Nifty opened flat at 7274 and made a high of 7287. The market made a high near the resistance of 7283 and then drifted towards the lows of 7206. The 7200PE provided the necessary support and the market bounced back to the 7268 level. The market is near the 50 hourly MA support and is expected to bounce back today. As long as 7200 remains protected on the downside the market will remain sideways with positive bias. A breach of this level will take the market towards the 7100 support.
The support for nifty is at 7200-7165-7125 and the resistance lies at 7304-7350-7414. Nifty May Future has
been trading at 21-22 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 17.52 and for puts were at 14.97. India VIX closed at 17.91.
PCR for Nifty based on open interest was at 0.89 and PCR for the day based on
volumes was at 0.82 for the market.
CASH MARKET:
FII 5630.6 - 5896.82 = -266.22Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2898.75 | 2634.06 | 264.69 |
| INDEX OPTIONS | 13536.57 | 12056.39 | 1480.18 |
| STOCK FUTURES | 5095.59 | 6201.87 | -1106.28 |
| STOCK OPTIONS | 1942.70 | 1992.22 | -49.52 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Foseco India Limited | Interim Dividend @ Re.1/- Per Share | 22-May-14 | 23-May-14 |
| State Bank of Bikaner and Jaipur | Annual General Meeting (Bc Dates And Agm Date Revised) | 22-May-14 | - |
| MT Educare Limited | Second Interim Dividend - Rs 1.25/- Per Share (Purpose Revised) | 22-May-14 | 23-May-14 |
STOCKS IN NEWS:**
Punjab National Bank: Public sector lender Punjab National Bank on Wednesday said it is eyeing total business size of Rs 9.5 lakh crore for 2014-15, up by 18 per cent over business mix of last fiscal.
Jindal Steel Ltd: The Company seeks shareholders' approval for creation of charge on assets in favor of lenders. Approval also sought for raising 100b rupees selling NCDs via private placement.
JSPL Ltd: Jindal Steel and Power (JSPL) will seek shareholder approval to raise up to Rs 10,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis.
HPCL: State-owned Hindustan Petroleum Corp Ltd is likely to buy 11-15 per cent stake in Petronet LNG Ltd's Rs 5,000 crore LNG import terminal on the east coast.
SKS Microfinance Ltd: SKS Trust stated on Wednesday that it had divested a 7.59 per cent stake in SKS Microfinance, in a block deal. The price was Rs 225-230 a share. It has an additional 4.88 per cent holding in SKS Microfinance.
Kalindee Rail Nirman (Engineers) Ltd: It announced that the Board of Directors of the Company at its meeting held on 21 May 2014, has approved a Scheme of Amalgamation, whereby the Company shall be amalgamated into and with Texmaco Rail & Engineering (Texmaco), by way of a Scheme of Amalgamation in terms of Sections 391 to 394 of the Companies Act, 1956.
Texmaco Rail and Engineering Ltd: The wagon maker, on Wednesday said it had posted a loss of Rs3.5 crore in the March quarter as against a profit of Rs8.85 crore in the same period a year ago because of "an unprecedented delay in release of wagon orders by Indian Railways".
Titan Company, TBZ: The Reserve Bank of India (RBI) on Wednesday liberalised gold import norms under the 80:20 rule. Though the ratio hadn't been changed, star and premier export houses had been allowed to import the commodity, while banks and nominated agencies had been allowed to provide gold for domestic use as loans to jewellers and bullion traders, said a notification issued by RBI.
M&M Ltd: Hit by the prolonged industry slowdown, automobile manufacturer Mahindra & Mahindra (M&M) is to halt production at its plants for up to three days this month. However, the stoppage in production will not have any adverse impact on availability of vehicles, said media reports.
STOCKS IN BAN PERIOD:
| DISHTV |
| UNITECH |
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
HCLTECH
The stock has been declining 1447 to 1256 levels. Near the support of 200DMA it has formed a bullish Morning star structure. The stock can move up to test the 1400 levels again. It can be bought with the stop loss of 1310 for the target of 1351-1374-1383.
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