Nifty opened with a gap up of 34 points at 7264 and made a high of 7368. On the back of smart earnings from market leaders like L&T and buying in the PSU stocks, the market zoomed up. The RBI monetary policy review today is going play an important role. The RBI is likely to keep the key policy rates unchanged. On the 120 minutes charts the index has moved near resistance as shown below
The support for nifty is at 7335-7292-7236 and the resistance lies at 7385-7445-7480. Nifty June Future has
been trading at 8-9 points premium to the spot. The implied volatility on the
Nifty June Options of ATM strike calls were at 12.43 and for puts were at 17.56. India VIX closed at 16.4975.
PCR for Nifty index based on open interest was at 0.81 and PCR for the day based total f&O volume was at 0.75 for the market.
CASH MARKET:
FII 3418.27 - 3183.78 = 234.49Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1829.22 | 1511.26 | 317.95 |
| INDEX OPTIONS | 10186.39 | 8950.39 | 1236.00 |
| STOCK FUTURES | 3312.06 | 3288.08 | 23.99 |
| STOCK OPTIONS | 1797.16 | 1832.98 | -35.82 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| ITC Limited | Dividend - Rs 6/- Per Share | 3-Jun-14 | - |
| India Nippon Electricals Limited | Second Interim Dividend - Rs 5/- Per Share | 3-Jun-14 | - |
| MindTree Limited | Bonus 1 : 1 | 3-Jun-14 | 4-Jun-14 |
STOCKS IN NEWS:**
Bharti Airtel: The company is likely to conclude a
much-anticipated deal to sell its towers in Africa in seven days, which
could help the world's fourth-largest telecom operator rake in as much
as $3 billion and help reduce debt.
The Sunil Mittal-headed company has already shortlisted buyers from among four tower companies — Helios Towers Africa, IHS, American Tower Corp and Eaton Towers — for the sale, say reports.
Zee Entertainment: Foreign Institutional Investors can now invest up to 100 per cent of the paid up capital in Zee Entertainment Enterprises from 49 per cent.
"FIIs can now invest up to 100 per cent (revised from earlier limit 49 per cent) of the paid up capital of Zee Entertainment Enterprises under the portfolio investment scheme," the RBI notification said.
Jet Airways, SpiceJet: Price of jet fuel or ATF has cut by 1.8 per cent, third consecutive monthly price reduction since April, following rupee appreciation and reduction in international oil prices.
BPCL, HPCL, IOC: The oil marketing companies have cut non-subsidised LPG price by Rs 24/ cylinder. This is the 5th consecutive price reduction since February.
Jaypee Power Ventures, Lanco Infratech, GMR Infra, Sesa Sterlite: Local power producers, including Jaypee Power Ventures, Lanco Infratech, GMR Infrastructure and iron ore miner Sesa Sterlite have offered to sell some of their power plants to India's largest power producer NTPC as lenders put pressure on them to divest assets to slash debt.
GAIL: PNGRB has cut tariff for company's two South India gas pipelines. Kochi-Mangalore pipeline tariff was cut by 51.67 per cent to Rs 28.99/mBtu and Dabhol-Bangalore pipeline tariff was cut by 39.24 per cent to Rs 44.65/mBtu.
May Auto Sales: Tata Motors total sales fell 24 per cent to 37,525 units, Year-on-Year.
Ashok Leyland sales slipped to 6,632 units, down 8.7 per cent, from 7,267 units, Year-on-Year.
Escorts tractor sales were at 5,794 units, down 6.4 per cent, from 6,188 units, Year-on-Year.
The Sunil Mittal-headed company has already shortlisted buyers from among four tower companies — Helios Towers Africa, IHS, American Tower Corp and Eaton Towers — for the sale, say reports.
Zee Entertainment: Foreign Institutional Investors can now invest up to 100 per cent of the paid up capital in Zee Entertainment Enterprises from 49 per cent.
"FIIs can now invest up to 100 per cent (revised from earlier limit 49 per cent) of the paid up capital of Zee Entertainment Enterprises under the portfolio investment scheme," the RBI notification said.
Jet Airways, SpiceJet: Price of jet fuel or ATF has cut by 1.8 per cent, third consecutive monthly price reduction since April, following rupee appreciation and reduction in international oil prices.
BPCL, HPCL, IOC: The oil marketing companies have cut non-subsidised LPG price by Rs 24/ cylinder. This is the 5th consecutive price reduction since February.
Jaypee Power Ventures, Lanco Infratech, GMR Infra, Sesa Sterlite: Local power producers, including Jaypee Power Ventures, Lanco Infratech, GMR Infrastructure and iron ore miner Sesa Sterlite have offered to sell some of their power plants to India's largest power producer NTPC as lenders put pressure on them to divest assets to slash debt.
GAIL: PNGRB has cut tariff for company's two South India gas pipelines. Kochi-Mangalore pipeline tariff was cut by 51.67 per cent to Rs 28.99/mBtu and Dabhol-Bangalore pipeline tariff was cut by 39.24 per cent to Rs 44.65/mBtu.
May Auto Sales: Tata Motors total sales fell 24 per cent to 37,525 units, Year-on-Year.
Ashok Leyland sales slipped to 6,632 units, down 8.7 per cent, from 7,267 units, Year-on-Year.
Escorts tractor sales were at 5,794 units, down 6.4 per cent, from 6,188 units, Year-on-Year.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Asian Paints:
The stock has formed a Bullish harami pattern on the daily charts. The pattern has been confirmed by a big white body candle. The stock can be bought with the stop loss of 506 for the target of 515-520-525 in 2-3 days
The stock has formed a Bullish harami pattern on the daily charts. The pattern has been confirmed by a big white body candle. The stock can be bought with the stop loss of 506 for the target of 515-520-525 in 2-3 days
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