Nifty opened with a gap up of 14 points at 7638 and made a high of 7650. However the market saw a sharp sell off which led it to the lows of 7551. The market traded broadly in the 7650-7550 range for rest of the day. The market is likely to remain volatile on the budget day with negative bias. The follow up selling on Wednesday was evidence of the future corrections in store. The market is holding onto its teeth the lower trend line support of the Rising wedge. A clean break of this support will start the short term correction in the market towards the 7441 levels.
The support for nifty is at 7551-7470- 741 5and the resistance lies at 7600-7657-7712. Nifty July Future has
been trading at 11-12 points premium to the spot. The implied volatility on the
Nifty July Options of ATM strike calls were at 16.72 and for puts were at 20.27. India VIX closed at 18.1875.
PCR for Nifty based on open interest was at 0.84 and PCR for the day based on
volumes was at 0.81 for the market.
CASH MARKET:
FII 4422.85 - 3777.66 = 645.19Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2150.12 | 2812.75 | -662.64 |
| INDEX OPTIONS | 15585.37 | 16641.05 | -1055.68 |
| STOCK FUTURES | 4018.97 | 3561.92 | 457.05 |
| STOCK OPTIONS | 2807.66 | 2780.48 | 27.18 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| CCL Products (India) Limited | Annual General Meeting/Final Dividend Rs.1.20/- Per Share | 10-Jul-14 | - |
| Cyient Limited | Annual General Meeting / Final Dividend Rs.3/- Per Share | 10-Jul-14 | - |
| Rane Brake Lining Limited | Annual General Meeting / Dividend - Rs 7.50/- Per Share | 10-Jul-14 | - |
| Lloyd Electric & Engineering Limited | Annual General Meeting / Dividend - Re 1/- Per Share | 10-Jul-14 | - |
| Piramal Glass Limited | Annual General Meeting/ Dividend Re.1/- Per Equity Share | 10-Jul-14 | - |
| Thermax Limited | Annual General Meeting / Dividend - Rs 6/- Per Share | 10-Jul-14 | - |
| Biocon Limited | Annual General Meeting / Final Dividend - Rs 5/- Per Share | 10-Jul-14 | - |
| Swaraj Engines Limited | Annual General Meeting / Dividend - Rs 15/- Per Share + Special Dividend - Rs 20/- Per Share | 10-Jul-14 | - |
| Mafatlal Finance Limited | Annual General Meeting | 10-Jul-14 | - |
| Polaris Financial Technology Limited | Annual General Meeting / Final Dividend - Rs 6.25/- Per Share | 10-Jul-14 | - |
| Glenmark Pharmaceuticals Limited | Annual General Meeting / Dividend - Rs 2/- Per Share | 10-Jul-14 | - |
| VA Tech Wabag Limited | Annual General Meeting / Dividend - Rs 8/- Per Share | 10-Jul-14 | - |
| Hitachi Home and Life Solutions (India) Limited | Annual General Meeting / Dividend - Rs 1.50/- Per Share | 10-Jul-14 | - |
| Zee Entertainment Enterprises Limited | Annual General Meeting / Dividend - Rs 2/- Per Share | 10-Jul-14 | - |
| SIL Investments Limited | Dividend - Rs 1.25/- Per Share | 10-Jul-14 | 12-Jul-14 |
| Blue Star Limited | Annual General Meeting / Dividend - Rs 4/- Per Share | 10-Jul-14 | - |
| Sutlej Textiles and Industries Limited | Dividend-Rs.8/- Per Share | 10-Jul-14 | 12-Jul-14 |
| TVS Motor Company Limited | Annual General Meeting | 10-Jul-14 | - |
| The Karnataka Bank Limited | Annual General Meeting / Dividend - Rs 4/- Per Share | 10-Jul-14 | - |
STOCKS IN NEWS:**
Bharti Airtel Ltd: Bharti Airtel will sell over a fifth of its telecom tower portfolio in Africa to Helios Towers Africa (HTA), as part of its overall strategy to sell-off its 15,000 towers to a clutch of independent tower companies.
Ashok Leyland Ltd: Hinduja Group flagship company Ashok Leyland has raised Rs 667 crore via qualified institutional placement (QIP), a move that would help the company improve its financial position.
JSW Steel Ltd: JSW Steel will import six million tonne (mt) of iron ore this year, the highest by any domestic steel producer ever, with the mining crisis in Karnataka and Odisha striking at the heart of the country's steel production capacity.
Kingfisher Airlines & United Bank of India: In what has come as another setback for Vijay Mallya, the Calcutta High Court has refused to grant him exemption from a personal appearance before the United Bank of India Grievance Redressal Panel.
Indiabulls group stocks will be in focus after the three promoters of Indiabulls, the real estate to power group set up 14 years ago by two Indian Institute of Technology (IIT) graduates and their common friend, have split.
Tata Teleservices Ltd: Japan's NTT DoCoMo has decided to exit Tata Teleservices by selling its 26.5% stake in its telecom joint venture with the Tata Group through a pre-agreed put option, setting the stage for protracted negotiations over valuation as the Indian conglomerate is likely to renegotiate the sum it has to pay to buy back the shares. The agreement was signed between the two companies in 2008-09.
Infosys Ltd: Infosys is expected to post flattish revenue growth in the first quarter which ended on June 30 and maintain its full-year revenue guidance of 7-9 per cent when it announces results on Friday.
GMR Infrastructure Ltd: The GMR group, which operates the Hyderabad airport, is exploring several options, including legal remedy, to forestall any attempt by the Telangana government to build any more airports in the vicinity of the city.
Lupin Ltd: The European Commission's antitrust authorities have slapped a fine of 427.7 million euros on a group of pharmaceutical companies including India's Lupin, Unichem Laboratories and the local unit of Mylan, accusing them of working together to block the generic entry of a blockbuster blood-pressure drug.
Subex Ltd: Bangalore-headquartered IT company Subex, which has gone through a meteoric rise followed by a calamitous fall under its founder and former chairman Subash Menon, has once again caught the fancy of global technology majors for a buyout.
Ashok Leyland Ltd: Hinduja Group flagship company Ashok Leyland has raised Rs 667 crore via qualified institutional placement (QIP), a move that would help the company improve its financial position.
JSW Steel Ltd: JSW Steel will import six million tonne (mt) of iron ore this year, the highest by any domestic steel producer ever, with the mining crisis in Karnataka and Odisha striking at the heart of the country's steel production capacity.
Kingfisher Airlines & United Bank of India: In what has come as another setback for Vijay Mallya, the Calcutta High Court has refused to grant him exemption from a personal appearance before the United Bank of India Grievance Redressal Panel.
Indiabulls group stocks will be in focus after the three promoters of Indiabulls, the real estate to power group set up 14 years ago by two Indian Institute of Technology (IIT) graduates and their common friend, have split.
Tata Teleservices Ltd: Japan's NTT DoCoMo has decided to exit Tata Teleservices by selling its 26.5% stake in its telecom joint venture with the Tata Group through a pre-agreed put option, setting the stage for protracted negotiations over valuation as the Indian conglomerate is likely to renegotiate the sum it has to pay to buy back the shares. The agreement was signed between the two companies in 2008-09.
Infosys Ltd: Infosys is expected to post flattish revenue growth in the first quarter which ended on June 30 and maintain its full-year revenue guidance of 7-9 per cent when it announces results on Friday.
GMR Infrastructure Ltd: The GMR group, which operates the Hyderabad airport, is exploring several options, including legal remedy, to forestall any attempt by the Telangana government to build any more airports in the vicinity of the city.
Lupin Ltd: The European Commission's antitrust authorities have slapped a fine of 427.7 million euros on a group of pharmaceutical companies including India's Lupin, Unichem Laboratories and the local unit of Mylan, accusing them of working together to block the generic entry of a blockbuster blood-pressure drug.
Subex Ltd: Bangalore-headquartered IT company Subex, which has gone through a meteoric rise followed by a calamitous fall under its founder and former chairman Subash Menon, has once again caught the fancy of global technology majors for a buyout.
STOCKS IN BAN PERIOD:
GMRINFRA
IBREALEST
UNITECH
IBREALEST
UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Tech Mahindra
As shown above the stock has given break down of a rising channel. The RSI has also moved below the 60% support level. The pattern target lies at 1945 with stop loss of 2137. For short term sell the stock for the target of 2130-2000 with stop loss of 2100.
As shown above the stock has given break down of a rising channel. The RSI has also moved below the 60% support level. The pattern target lies at 1945 with stop loss of 2137. For short term sell the stock for the target of 2130-2000 with stop loss of 2100.
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