Nifty opened with a gap up of 7 points at 6725 and made a high of 6780. However once the markets reached near the strong resistance of 6780 the market tumbled. The strong support of 6700 was breached easily and the 6650 support was tested. This pushed the market up 6718 levels but failed to help it close above the crucial psychological 6700 levels. The market looks to be forming a broadening formation on the daily charts as long as the 6656 lows are respected, it can go up. On the short term 120 minutes charts the market has broken the rising channel. The channel target is at 5570. On daily charts nifty has formed bullish hammer. A confirmation is necessary in the form of a gap up opening or a white body candle.
The support for nifty is at 6656-6595-5414 and the resistance lies at
6720-6757-6790. Nifty April Future has been trading at 44-45 points premium to
the spot. The implied volatility on the Nifty April Options of ATM strike calls
were at 28.85 and for puts were at 32.12. India VIX closed at 30.5925. PCR for
Nifty based on open interest was at 1.01 and PCR for the day based on volumes
was at 0.94 for the market.
CASH MARKET:
FII 4444.92 - 3990.44 = 454.48 Cr.
DII 1329.06 - 1322.6 = 6.46 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2686.25 | 2953.33 | -267.08 |
| INDEX OPTIONS | 10076.49 | 10181.13 | -104.64 |
| STOCK FUTURES | 3475.63 | 3424.92 | 50.71 |
| STOCK OPTIONS | 1265.18 | 1274.98 | -9.80 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| TVS Motor Company Limited | Second Interim Dividend - Re 0.75/- Per Share (Purpose Revised) | 2-May-14 |
| Castrol India Limited | Final Dividend - Rs 3.50/- Per Share | 2-May-14 |
STOCKS IN NEWS:**
Bharti Airtel Ltd: Bharti Airtel could raise basic call rates for the first time in five years as it battles increasing input costs, a move that would make it the second major telco to do so after Reliance Communications raised them for prepaid users last month.
MCX Ltd: Manoj Vaish has resigned as Managing Director and Chief Executive Officer of the country's leading commodity exchange MCX exactly three months after joining the bourse, citing health reasons.
Reliance Industries Ltd: Reliance Industries has asked Oil Ministry to announce a new natural gas price immediately after polling ends on May 12, saying this was necessary to avoid irreparable loss to all parties, including the government.
Piramal Enterprises & Shriram City Union Finance: Piramal Enterprises, promoted by Ajay Piramal, proposed to acquire 9.99 per cent stake in NBFC firm Shriram City Union Finance for about Rs 790 crore. Piramal Enterprises has agreed to acquire 65.8 lakh shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.
IDBI Bank Ltd: State-run IDBI Bank reported 7 per cent drop in net profit at Rs 518 crore for the March quarter on higher provisioning, which jumped 28 per cent to Rs 1,332 crore.
KEC International Ltd: EPC firm KEC International reported a consolidated net profit of Rs 34.35 crore for the quarter ended March 31, 2014, as against a net loss of Rs 13.93 crore in the corresponding quarter of the previous fiscal.
M&M Ltd: Automaker Mahindra & Mahindra today reported 12 per cent decline in total sales at 36,274 units in April. It had sold 41,432 units in the same month last year, the company said in a statement.
Sesa Sterlite Ltd: Iron ore producer Sesa Sterlite Ltd said on Thursday it will not lay off 1,017 employees who were sent notices in January following a plan by the state of Goa to frame what it called a "transparent mining policy".
Maruti Suzuki India Ltd: The country's largest carmaker, today reported 11.4 per cent decline in total sales in April to 86,196 units, against 97,302 units in the same month last year.
SpiceJet & Jet Airways: Jet fuel or ATF prices were cut by 1 per cent, the second reduction since April, after a decline in international rates. The price of aviation turbine fuel (ATF) in Delhi was lowered by Rs 766.34 per kilolitre, or 1 per cent, to Rs 71,033.87 per kl, according to Indian Oil Corp.
IFCI: Infrastructure financing firm IFCI has reduced its benchmark lending rate by 0.5 percentage points to 12.20 per cent with effect from Friday.
SBI, UCO Bank: State Bank of India is trying to sell about Rs 2,000 crore of bad loans to asset reconstruction companies, reflecting mounting pressure from stressed assets. UCO Bank wants to offload Rs 1,000 crore of outstanding loans.
MCX Ltd: Manoj Vaish has resigned as Managing Director and Chief Executive Officer of the country's leading commodity exchange MCX exactly three months after joining the bourse, citing health reasons.
Reliance Industries Ltd: Reliance Industries has asked Oil Ministry to announce a new natural gas price immediately after polling ends on May 12, saying this was necessary to avoid irreparable loss to all parties, including the government.
Piramal Enterprises & Shriram City Union Finance: Piramal Enterprises, promoted by Ajay Piramal, proposed to acquire 9.99 per cent stake in NBFC firm Shriram City Union Finance for about Rs 790 crore. Piramal Enterprises has agreed to acquire 65.8 lakh shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.
IDBI Bank Ltd: State-run IDBI Bank reported 7 per cent drop in net profit at Rs 518 crore for the March quarter on higher provisioning, which jumped 28 per cent to Rs 1,332 crore.
KEC International Ltd: EPC firm KEC International reported a consolidated net profit of Rs 34.35 crore for the quarter ended March 31, 2014, as against a net loss of Rs 13.93 crore in the corresponding quarter of the previous fiscal.
M&M Ltd: Automaker Mahindra & Mahindra today reported 12 per cent decline in total sales at 36,274 units in April. It had sold 41,432 units in the same month last year, the company said in a statement.
Sesa Sterlite Ltd: Iron ore producer Sesa Sterlite Ltd said on Thursday it will not lay off 1,017 employees who were sent notices in January following a plan by the state of Goa to frame what it called a "transparent mining policy".
Maruti Suzuki India Ltd: The country's largest carmaker, today reported 11.4 per cent decline in total sales in April to 86,196 units, against 97,302 units in the same month last year.
SpiceJet & Jet Airways: Jet fuel or ATF prices were cut by 1 per cent, the second reduction since April, after a decline in international rates. The price of aviation turbine fuel (ATF) in Delhi was lowered by Rs 766.34 per kilolitre, or 1 per cent, to Rs 71,033.87 per kl, according to Indian Oil Corp.
IFCI: Infrastructure financing firm IFCI has reduced its benchmark lending rate by 0.5 percentage points to 12.20 per cent with effect from Friday.
SBI, UCO Bank: State Bank of India is trying to sell about Rs 2,000 crore of bad loans to asset reconstruction companies, reflecting mounting pressure from stressed assets. UCO Bank wants to offload Rs 1,000 crore of outstanding loans.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
SpiceJet:
The stock has been moving after hitting the intermediate top of 17.9 and has reached the 50DMA at 14.99. This is the first time the medium term average is being tested. It is expected to provide strong support and move stock up towards 17.7 levels. The RSI is also near the support level of 40%. It can be bought for the target of 15.95-16.55-17.05 with stop loss of 14.55.
The stock has been moving after hitting the intermediate top of 17.9 and has reached the 50DMA at 14.99. This is the first time the medium term average is being tested. It is expected to provide strong support and move stock up towards 17.7 levels. The RSI is also near the support level of 40%. It can be bought for the target of 15.95-16.55-17.05 with stop loss of 14.55.
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