Nifty Daily For 17th Sept 2014

                   Nifty opened flat at 8036.6 and made a high of 8044.9. The market stayed in the range of 8050-8020 for the first two hours of trading session. But once it broke the support of 8015 it tumbled down in second half of the trading session. The market yesterday achieved the target of 7934 for the Head & Shoulders pattern. It took support near the 7920 which is 38.2% of the Fibonacci retracement of 7540-8180 rally. A breach of this support will take the market towards the 7840 level. The market is likely to be range bound with positive bias.   

                    The support for nifty is at 7917-7870-7835 and the resistance lies at 7985-8025-8055. Nifty September Future has been trading at 27-28 points premium to the spot. The implied volatility on the Nifty September Options of ATM strike calls were at 13.09 and for puts were at 11.52. India VIX closed at 13.2825. PCR for Nifty based on open interest was at 0.92 and PCR for the day based on volumes was at 0.88 for the market.

CASH MARKET:

FII                   3146.53  -   3975.48  =   -828.95Cr.

DII                  2090.2   -  1624.59  =   465.61Cr.

FII DERIVATIVES MARKET: 

In Cr.	Buy	Sell	Net
INDEX FUTURES	1922.86	2085.42	-162.55
INDEX OPTIONS	22419.87	21343.22	1076.65
STOCK FUTURES	3085.90	3115.89	-29.99
STOCK OPTIONS	3167.70	3293.53	-125.83

CORPORATE ACTION:

Company	Purpose	Ex-Date
Super Forgings & Steels Limited	Annual General Meeting	17-Sep-14
Everonn Education Limited	Annual General Meeting	17-Sep-14
The Great Eastern Shipping Company Limited	Annual General Meeting / Final Dividend - Rs 5/- Per Share	17-Sep-14
Nicco Corporation Limited	Annual General Meeting	17-Sep-14
Indo-National Limited	Annual General Meeting / Dividend - Rs 20/- Per Share	17-Sep-14
Supreme Petrochem Limited	Annual General Meeting / Dividend - Rs 1.50/- Per Share	17-Sep-14
Lakshmi Precision Screws Limited	Annual General Meeting	17-Sep-14
Lumax Automotive Systems Limited	Annual General Meeting	17-Sep-14
Classic Diamonds (India) Limited	Annual General Meeting	17-Sep-14
Quintegra Solutions Limited	Annual General Meeting	17-Sep-14
Hira Ferro Alloys Limited	Annual General Meeting / Final Dividend - Re 0.60/- Per Share	17-Sep-14
Godawari Power And Ispat limited	Annual General Meeting/Dividend Rs 1/- Per Share	17-Sep-14
Rainbow Papers Limited	Annual General Meeting / Dividend - Re 0.40/- Per Share	17-Sep-14
Sudar Industries Limited	Annual General Meeting	17-Sep-14
Technofab Engineering Limited	Annual General Meeting	17-Sep-14
Rushil Decor Limited	Annual General Meeting	17-Sep-14
Allied Digital Services Limited	Annual General Meeting	17-Sep-14
Amrutanjan Health Care Limited	Annual General Meeting / Dividend - Rs 2.20/- Per Share	17-Sep-14
Antarctica Limited	Annual General Meeting	17-Sep-14
Hubtown Limited	Annual General Meeting/Dividend Re 1/- Per Share	17-Sep-14
Panacea Biotec Limited	Annual General Meeting	17-Sep-14
Schneider Electric Infrastructure Limited	Annual General Meeting (Book Closure Dates Revised)	17-Sep-14
Cosmo Films Limited	Annual General Meeting / Dividend - Re 1/- Per Share	17-Sep-14

STOCKS IN NEWS:**

Hero MotoCorp Ltd: Motorcycle manufacturer Hero MotoCorp announced that it would set up an ultra-modern manufacturing facility with a capacity to produce 1.8 million units annually in Andhra Pradesh.

Lupin Ltd: Pharma major Lupin entered into a long-term strategic partnership with Germany-based biopharmaceutical firm Merck Serono for expansion of its portfolio initiative in emerging markets.

Allahabad Bank: State-run Allahabad Bank said here today that it has sought a Rs900-crore capital infusion from the government during the current financial year.

Canara Bank: State-run Canara Bank which has board approval to raise Rs 3,500 crore through a qualified institutional placement (QIP) is awaiting government approval for the same and expects to mop up the money by November.

Reliance Industries Ltd: Petroleum Ministry has asked Reliance Industries to stop sale of crude oil from KG-D6 block to its affiliate Jamnagar refinery, saying it was not an arms- length sales.

ONGC: ONGC Videsh Ltd, the overseas arm of state-run explorer Oil and Natural Gas Corp (ONGC), has signed an agreement to expand its oil and gas exploration in offshore Vietnam.

Aurobindo Pharma Ltd: Aurobindo Pharma has received approval from the US health regulator to market generic version of Amoxicillin for oral suspension, used to treat infections, in the American market.

Apollo Tyres Ltd: Apollo Tyres is undertaking a an exercise to 'rescue' operations of its South African arm in the wake of uncompetitive cost structure, continuous labour unrest and related issues.

NTPC Ltd: State-owned NTPC has signed an initial agreement with Andhra Pradesh government for developing 1,000 MW solar power projects in Andhra Pradesh. However, the company did not elaborate the financial details of the project.

Axis Bank Ltd: Axis Bank, country's third largest private lender, today said it will be announcing festive season offers on its auto loans and credit card offerings in the next few weeks.

Apollo Hospitals Ltd: Apollo Hospitals Enterprise Ltd, which runs the country's largest hospital and pharmacy chains, is in advanced talks to buy Hyderabad-based retail pharmacy chain Hetero Pharmacy, two people with knowledge of development said.

GMR Infrastructure Ltd: The company is raising Rs.1,500 crore by selling shares to existing shareholders to cut high-cost debt. Prior to the rights issue, private equity firm KKR and Co. will invest Rs.1,000 crore in GMR Holdings Ltd through a long-term structured financing arrangement. 

STOCKS IN BAN PERIOD:

1    GMRINFRA
2    HDIL
3    IBREALEST
4    JPASSOCIAT
5    UNITECH

Source:**economictimes.com , nseindia.com

STOCK OF THE DAY:

Tata Power

The Stock has given breakdown of inverted cup & handle pattern. This has bearish implication. The pattern target lies at 59.25 with the stop loss at 91. For short term the stock can be sold on the rise to 86 with the stop loss of 87.75 for the target of 80.75-77.