Nifty opened with a gap up of 4 points at 7363 and made a high of 7373. As mentioned in the Tuesday's Daily report the market drifted lower towards the 7300 level. Once it was tested the market bounced back to 7346. From here on the market kept consolidating near the lower trend line of the triangle. A breach of 7280 will lead market towards the lower levels. As long as 7280 is protected on the downside the market can move up towards 7400 levels.
The support for nifty is at and the resistance lies at. Nifty May Future has
been trading at 4-5 points discount to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 17.69 and for puts were at 18.74. India VIX closed at 19.1.
PCR for Nifty based on open interest was at 0.86 and PCR for the day based on
volumes was at 0.82 for the market.
CASH MARKET:
FII 5062.53 - 5265.14 = -202.61Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 5356.72 | 5341.17 | 15.56 |
| INDEX OPTIONS | 20666.37 | 20896.20 | -229.83 |
| STOCK FUTURES | 14885.84 | 15887.97 | -1002.13 |
| STOCK OPTIONS | 3227.75 | 3281.61 | -53.86 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| DCB BANK LIMITED | Annual General Meeting | 28-May-14 |
STOCKS IN NEWS:**
Tech Mahindra Ltd: Country's fifth largest software company Tech Mahindra said it has inked a multi-million pound IT services deal with insurance premium finance firm Premium Credit in the UK and Ireland.
Piramal Enterprises Ltd: Piramal Enterprises today said it has integrated its real estate sector-focused equity and debt entities to form one of the largest realty funding platforms in the country.
Tata Motors Ltd: Tata Motors, which has seen its sales dwindle for more than a year now amid slowdown in demand, on Tuesday issued a mild profit warning stating that the company will have either no profit or inadequate profit for FY14. The company will announce its Q4 and full-year earnings on May 29, said media reports.
Jet Airways Ltd: Jet Airways, India's No.2 carrier by domestic market share, reported its biggest-ever quarterly loss as higher fuel costs and taxes weigh on Indian airlines and high competition limits fare increases.
Ranbaxy Laboratories Ltd: Drug major Sun Pharma said its $4 billion merger with Ranbaxy Laboratories will remain on track and the lifting of the stay order issued by the Andhra Pradesh High Court will have no impact on the deal.
L&T Ltd: Larsen & Toubro (L&T) has inked a pact with Japan Steel Works for transfer of critical technology for steel melting and heavy forgings.
Usha Martin Ltd: Steel and wire rope manufacturer Usha Martin Ltd has posted a loss of Rs 9.68 crore in the last quarter of 2013-14 as compared to net profit of Rs 22.11 crore in the same period previous fiscal.
JSW Steel Ltd: Private steel manufacturer JSW Steel reported a consolidated net profit at Rs 482.83 crore for the fourth quarter of last financial year on the back of higher sales.
Bombay Dyeing Ltd: Bombay Dyeing and Manufacturing Company Ltd today reported 31.33 percent jump in net profit at Rs 207.25 crore for the fourth quarter ended March 31, 2014.The Company had posted a net profit of Rs 157.8 crore for the same period of previous fiscal.
Wockhardt Ltd: The U.S. Food and Drug Administration has expressed concerns over production processes at the U.S. unit of Wockhardt Ltd, a top executive said, possibly adding to a spate of regulatory troubles facing the Indian generic drugmaker.
Tata Motors Ltd: Tata Motors, which has seen its sales dwindle for more than a year now amid slowdown in demand, on Tuesday issued a mild profit warning stating that the company will have either no profit or inadequate profit for FY14. The company will announce its Q4 and full-year earnings on May 29, said media reports.
Jet Airways Ltd: Jet Airways, India's No.2 carrier by domestic market share, reported its biggest-ever quarterly loss as higher fuel costs and taxes weigh on Indian airlines and high competition limits fare increases.
Ranbaxy Laboratories Ltd: Drug major Sun Pharma said its $4 billion merger with Ranbaxy Laboratories will remain on track and the lifting of the stay order issued by the Andhra Pradesh High Court will have no impact on the deal.
L&T Ltd: Larsen & Toubro (L&T) has inked a pact with Japan Steel Works for transfer of critical technology for steel melting and heavy forgings.
Usha Martin Ltd: Steel and wire rope manufacturer Usha Martin Ltd has posted a loss of Rs 9.68 crore in the last quarter of 2013-14 as compared to net profit of Rs 22.11 crore in the same period previous fiscal.
JSW Steel Ltd: Private steel manufacturer JSW Steel reported a consolidated net profit at Rs 482.83 crore for the fourth quarter of last financial year on the back of higher sales.
Bombay Dyeing Ltd: Bombay Dyeing and Manufacturing Company Ltd today reported 31.33 percent jump in net profit at Rs 207.25 crore for the fourth quarter ended March 31, 2014.The Company had posted a net profit of Rs 157.8 crore for the same period of previous fiscal.
Wockhardt Ltd: The U.S. Food and Drug Administration has expressed concerns over production processes at the U.S. unit of Wockhardt Ltd, a top executive said, possibly adding to a spate of regulatory troubles facing the Indian generic drugmaker.
STOCKS IN BAN PERIOD:
| UNITECH |
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Piramal Enterprises Ltd.
The stock has been moving in a rising channel. It has now come near the lower trendline. The stock is expected to move up towards the 650 level. The stock RSI is also near the support of the 60% level. The stock can be bought with the stop loss of 604 and for the target of 615-622-627
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