Nifty opened with a gap down of 29 points at 7831 and made a high of 7901. The market tested the psychological support level of 7800 and bounced back sharply. From the current structure the market seems to be in the process of forming the right shoulder of the Head & Shoulders pattern. As long as 7800 is not breached conclusively the market can move up towards the 7960-8000 level. Overall the market should be shorted on all rise till 7965 with the 8035 as stop loss on closing basis.
The support for nifty is at 7834-7785-7751 and the resistance lies at 7925-7965-8015. Nifty October Future
has been trading at 27-28 points premium to the spot. The implied volatility on
the Nifty October Options of ATM strike calls were at 13.38 and for puts were at 14.32. India VIX closed at 14.50.
PCR for Nifty based on open interest was at 0.87 and PCR for the day based on
volumes was at 0.83 for the market.
CASH MARKET:
FII 2480.59 - 3151.65 = -671.06Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1037.50 | 1859.28 | -821.77 |
| INDEX OPTIONS | 12788.73 | 12140.67 | 648.06 |
| STOCK FUTURES | 1912.97 | 1934.42 | -21.45 |
| STOCK OPTIONS | 2495.61 | 2505.99 | -10.38 |
STOCKS IN NEWS:**
Reliance Industries Ltd: RIL reported a 1.7 per cent rise in net profit at Rs 5,972 crore for the three months to September. The oil & gas major also expects up to Rs 10,000 crore capital expenditure in the remaining part of this fiscal.
DLF Ltd: Regulator Sebi has barred realty major DLF, as also six top executives including Chairman K P Singh, from securities markets for three years, after finding the company guilty of "active and deliberate suppression" of material information at the time of its public offer
HPCL: State-owned Hindustan Petroleum Corp Ltd (HPCL) temporarily shut its Vishakhapatnam refinery as cyclone Hudhud made landfall on the eastern coast.
Bharat Forge Ltd: High tech components manufacturer Bharat Forge and global aerospace, defence and security major Safran have announced a long-term partnership under which Bharat Forge will supply critical high integrity forged and machined components, for commercial aircraft applications to Safran's global affiliates.
Kansai Nerolac Paints Ltd: The paint company said it has entered into a strategic marketing tie-up with leading e-tailer Flipkart ahead of festive season.
Wipro Ltd: Wipro has sold its 8% stake in US-based startup Axeda, a person with knowledge of the matter said, with a threefold return on a small investment it made a year ago after Rishad Premji took over as head of strategy.
Tata Steel Ltd: Tata Steel reported a 4.87 per cent increase in its hot metal production at 2.58 million tonnes (MT) in the August-September quarter of this fiscal compared to the same period a year-ago.
UPL Ltd: The Reserve Bank of India (RBI) on Monday allowed foreign investors to hold up to 74 per cent paid-up capital in UPL Ltd under the portfolio investment scheme (PIS).
Bajaj Auto Ltd: The two-wheeler maker is expected to report 4 per cent YoY growth in net profit to Rs 870 crore as compared to Rs 837 crore reported in the year-ago period, said an ET Now Poll.
Ranbaxy Laboratories Ltd: At least five senior executives of the US arm of Ranbaxy Laboratories, including its top boss Venkat Krishnan, have tendered their resignations or are planning to quit soon, people familiar with the matter said. Some of them are planning to float their own business venture as a team, three people in the know confirmed.
Coal India: Following a huge blow from the Supreme Court, and a series of serious technical glitches, the government has quietly asked Coal India to cancel the auction of three coal blocks that were put under the hammer although some 44 parties had evinced interest in them and two had finally bid.
Central Bank of India: State-run Central Bank of India has announced reduction of its deposit rates on various maturities in the range of 5 to 175 basis points here today
STOCKS IN BAN PERIOD:
| IBREALEST |
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Yes Bank
The Stock has finally given a conclusive breakout of the double bottom formation.The pattern target lies at 610 with the stop loss of 575. The stock can be bought for the targets of 591-598-605.
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