Nifty opened with a gap down of 13 points at 6681 and made a high of 6741. In the first half of the session the market had gained 47 points, but lost all gains towards the end of second session. On the daily charts the market has formed a bullish hammer. After five days of steady decline the market closed in green for the first time on the back of good earnings. The market has not broken the low of 6656 providing clear indication that market is indicating a broadening formation. If this is the case then the high will be broken easily. I feel that as long as 6656 is intact the market can see the 6800 levels. The 6700PE has added more than 3 lacs in open interest on Monday, indicating a strong support.
The support for nifty is at 6694-6656-6620 and the resistance lies at 6725-6757-6781. Nifty April Future has been trading at 32-33 points premium to
the spot. The implied volatility on the Nifty April Options of ATM strike calls
were at 35.63 and for puts were at 37.11. India VIX closed at 34.1875. PCR for
Nifty based on open interest was at 1.05 and PCR for the day based on volumes
was at 0.95 for the market.
CASH MARKET:
FII 2237 - 1957.14 = 279.86 Cr.
DII 1065.17 - 1289.69 = -224.52 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1582.98 | 1496.99 | 85.99 |
| INDEX OPTIONS | 5393.74 | 6211.64 | -817.90 |
| STOCK FUTURES | 2299.30 | 2528.02 | -228.72 |
| STOCK OPTIONS | 819.77 | 826.25 | -6.48 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Gateway Distriparks Limited | 2nd Interim Dividend Rs.3/- Per Share (Purpose Revised) | 6-May-14 | 7-May-14 |
| Godrej Consumer Products Limited | Fourth Interim Dividend - Rs 2.25/- Per Share (Purpose Revised) | 6-May-14 | 7-May-14 |
| Indiabulls Housing Finance Limited | Fourth Interim Dividend - Rs 9/- Per Share | 6-May-14 | 7-May-14 |
| Indiabulls Real Estate Limited | Third Interim Dividend - Rs.1/- Per Share | 6-May-14 | 7-May-14 |
| Federal-Mogul Goetze (India) Limited. | Annual General Meeting | 6-May-14 | - |
STOCKS IN NEWS:**
Reliance Capital Ltd & MCX: Raising fresh concerns over Multi Commodity Exchange's "umbilical dependence" on Jignesh Shah- led FTIL, the bourse's main suitor Reliance Capital has asked regulator FMC to annul all agreements between MCX and its erstwhile promoter.
Idea Cellular & Bharti Airtel Ltd: GSM operators Idea Cellular, Vodafone India and Bharti Airtel have resumed offering third generation (3G) services on each-others networks, after the Telecom Disputes Settlement and Appellate Tribunal cleared the services last week.
Jet Airways Ltd: A change of government in India will not affect Etihad's equity holdings in Jet Airways, chief of the Gulf carrier has said, expressing "full confidence in the Indian process".
United Bank of India: The troubled state-run United Bank of India has announced a dramatic turnaround in its fortunes as three months of focused recovery of bad loans and adjustment of software issues has helped it post a Rs 469 crore net profit after recording the worst earnings in the December quarter.
Canara Bank: State-owned Canara Bank recorded 15.8 per cent decline in net profit at Rs 610.83 crore for the fourth quarter ended March, 2014.
Emami Ltd: FMCG major Emami today posted an 18.26 per cent rise in its consolidated net profit at Rs 111.15 crore for the fourth quarter ended March 31, 2014 on the back of good performance in domestic and international markets.
Tube Investments Ltd: Murugappa Group company Tube Investments of India Ltd reported a marginal increase in its consolidated net profit at Rs 121.10 crore for the fourth quarter ended March 31, 2014.
Idea Cellular & Bharti Airtel Ltd: GSM operators Idea Cellular, Vodafone India and Bharti Airtel have resumed offering third generation (3G) services on each-others networks, after the Telecom Disputes Settlement and Appellate Tribunal cleared the services last week.
Jet Airways Ltd: A change of government in India will not affect Etihad's equity holdings in Jet Airways, chief of the Gulf carrier has said, expressing "full confidence in the Indian process".
United Bank of India: The troubled state-run United Bank of India has announced a dramatic turnaround in its fortunes as three months of focused recovery of bad loans and adjustment of software issues has helped it post a Rs 469 crore net profit after recording the worst earnings in the December quarter.
Canara Bank: State-owned Canara Bank recorded 15.8 per cent decline in net profit at Rs 610.83 crore for the fourth quarter ended March, 2014.
Emami Ltd: FMCG major Emami today posted an 18.26 per cent rise in its consolidated net profit at Rs 111.15 crore for the fourth quarter ended March 31, 2014 on the back of good performance in domestic and international markets.
Tube Investments Ltd: Murugappa Group company Tube Investments of India Ltd reported a marginal increase in its consolidated net profit at Rs 121.10 crore for the fourth quarter ended March 31, 2014.
Piramal Enterprises Ltd: Piramal Enterprises posted a consolidated net loss of Rs 311.35 crore for the fourth quarter ended March 31, 2014, due to higher finance costs. The company had posted a net loss of Rs 200.41 crore during the same period of previous fiscal.
STOCKS IN BAN PERIOD:
RELCAPITAL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Canara Bank:
The stock has been forming a Inverted Head & shoulders Pattern for the past 6 months. The pattern breakout with good volumes has occurred on the daily charts. The target for the pattern is at 370 with stop loss of 260. The target is a medium term with possible completion time of 3 months. For short term buy the stock at cmp 304 and on the declines till 294 with a stoploss of 285 for the target of 320-361-370.
The stock has been forming a Inverted Head & shoulders Pattern for the past 6 months. The pattern breakout with good volumes has occurred on the daily charts. The target for the pattern is at 370 with stop loss of 260. The target is a medium term with possible completion time of 3 months. For short term buy the stock at cmp 304 and on the declines till 294 with a stoploss of 285 for the target of 320-361-370.
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