Nifty opened with a gap up of 25 points at 7534 and made a high of 7624. The market build the entire day on the morning gains. The support of 7480 once again stood strong. It boosted market above the last weeks trading range with closing at 7611. In the Friday's Daily report I had mentioned a strong possibility of market moving up, as long as 7480 hold. Since then the market has moved by more than 140 points up. The market has broken out of the falling channel consolidation. The target of this lies at 7790 with the stop loss of 7540. The market is likely to test 7600 before moving further up.The RSI has also moved above the support of 60% level, seconding the up move.
The support for nifty is at 7587-7532-7490 and the resistance lies at 7645-7693-7725. Nifty July Future has
been trading at 12-13 points premium to the spot. The implied volatility on the
Nifty July Options of ATM strike calls were at 14.51 and for puts were at 19.23. India VIX closed at 17.8725.
PCR for Nifty based on open interest was at 0.85 and PCR for the day based on
volumes was at 0.77 for the market.
CASH MARKET:
FII 5228.56 - 3940.4 = 1288.16Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1294.42 | 1618.65 | -324.23 |
| INDEX OPTIONS | 6575.43 | 6303.52 | 271.92 |
| STOCK FUTURES | 2993.77 | 3135.02 | -141.25 |
| STOCK OPTIONS | 1305.08 | 1269.63 | 35.45 |
STOCKS IN NEWS:**
Reliance Industries Ltd: Reliance Industries will defer investments in developing newer fields like R-Cluster in KG-D6 block if the government does not hike gas prices to make them economically viable to produce.
IndusInd Bank Ltd: Private sector lender IndusInd Bank launched tractor and farm equipment finance vertical to cater to financial needs of agricultural community.
IOC, BPCL, HPCL: State oil marketing companies on Tuesday raised the price of petrol by Rs 2 a litre, the biggest increase in nine months in Delhi, as international gasoline rates have surged and the rupee has depreciated following unrest in Iraq.
Havells India Ltd: Electrical goods manufacturer Havells India has undertaken a sub-division of its equity shares of Rs 5 into Rs one each after getting the mandatory approval from its board.
Union Bank of India: State-owned Union Bank of India has proposed to raise Rs 1,386 crore through Qualified Institutional Placement ( QIP) to fund its business growth.
TCS LTD: Fair trade watchdog CCI has cleared the proposed joint venture between Tata Consultancy Services and Mitsubishi Corp, saying the deal would not have adverse impact on competition in India
Adani Ports Ltd: Adani Ports and SEZ, India's largest port operator, is seeking further acquisitions after taking over Dhamra port on the east coast recently. It's looking to buy a port on the southeast coast to strengthen its presence across the country, two people familiar with the matter told ET.
Anant Raj Ltd: Anant Raj Group plans to exit its hospitality business to pare debt; it will now solely focus on its core real estate projects. The developer is also selling a 2-acre property in the Lutyens' area in Delhi at an approximate value of Rs.500 crore, said media reports.
IndusInd Bank Ltd: Private sector lender IndusInd Bank launched tractor and farm equipment finance vertical to cater to financial needs of agricultural community.
IOC, BPCL, HPCL: State oil marketing companies on Tuesday raised the price of petrol by Rs 2 a litre, the biggest increase in nine months in Delhi, as international gasoline rates have surged and the rupee has depreciated following unrest in Iraq.
Havells India Ltd: Electrical goods manufacturer Havells India has undertaken a sub-division of its equity shares of Rs 5 into Rs one each after getting the mandatory approval from its board.
Union Bank of India: State-owned Union Bank of India has proposed to raise Rs 1,386 crore through Qualified Institutional Placement ( QIP) to fund its business growth.
TCS LTD: Fair trade watchdog CCI has cleared the proposed joint venture between Tata Consultancy Services and Mitsubishi Corp, saying the deal would not have adverse impact on competition in India
Adani Ports Ltd: Adani Ports and SEZ, India's largest port operator, is seeking further acquisitions after taking over Dhamra port on the east coast recently. It's looking to buy a port on the southeast coast to strengthen its presence across the country, two people familiar with the matter told ET.
Anant Raj Ltd: Anant Raj Group plans to exit its hospitality business to pare debt; it will now solely focus on its core real estate projects. The developer is also selling a 2-acre property in the Lutyens' area in Delhi at an approximate value of Rs.500 crore, said media reports.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Adani Power
The Stock has been moving in a symmetrical triangle. The stock price can move towards the 65 levels now. The pattern price target is at 67 with the stop loss of 61.Buy the stock for the target of 63.55-64.35 with the stop loss of 62.25.
The Stock has been moving in a symmetrical triangle. The stock price can move towards the 65 levels now. The pattern price target is at 67 with the stop loss of 61.Buy the stock for the target of 63.55-64.35 with the stop loss of 62.25.
today's high 64.15
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