Nifty opened with a gap down of 13 points at 7316 and made a high of 7325. In the Thursday's daily report I had mentioned that "The market is likely to move upwards for the expiry as long as 7300 is protected on the downside." So it was evident that all hell broke loose when this level was taken out. With the first day of new expiry, the market can be expected to consolidate with negative bias.
The support for nifty is at 7210-7172-7131 and the resistance lies at 7263-7318-7345. Nifty June Future has
been trading at 41.42 points premium to the spot. The implied volatility on the
Nifty June Options of ATM strike calls were at 14.87 and for puts were at 16.41. India VIX closed at 16.69.
PCR for Nifty based on open interest was at 0.83 and PCR for the day based on
volumes was at 0.8 for the market.
CASH MARKET:
FII 6821.81 - 7344.71 = -522.9Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 6829.82 | 6929.84 | -100.02 |
| INDEX OPTIONS | 21681.72 | 19988.27 | 1693.45 |
| STOCK FUTURES | 14475.34 | 17395.51 | -2920.17 |
| STOCK OPTIONS | 2816.25 | 2772.95 | 43.30 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Pearl Global Industries Limited | Scheme Of Arrangement | 30-May-14 | 2-Jun-14 |
| Raymond Limited | Annual General Meeting / Final Dividend - Rs 2/- Per Share | 30-May-14 | - |
| Technocraft Industries (India) Limited | Interim Dividend - Rs 5/- Per Share | 30-May-14 | 2-Jun-14 |
STOCKS IN NEWS:**
Tata Motors Ltd: Automobile major reported a net profit of Rs 3,920 crore during Jan-March quarter, down 0.3 per cent, against a net profit of Rs 3,931 crore, in the corresponding quarter last fiscal. It was lower than ET NOW poll estimate of Rs 4,570 crore.
Hindalco Industries Ltd: Leading metals producer Hindalco Industries today reported a 48.51 per cent decline in standalone net profit to Rs 248.15 crore in the fourth quarter ended March 31, mainly due to exceptional items.
Trent Ltd: Undeterred by the BJP's apparently unyielding stance on foreign direct investment (FDI) in multi-brand retail, Tesco is going ahead with its proposed $110 million investment to open stores in a joint venture with Tata's Trent Hypermarket.
IOC Ltd: The country's biggest refiner Indian Oil Corporation will raise $1.65 billion debt in overseas market in the current financial year. The company will raise $900 million through external commercial borrowings to replace short-term costlier loan while another $750 million will be raised over the financial year, its director finance PK Goyal said.
Yes Bank Ltd: India's fourth-largest private sector bank in terms of market capitalisation, Yes Bank, launched its $500 million or Rs 3,000 crore share sale to institutional investors after trading hours on Thursday, said two people close to the development. The lender is selling its shares in an indicative price band of about Rs 531 to Rs 550 apiece.
Reliance Industries Ltd: In the biggest ever deal in the Indian media sector, Reliance Industries Ltd ( RIL) will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000 crore.
Bharti Airtel Ltd: Bharti Airtel announced its offering of 3G services to customers in Punjab through an intra-circle roaming agreement with Idea Cellular. This comes after Idea launched its high speed services in the circle on its own spectrum.
ONGC: Net profit of Oil and Natural Gas Corp. Ltd (ONGC), India's largest oil and gas explorer, rose 44.3% in the fourth quarter ended 31 March. Net profit increased toRs. 4,889 crore although revenue dipped by 2.3% to Rs.21,403 crore.
Voltas Ltd: Tata Group firm, Voltas Ltd, reported consolidated net profit of Rs 100.41 crore for the fourth quarter ended March 31. The company had net profit of Rs 8.99 crore in the January-March quarter of the previous fiscal, 2012-13.
Cipla Ltd: Drugmaker Cipla Ltd reported a 3 percent drop in fourth-quarter net profit, slightly below analysts' estimates due to higher raw material and employee expenses.
Hindalco Industries Ltd: Leading metals producer Hindalco Industries today reported a 48.51 per cent decline in standalone net profit to Rs 248.15 crore in the fourth quarter ended March 31, mainly due to exceptional items.
Trent Ltd: Undeterred by the BJP's apparently unyielding stance on foreign direct investment (FDI) in multi-brand retail, Tesco is going ahead with its proposed $110 million investment to open stores in a joint venture with Tata's Trent Hypermarket.
IOC Ltd: The country's biggest refiner Indian Oil Corporation will raise $1.65 billion debt in overseas market in the current financial year. The company will raise $900 million through external commercial borrowings to replace short-term costlier loan while another $750 million will be raised over the financial year, its director finance PK Goyal said.
Yes Bank Ltd: India's fourth-largest private sector bank in terms of market capitalisation, Yes Bank, launched its $500 million or Rs 3,000 crore share sale to institutional investors after trading hours on Thursday, said two people close to the development. The lender is selling its shares in an indicative price band of about Rs 531 to Rs 550 apiece.
Reliance Industries Ltd: In the biggest ever deal in the Indian media sector, Reliance Industries Ltd ( RIL) will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000 crore.
Bharti Airtel Ltd: Bharti Airtel announced its offering of 3G services to customers in Punjab through an intra-circle roaming agreement with Idea Cellular. This comes after Idea launched its high speed services in the circle on its own spectrum.
ONGC: Net profit of Oil and Natural Gas Corp. Ltd (ONGC), India's largest oil and gas explorer, rose 44.3% in the fourth quarter ended 31 March. Net profit increased toRs. 4,889 crore although revenue dipped by 2.3% to Rs.21,403 crore.
Voltas Ltd: Tata Group firm, Voltas Ltd, reported consolidated net profit of Rs 100.41 crore for the fourth quarter ended March 31. The company had net profit of Rs 8.99 crore in the January-March quarter of the previous fiscal, 2012-13.
Cipla Ltd: Drugmaker Cipla Ltd reported a 3 percent drop in fourth-quarter net profit, slightly below analysts' estimates due to higher raw material and employee expenses.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
PNB
The stock has formed a bullish hammer on the daily charts with good volumes. It is likely to move towards the target of 980-992-1006 with stop loss of 954. The RSI is also near the support of 60% supplementing the buy.
The stock has formed a bullish hammer on the daily charts with good volumes. It is likely to move towards the target of 980-992-1006 with stop loss of 954. The RSI is also near the support of 60% supplementing the buy.
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