Nifty Daily For 9th July 2014

                   Nifty opened with a gap up of 17 points at 7804 and made a high of 7809. Although the market made a new life time high, but it failed to cross the 7800 resistance conclusively. The market was plummeted post the start of Railway Budget. The market can be seen as forming a Rising wedge pattern on the daily charts as shown below. The resistance is near 7850 and the support lies at 7575. The market has closed near the support and I expect it to trade sideways with positive bias. The firework will be seen in the last 1 hour of trading today and tomorrow morning before the budget.  

                    The support for nifty is at 7565-7515-7485 and the resistance lies at 7650-7724-7790 . Nifty July Future has been trading at 25-26 points premium to the spot. The implied volatility on the Nifty July Options of ATM strike calls were at 17.21 and for puts were at 21.92. India VIX closed at 19.18. PCR for Nifty based on open interest was at 0.81 and PCR for the day based on volumes was at 0.77 for the market.

CASH MARKET:

FII                  5138.38  -   4715.66  =   422.72 Cr.

DII                 1450.28  -   1849.84  =   -399.56 Cr.

FII DERIVATIVES MARKET: 

In Cr.	Buy	Sell	Net
INDEX FUTURES	1812.11	2361.73	-549.62
INDEX OPTIONS	16127.17	15049.59	1077.57
STOCK FUTURES	4252.06	3985.51	266.55
STOCK OPTIONS	2692.80	2691.45	1.35

CORPORATE ACTION:

Company	Purpose	Ex-Date
MindTree Limited	Annual General Meeting / Final Dividend - Rs 2.5/- Per Share And Special Dividend - Rs 2.5/- Per Share	9-Jul-14
Tata Motors Limited	Annual General Meeting / Dividend - Rs 2/- Per Share	9-Jul-14
Geojit BNP Paribas Financial Services Limited	Annual General Meeting / Final Dividend - Re 0.10/- Per Share	9-Jul-14
Sabero Organics Gujarat Limited	Annual General Meeting	9-Jul-14
Cairn India Limited	Annual General Meeting And Dividend Rs. 6.50/- Per Share	9-Jul-14
Tata Motors Limited	Annual General Meeting / Dividend - Rs 2.10/- Per Share	9-Jul-14
Tata Elxsi Limited	Annual General Meeting / Dividend - Rs 9/- Per Share	9-Jul-14
Indian Hume Pipe Company Limited	Annual General Meeting / Dividend - Rs 2.40/- Per Share	9-Jul-14
Kokuyo Camlin Limited	Annual General Meeting	9-Jul-14

STOCKS IN NEWS:**

NTPC Ltd: State-run NTPC is expected to commence work on the first unit of the proposed 4,000 mw (5x800) power plant at Ramagundam in Telangana immediately.

Chambal Fertilisers Ltd: Fertiliser industry body FAI has sought from the government an increase in urea prices and decontrol of the sector.

MCX Ltd: Billionaire investor Rakesh Jhunjhunwala has bought a 1.96% stake in India's largest and only listed commodity bourse Multi Commodity Exchange of India ( MCX) from its promoter Financial Technologies (India) (FTIL) in a block deal for Rs 66 crore.

Tata Power & Reliance Power Ltd: Two of the country's largest power producers Tata Power and Reliance Power are betting big on renewable energy and will spend about Rs 1,500 crore each on clean energy projects this fiscal.

M&M Ltd: Mahindra & Mahindra Ltd, the country's biggest utility vehicle maker, will recall 23,519 units of Scorpio Ex variant for potential faulty pressure regulating valves, the company said on Tuesday. The affected vehicles were manufactured between May 2012 and November 2013.

ONGC Ltd: ONGC Videsh Ltd, the overseas investment arm of the country's biggest state-owned energy explorer, has raised over $2.2 billion (about Rs 11,200 crore) through an issue of bonds in two currencies priced competitively to help the company replace debt raised for the financing of acquisition of Mozambique oilfields.

Reliance Infrastructure Ltd: A Telangana government entity has approved a restructuring plan by consultancy firm EY for a project that includes a 100-storey trade tower in Hyderabad. Reliance Infrastructure, the company which was to implement the Rs7,000-crore project, is hoping that the government will give the plan its go-ahead to the stalled venture

Deepak Fertilisers Ltd: The government is likely to allocate the natural gas snapped from Deepak Fertilisers to state-owned National Fertilizer Ltd's (NFL) Bathinda urea plant in Punjab.

Financial Technologies: Two months after Financial Technologies (FTIL) approached Securities Appellate Tribunal (SAT) against Sebi order that deemed it unfit to hold any stake in exchange or clearing corporation, the tribunal is all set to announce its decision on Wednesday. 

STOCKS IN BAN PERIOD:

GMRINFRA
IBREALEST
UNITECH

Source:**economictimes.com , nseindia.com

STOCK OF THE DAY:

JP Associates

The Stock has given the break down from the Bearish Head & shoulders pattern on the daily. The RSI is also below the 40% level, emphasizing the sell. The pattern target lies at 49 with the stop loss of 75 closing basis. For the short term the stock can bought with target of 62.25-60.05 with the stop loss of 72 on closing basis.