Nifty opened with a gap up of 20 points at 6719 and made a high of 6743. The market after opening gap up went down to test 6700 levels. As per tuesday daily report the 6700PE provided the support and markets bounced to 6720. The market is failing to sustain the morning gains, which is a cause of concern for the Bulls. On the intraday charts the market is making a rising wedge, with higher top & higher bottom formation. The entire pattern from the 6869 high can be termed as Bearish Flag Pole pattern. The RSI has to move above the 53 levels and the price has to close conclusively above the 6730 level on hourly charts, for the markets to move up towards 6790-6800 level.
The support for nifty is at 6700-6681-6650and the resistance lies at 6741-6780-6820. Nifty April Future has
been trading at 31-32 points premium to the spot. The implied volatility on the
Nifty April Options of ATM strike calls were at 35.1 and for puts were at 37.05. India VIX closed at 33.2675.
PCR for Nifty based on open interest was at 1.13 and PCR for the day based on
volumes was at 0.76 for the market.
CASH MARKET:
FII 1702.11 - 1656.18 = 45.93 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 788.94 | 1233.37 | -444.43 |
| INDEX OPTIONS | 4809.54 | 5444.89 | -635.35 |
| STOCK FUTURES | 1824.72 | 2019.25 | -194.53 |
| STOCK OPTIONS | 598.06 | 573.01 | 25.04 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Sasken Communication Technologies Limited | Interim Dividend - Rs 3/- Per Share | 7-May-14 | 8-May-14 |
| Kitex Garments Limited | Annual General Meeting/Dividend Re 1/- Per Share | 7-May-14 | - |
STOCKS IN NEWS:**
Wipro Ltd: Wipro Ltd, a leading Information Technology, Consulting and Outsourcing company today announced that it has signed a partnership with Axiom Software Laboratories Inc.
Opto Circuits Ltd: The management informed the exchanges that its board has approved the proposal to raise funds for the Company and/or for its Indian/Overseas Subsidiaries by way of issue of securities, including Global Depositary Receipts (GDRs) and or American Depository Receipts (ADRs) convertible into equity share.
Titan Industries Ltd: Titan Company Ltd today reported 11.6 per cent increase in net profit at Rs. 206.44 crore for the fourth quarter ended March 31, 2014. The company had reported net profit of Rs. 184.97 crore in the corresponding quarter a year ago.
TCS & Infosys Ltd: Domestic firms including TCS , Infosys and Wipro are vying for Bharti Airtel's IT services contract said to be worth $1-2 billion, which is likely to close soon.
Essar Oil Ltd: Essar Oil's shareholders have accepted the proposal to acquire a group company and making investments in another at its extraordinary general meeting on Tuesday, the company informed the bourses.
BPCL: Bharat Petroleum Corp Ltd, India's second-biggest state refiner, plans to invest Rs 1,419 crore in replacing an old crude processing unit at its 12 million tons a year Mumbai refinery by May 2015.
NMDC Ltd: After keeping prices unchanged for two months, state-owned NMDC has slashed prices of iron ore lumps, considered high grade due to rich iron content, by Rs 200 per tonne in May due to continuing weak demand.
JSPL Ltd: O P Jindal Group's chairperson emeritus and minister for urban local bodies with the Haryana government Savitri Jindal on Tuesday inaugurated the 810 Mw captive power plant (CPP) of Jindal Steel & Power Ltd (JSPL) at its steel making site at Angul, said media reports.
Torrent Pharma Ltd: The Bombay High Court has directed Torrent Pharmaceutical to deposit money owed by Elder Pharmaceuticals to lenders in the court in a case relating to non-repayment of loans by the Mumbai-based Elder.
STOCKS IN BAN PERIOD:
RELCAPITAL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Reliance Capital:
The Stock has been in a down trend after making the top of 388. The Fibonacci Retracement from 304 to 388 provides the support of 336 as 61.8% level. The 50DMA lies at 339 .Thus the stock is near a confluence of support. The RSI is also near the support of 40% level. The stock can be bought with stop loss of 332 for the target of 347-355-361.
The Stock has been in a down trend after making the top of 388. The Fibonacci Retracement from 304 to 388 provides the support of 336 as 61.8% level. The 50DMA lies at 339 .Thus the stock is near a confluence of support. The RSI is also near the support of 40% level. The stock can be bought with stop loss of 332 for the target of 347-355-361.
1st target was achieved & Today's high was 352
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