Nifty opened with a gap up of 6 points at 6708 and made a high of 6718. As I had mentioned in the Wednesday daily report that, "The 6730 level is crucial. The market has to move 6730 level in order to continue its upward momentum" Markets failed once again and finally broke the swing low of 6650 to make a low of 6642. The rising wedge has been broken whose target lies at 6626. A close below 6650 will give the breakdown for bearish Flag Pole pattern and has a target of 200 points. In order this to happen the market has to conclusively close below 6650 levels.
The support for nifty is at 6624-6580-6547 and the resistance lies at 6681-6700-6720. Nifty April Future has
been trading at 29-30 points premium to the spot. The implied volatility on the
Nifty April Options of ATM strike calls were at 35.74 and for puts were at 37. India VIX closed at 33.6125.
PCR for Nifty based on open interest was at 1.06 and PCR for the day based on
volumes was at 0.7 for the market.
CASH MARKET:
FII 4257.46 - 4138.35 = 119.11 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1313.96 | 1825.92 | -511.96 |
| INDEX OPTIONS | 6489.34 | 7351.93 | -862.59 |
| STOCK FUTURES | 2242.86 | 2582.04 | -339.18 |
| STOCK OPTIONS | 807.12 | 838.27 | -31.15 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| State Bank of Mysore | Annual General Meeting | 8-May-14 |
| De Nora India Limited | Annual General Meeting / Dividend - Rs 4/- Per Share | 8-May-14 |
STOCKS IN NEWS:**
IT stocks will be in focus after technology services provider Cognizant Technology Solutions posted a 20 percent rise in quarterly revenue. The revenue rose to $2.42 billion from $2.02 billion.
ONGC: Oil and Natural Gas Corp ( ONGC) plans to drill a record 130 wells at its prime Mumbai High oil and gas fields in a bid to rejuvenate the ageing reservoir in the Arabian Sea.
Oil India Ltd: Oil India Ltd, the nation's second-biggest state-run explorer, has bought a 50 per cent stake in an oil block in Russia for $ 85 million.
Reliance Industries Ltd: Mukesh Ambani-controlled Reliance Industries ( RIL) has kicked off an exercise to implement a few contemporary human resource practices of its joint venture partner BP Plc, as it prepares to nurture diverse talent to face the challenges of future
Aditya Birla Chemicals (India) Ltd: ABCL reported over 90 per cent fall in net profit at Rs 0.74 crore for the fourth quarter ended March 31, due to higher expenditure and tax expenses
IDFC: Infrastructure lending firm IDFC Ltd has decreased the FIIs limit by 0.25 percentage points, making 52.25 per cent shares available for foreign investors.
Syndicate Bank: The bank posted a 31 per cent decline in net profit to Rs 409.3 crore in the fourth quarter ended March 31 on higher provisions for non-performing assets (NPAs) or bad loans.
Magma Fincorp: Net profit of asset-financing NBFC firm increased by over 19 per cent at Rs 42.17 crore as compared to Rs 35.4 crore in the previous similar period. Income of the company increased six per cent at Rs 552.99 crore during the quarter as against Rs 527 crore in the previous corresponding period.
Financial Technologies Ltd & MCX: Capital market regulator Sebi has begun a probe into possible listing agreement violations by MCX and FTIL in the wake of the PwC audit report on the commodity exchange pointing to various discrepancies including those pertaining to related party transactions.
ONGC: Oil and Natural Gas Corp ( ONGC) plans to drill a record 130 wells at its prime Mumbai High oil and gas fields in a bid to rejuvenate the ageing reservoir in the Arabian Sea.
Oil India Ltd: Oil India Ltd, the nation's second-biggest state-run explorer, has bought a 50 per cent stake in an oil block in Russia for $ 85 million.
Reliance Industries Ltd: Mukesh Ambani-controlled Reliance Industries ( RIL) has kicked off an exercise to implement a few contemporary human resource practices of its joint venture partner BP Plc, as it prepares to nurture diverse talent to face the challenges of future
Aditya Birla Chemicals (India) Ltd: ABCL reported over 90 per cent fall in net profit at Rs 0.74 crore for the fourth quarter ended March 31, due to higher expenditure and tax expenses
IDFC: Infrastructure lending firm IDFC Ltd has decreased the FIIs limit by 0.25 percentage points, making 52.25 per cent shares available for foreign investors.
Syndicate Bank: The bank posted a 31 per cent decline in net profit to Rs 409.3 crore in the fourth quarter ended March 31 on higher provisions for non-performing assets (NPAs) or bad loans.
Magma Fincorp: Net profit of asset-financing NBFC firm increased by over 19 per cent at Rs 42.17 crore as compared to Rs 35.4 crore in the previous similar period. Income of the company increased six per cent at Rs 552.99 crore during the quarter as against Rs 527 crore in the previous corresponding period.
Financial Technologies Ltd & MCX: Capital market regulator Sebi has begun a probe into possible listing agreement violations by MCX and FTIL in the wake of the PwC audit report on the commodity exchange pointing to various discrepancies including those pertaining to related party transactions.
STOCKS IN BAN PERIOD:
RELCAPITAL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
IDFC
The Stock has been in a steady decline since hitting the 139 high. The price has now reached the crucial 61.8% Fibonacci retracement of the 88-139 advance. On daily charts as shown above it has formed a gravestone doji with better than 7 day average volumes. Thus the stock can bought with the stop loss of 107 for the targets of 112-113.35.
The Stock has been in a steady decline since hitting the 139 high. The price has now reached the crucial 61.8% Fibonacci retracement of the 88-139 advance. On daily charts as shown above it has formed a gravestone doji with better than 7 day average volumes. Thus the stock can bought with the stop loss of 107 for the targets of 112-113.35.
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