Nifty opened with a gap up of 8 points at 6973 and made a life time high of 7019. The market is discounting the debacle of the UPA-2 with start of the exit poles and strong NDA government. The market is expected to move towards the 7191 levels. Every dip should be used to buy into stocks.
The support for nifty is at 6992-6956-6858and the resistance lies at 7076-7120-7175. Nifty May Future has
been trading at 30-31 points premium to the spot. The implied volatility on the
Nifty May Options of ATM strike calls were at 35.52 and for puts were at 37.27. India VIX closed at 31.1050.
PCR for Nifty based on open interest was at 0.9 and PCR for the day based on
volumes was at 0.73 for the market.
CASH MARKET:
FII 4606 - 3388.05 = 1217.95 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2889.70 | 3147.74 | -258.04 |
| INDEX OPTIONS | 13440.91 | 15426.83 | -1985.92 |
| STOCK FUTURES | 3918.56 | 3960.07 | -41.50 |
| STOCK OPTIONS | 1792.12 | 1916.05 | -123.93 |
STOCKS IN NEWS:**
Bharti Airtel Ltd: Bharti Airtel is facing demands worth Rs 5,816.9 crore from Department of Telecom including a one-time spectrum charge of Rs 5,201.3 crore and penalty worth Rs 350 crore for 3G intra-circle roaming (ICR) pacts as on March 31, 2014.
NALCO, SAIL: Two major central public sector undertakings, Nalco and Sail, today agreed to go for an out-of-court settlement on outstanding electricity and water dues to the Odisha government, official sources said.
IOC, BPCL, HPCL: Diesel prices were on Monday hiked by Rs 1.09 a litre, excluding state levies. Diesel price in Delhi will be hiked by Rs. 1.22 a litre after including taxes, to Rs. 56.71 per litre, while it will cost Rs. 65.21 a litre in Mumbai as against Rs. 63.86 at present.
Tata Motors Ltd: Tata Motors-owned Jaguar Land Rover (JLR) today reported 30 per cent increase in global sales for April at 37,171 units.
BHEL: The Cabinet is likely to ratify tomorrow the decision to sell 4.66 per cent stake in power equipment maker BHEL through a block deal.
NTPC Ltd: State-run electricity producer NTPC Ltd said that it has cancelled a contract worth Rs 23,000 crore with Thiess Minecs due to delays in development and operation of the Pakri-Barwadih captive coal block in Jharkhand.
Tata Steel Ltd: On the back of a cyclical upturn in European demand, Tata Steel is planning to raise $1.24 billion overseas through the sale of bonds by one of its Singapore entities. This is part of a mega $7 billion debt refinancing initiative for Tata Steel Europe, formerly known as Corus.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
TCS:
On the daily charts the stock has formed a dragonfly doji on the daily charts with good volumes. The stock can be bought with the stop loss of 2153 closing basis for the target of 2184-2202.
On the daily charts the stock has formed a dragonfly doji on the daily charts with good volumes. The stock can be bought with the stop loss of 2153 closing basis for the target of 2184-2202.
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