Nifty opened with a gap up of 46 points at 7309 and made a high of 7353. As per my expectation the market stayed below 7300. The market has expanded to 7350 and 7100. Although the high of 7353 can only be seen on daily charts. This means there is a strong chance that the market will retrace this level in near future. This up trend remains valid till the gap of 7014-7065 provides support. The breach of this support will signal a short term reversal. I maintain the move towards the 7100 levels and each rise should be used as shorting opportunity.
The support for nifty is at 7247-7222-7175 and the resistance lies at 7283-7304-7350. Nifty May Future has
been trading at 13.5 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 16.7 and for puts were at 17.57. India VIX closed at 19.2325.
PCR for Nifty based on open interest was at 0.81 and PCR for the day based on
volumes was at 0.77 for the market.
CASH MARKET:
FII 7008.21 - 7112.74 = -104.53Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 3002.39 | 2350.11 | 652.28 |
| INDEX OPTIONS | 15541.92 | 14373.90 | 1168.03 |
| STOCK FUTURES | 5542.12 | 6555.63 | -1013.51 |
| STOCK OPTIONS | 2278.99 | 2367.14 | -88.14 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Thomas Cook (India) Limited | Dividend Rs.0.375 Per Share | 21-May-14 |
STOCKS IN NEWS:**
IOC, BPCL & HPCL: Narendra Modi's landslide victory gives him the mandate to deregulate diesel prices as well as raise natural gas rates with a clear road map towards free pricing to cut subsidies and shrink the budget deficit.
Reliance Industries Ltd: The Delhi High Court today asked the Centre and Reliance Industries Ltd to co-operate in the probe conducted by Delhi Government's Anti-Corruption Bureau in an FIR lodged against the company, Mukesh Ambani and a former union oil minister, alleging collusion among them in increasing gas prices.
ONGC: ONGC Videsh Ltd, the overseas investment arm of explorer Oil and Natural Gas Corp, aims to produce 3.6 per cent more oil and gas during the fiscal year to March 2015, Managing Director S.P. Garg said on Tuesday.
Ballarpur Industries Ltd: Ballarpur Industries Ltd has informed BSE that the Company has temporarily shut down Unit Kamalapuram, situated at Township - SO, District Warangal, Andhra Pradesh, due to adverse global & Indian market conditions of Rayon Grade Pulp/Viscose Staple Fibre.
SpiceJet Ltd: Low-cost carrier SpiceJet announced a minor rejig in its management and stated that it is in advanced talks for capital infusion with an "external entity", after posting a 73 per cent rise in net losses for the fiscal 2013-14 fourth quarter to Rs 321 crore.
Essar Oil Ltd: Essar Oil Ltd, the flagship company of the $39 billion Essar Group, said on Tuesday that net profit increased by five times from a year earlier in the quarter ended 31 March as it benefited from a one-time foreign exchange gain and healthy refining margins.
MRPL: Mangalore Refinery and Petrochemicals(MRPL) has turned profitable with the net at Rs 1,067 crore in the quarter ended January-March of FY14 as against loss of Rs 62 crore in corresponding quarter of last fiscal, driven by forex gain, higher other income and better operational performance.
Punj Lloyd Ltd: Diversified EPC conglomerate Punj Lloyd reported a net loss of Rs 382.08 crore on a consolidated basis for January-March quarter on the back of decline in income and deferment of settlement of company's claims on some overseas projects.
Reliance Industries Ltd: The Delhi High Court today asked the Centre and Reliance Industries Ltd to co-operate in the probe conducted by Delhi Government's Anti-Corruption Bureau in an FIR lodged against the company, Mukesh Ambani and a former union oil minister, alleging collusion among them in increasing gas prices.
ONGC: ONGC Videsh Ltd, the overseas investment arm of explorer Oil and Natural Gas Corp, aims to produce 3.6 per cent more oil and gas during the fiscal year to March 2015, Managing Director S.P. Garg said on Tuesday.
Ballarpur Industries Ltd: Ballarpur Industries Ltd has informed BSE that the Company has temporarily shut down Unit Kamalapuram, situated at Township - SO, District Warangal, Andhra Pradesh, due to adverse global & Indian market conditions of Rayon Grade Pulp/Viscose Staple Fibre.
SpiceJet Ltd: Low-cost carrier SpiceJet announced a minor rejig in its management and stated that it is in advanced talks for capital infusion with an "external entity", after posting a 73 per cent rise in net losses for the fiscal 2013-14 fourth quarter to Rs 321 crore.
Essar Oil Ltd: Essar Oil Ltd, the flagship company of the $39 billion Essar Group, said on Tuesday that net profit increased by five times from a year earlier in the quarter ended 31 March as it benefited from a one-time foreign exchange gain and healthy refining margins.
MRPL: Mangalore Refinery and Petrochemicals(MRPL) has turned profitable with the net at Rs 1,067 crore in the quarter ended January-March of FY14 as against loss of Rs 62 crore in corresponding quarter of last fiscal, driven by forex gain, higher other income and better operational performance.
Punj Lloyd Ltd: Diversified EPC conglomerate Punj Lloyd reported a net loss of Rs 382.08 crore on a consolidated basis for January-March quarter on the back of decline in income and deferment of settlement of company's claims on some overseas projects.
STOCKS IN BAN PERIOD:
| DISHTV |
| UNITECH |
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
MRPL
The Stock has given a breakout on the daily charts of the rounding bottom in the short term. The stock pattern has a target of 75.25. The stock can bought with the stop loss of 64 for the target of 72-75.
The Stock has given a breakout on the daily charts of the rounding bottom in the short term. The stock pattern has a target of 75.25. The stock can bought with the stop loss of 64 for the target of 72-75.
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