Nifty opened flat at 7414 and made a high of 7535. Once the high was made the market went down and traded below the 7500 support level. Once the market tested the support of 7430 it bounced back sharply towards the 7500 level. The market is expected to move towards the 7550 levels. The RSI has also moved up from the support of the 40% levels on the intraday charts. There was huge call buying in the 7500CE, indicating a strong support once the market moves above the 7500 level.
The support for nifty is at 7466-7419-7375 and the resistance lies at 7513-7549-7600. Nifty June Future has
been trading at 14-15 points premium to the spot. The implied volatility on the
Nifty June Options of ATM strike calls were at 16.1 and for puts were at 13.6. India VIX closed at 18.9625.
PCR for Nifty based on open interest was at 0.83 and PCR for the day based on
volumes was at 0.8 for the market.
CASH MARKET:
FII 2764.53 - 2979.02 = -214.49Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 3028.37 | 3043.65 | -15.28 |
| INDEX OPTIONS | 16520.97 | 16237.51 | 283.46 |
| STOCK FUTURES | 16487.17 | 16944.61 | -457.44 |
| STOCK OPTIONS | 2367.38 | 2522.07 | -154.69 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Tata Sponge Iron Limited | Annual General Meeting / Dividend - Rs 10/- Per Share | 24-Jun-14 |
| Hinduja Global Solutions Limited | Annual General Meeting / Final Dividend - Rs 10/- Per Share | 24-Jun-14 |
| UCO Bank | Annual General Meeting / Final Dividend - Re 1/- Per Share | 24-Jun-14 |
STOCKS IN NEWS:**
Bharti Airtel: The telecom major said on Monday that it has signed a definitive agreement with Loop mobile to take over the Mumbai operator's telecom network. The two companies had announced the initial deal in February.
Havells India Ltd: Electrical goods manufacturer Havells India is planning sub-division of its equity shares for which it will seek board approval next week. The company however did not elaborate on the plans. When contacted, Havells spokesperson declined to comment.
SAIL: State-owned SAIL is likely to exit the Rs. 35,000-crore revival project of the Sindri fertiliser plant in Jharkhand due to inordinate delay in land acquisition.
Power Grid Ltd: Central transmission utility Power Grid Corporation approved investments of Rs 5,500 crore for upgrading networks in about 4 years. The commissioning schedule of the transmission project is 45 months from the date of investment approval, it said.
Bajaj Hindustan Ltd: Bajaj Hindusthan, India's largest sugar firm, said it has paid nearly $18 million, including a premium, to redeem foreign currency bonds issued to International Finance Corporation (IFC).
United Bank of India: United Bank of India is planning to raise up to Rs 1,600 crore to boost capital and grow lending. The Kolkata-based lender has a modest capital adequacy ratio of 9.8% against the bare minimum of 9% and thus, it needs to bring in capital to improve the critical ratio.
Reliance Industries Ltd: A decision on increase in natural gas prices is expected in the next few days even as meetings between oil minister Dharmendra Pradhan, finance minister Arun Jaitley and top officials in the Prime Minister's Office (PMO) continued on Monday.
Infosys Ltd: Infosys' newly appointed chief executive Vishal Sikka could look at setting up a corporate venture arm, which will tap into new ideas that can be fed back into the parent company as the Bangalore-based software exporter tries to fill the missing innovation strand.
Sugar related stocks will remain in focus as sugar prices rose to a six-month high after the Centre promised higher import protection and offered other sops to the industry in return of an assurance that mills will release cane farmers' dues of Rs 11,000 crore.
Tata Steel Ltd: Tata Steel, India's largest and the oldest steelmaker, is undergoing an internal transition as several senior managers are reaching their retirement age, leaving the company in the hands of a younger generation.
Havells India Ltd: Electrical goods manufacturer Havells India is planning sub-division of its equity shares for which it will seek board approval next week. The company however did not elaborate on the plans. When contacted, Havells spokesperson declined to comment.
SAIL: State-owned SAIL is likely to exit the Rs. 35,000-crore revival project of the Sindri fertiliser plant in Jharkhand due to inordinate delay in land acquisition.
Power Grid Ltd: Central transmission utility Power Grid Corporation approved investments of Rs 5,500 crore for upgrading networks in about 4 years. The commissioning schedule of the transmission project is 45 months from the date of investment approval, it said.
Bajaj Hindustan Ltd: Bajaj Hindusthan, India's largest sugar firm, said it has paid nearly $18 million, including a premium, to redeem foreign currency bonds issued to International Finance Corporation (IFC).
United Bank of India: United Bank of India is planning to raise up to Rs 1,600 crore to boost capital and grow lending. The Kolkata-based lender has a modest capital adequacy ratio of 9.8% against the bare minimum of 9% and thus, it needs to bring in capital to improve the critical ratio.
Reliance Industries Ltd: A decision on increase in natural gas prices is expected in the next few days even as meetings between oil minister Dharmendra Pradhan, finance minister Arun Jaitley and top officials in the Prime Minister's Office (PMO) continued on Monday.
Infosys Ltd: Infosys' newly appointed chief executive Vishal Sikka could look at setting up a corporate venture arm, which will tap into new ideas that can be fed back into the parent company as the Bangalore-based software exporter tries to fill the missing innovation strand.
Sugar related stocks will remain in focus as sugar prices rose to a six-month high after the Centre promised higher import protection and offered other sops to the industry in return of an assurance that mills will release cane farmers' dues of Rs 11,000 crore.
Tata Steel Ltd: Tata Steel, India's largest and the oldest steelmaker, is undergoing an internal transition as several senior managers are reaching their retirement age, leaving the company in the hands of a younger generation.
STOCKS IN BAN PERIOD:
GMRINFRA
HDIL
IBREALEST
JPASSOCIAT
HDIL
IBREALEST
JPASSOCIAT
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Infosys
The stock has formed a Evening Star on the daily charts near the strong resistance of 200 DMA. The stock is expected to move down towards the 3035 level. The stock can be shorted with the stop loss of 3266 on closing basis for the target of 3163-3109-3055 for the period of 3-4 days.
The stock has formed a Evening Star on the daily charts near the strong resistance of 200 DMA. The stock is expected to move down towards the 3035 level. The stock can be shorted with the stop loss of 3266 on closing basis for the target of 3163-3109-3055 for the period of 3-4 days.
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