Nifty opened flat at 8003 and made a high of 8019.3. During the first session the market traded within a tight band of 7950-8000 and respected the support. Once the low of 7950 was broken the market went straight towards the lower support of 7875 and bounced back sharply till 7438 and closed finally at 7911.85. The market can go down towards the 7840 target of the rising channel it had broken on the 10th September 2014. Any rise towards the 7920-7950 level should be shorted with 7980 as stop loss. The market is expected to trade sideways with negative bias. The market has broken down from a Double Top of Larger degree. The pattern target lies at 7690 with the stop loss of 8000.
The support for nifty is at 7875-7834-7780 and the resistance lies at7932-7964-8001. Nifty October Future
has been trading at 59-60 points premium to the spot. The implied volatility on
the Nifty October Options of ATM strike calls were at 10.92 and for puts were at 13.39. India VIX closed at 13.2975.
PCR for Nifty based on open interest was at 0.85 and PCR for the day based on
volumes was at 0.84 for the market.
CASH MARKET:
FII 6308.96 - 7160.2 = -851.24 Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 5278.81 | 5157.74 | 121.07 |
| INDEX OPTIONS | 22995.94 | 21385.64 | 1610.31 |
| STOCK FUTURES | 13139.46 | 14005.07 | -865.61 |
| STOCK OPTIONS | 1051.35 | 1004.87 | 46.48 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Logix Microsystems Limited | Annual General Meeting | 26-Sep-14 |
| Namaste Exports Limited | Annual General Meeting | 26-Sep-14 |
STOCKS IN NEWS:**
Hindalco: Hindalco Industries, whose all coal mines have been de-allocated after the Supreme Court judgment on Wednesday, said the aluminium major will take a one-time hit about Rs. 500 crore on account of penalty on the coal already mined from now-cancelled mine.
SpiceJet: In yet another low-fare offer, SpiceJet today announced 50 per cent off on base fares on limited tickets for travel till March next year on sale till Saturday.
HDFC Bank Ltd: The long pending controversial proposal of HDFC Bank to hike foreign holding would be taken up by the Foreign Investment Promotion Board on October 1.
Oil & Gas stocks: Government deferred an increase in natural gas price for a third time in view of next month's assembly elections in Maharashtra and Haryana, Oil Minister Dharmendra Pradhan said today.
MCX & FTIL: Commodity exchange MCX today said its board has approved a new agreement with Jignesh Shah-led FTIL for availing technological support and services, paving the way for the bourse to launch new contracts for January-March period of 2015.
Petronet LNG Ltd: The Asian Development Bank (ADB) has launched a share sale in gas supplier Petronet LNG Ltd to raise up to $120 million, three sources with direct knowledge of the deal said on Thursday.
JK Tyre & Industries: The Board of Directors of the company at its meeting held on September 25, 2014, has approved sub-division of 1 equity share of the face value of Rs 10 each into 5 equity shares of face value of Rs 2 each.
City Union Bank: The RBI today notified that foreign investment limit in City Union Bank has been raised to 40 per cent, following which the restriction placed on purchase of shares of the firm by overseas investors has been lifted.
Jaiprakash Power Ventures Ltd: After failing to sell the plants to Abu Dhabi National Energy Company (Taqa) and Anil Ambani's Reliance Power, JPVL on Thursday entered into a memorandum of understanding with Sajjan Jindal's JSW Energy to sell the plants along with the 500 MW Bina thermal plant for an estimated Rs.12,000 crore, said media reports.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Union Bank of India
The Stock has broken down from a rising channel on the daily charts with strong volumes.The RSI is also moved below the support of 40% indicating a sell signal. The pattern target lies at 158 with the stop loss of 211. For short term the stock can be sold at cmp & on rise towards the 195 levels for the targets of 181.75-175.8-170 with the stop loss of 202
The Stock has broken down from a rising channel on the daily charts with strong volumes.The RSI is also moved below the support of 40% indicating a sell signal. The pattern target lies at 158 with the stop loss of 211. For short term the stock can be sold at cmp & on rise towards the 195 levels for the targets of 181.75-175.8-170 with the stop loss of 202
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