their dependent family members would be closed during May 19-28.
Tata Communications Ltd: Tata Communications Ltd has sealed an all-cash deal to sell its 67 per cent stake in South African telecommunications unit, Neotel Pty., to an arm of Vodafone Group for about $680 million (Rs3978 crore), people familiar with the matter said Monday.
Tata Global Beverages Ltd: Tata Global Beverages, Tata Group's multinational beverages arm, on Monday said it has acquired Australian coffee company Bronski Eleven for an undisclosed amount.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
DLF:
The Stock has had quite a rally from the lows of 137 to the 184 levels. The stock is facing a trendline resistance and is likely to move downwards. It can be shorted with the stop loss of 185 and for the target of 179-176.55-174.25.
target 1 achieved then stop loss hit
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