Nifty opened with a gap up of 10 points at 8002 and made a high of 8037.80. As expected the market stayed tight range bound in 40 points. The market is consolidating before breaking the strong resistance of 8070 for the further up move. As long as 7970 is intact on the down side the market is likely to move up towards the 8130 levels. The option data also shown good put build up at 7950 levels, indicating a strong support in store. A dip towards the 7970 should be bought into with stop loss of 7940.
The support for nifty is at 8003-7970-7931 and the resistance lies at 8065-8105-8153. Nifty October Future
has been trading at 37-38 points premium to the spot. The implied volatility on
the Nifty October Options of ATM strike calls were at14.1 and for puts were at 10.17. India VIX closed at .
PCR for Nifty based on open interest was at 1.03 and PCR for the day based on
volumes was at 0.98 for the market.
CASH MARKET:
FII 3709.09 - 3817.09 = -108Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 6973.38 | 6381.23 | 592.15 |
| INDEX OPTIONS | 11146.99 | 11732.41 | -585.42 |
| STOCK FUTURES | 11450.61 | 12050.80 | -600.20 |
| STOCK OPTIONS | 2211.36 | 2279.69 | -68.33 |
STOCKS IN NEWS:**
RIL: BP plc has written down the value of its shareholding in the eastern offshore KG-D6 block by $ 770 million dollar following a lower-than-expected gas price hike which it saw as a transition to market-based pricing.
Idea Cellular Ltd: Idea Cellular is working on the launch of 4G service in the country and as and when the ecosystem develops, it will be rolled out, a top official today said.
ONGC: After scripting a turnaround at its mainstay western offshore fields, state-run ONGC plans to ramp up oil output by 23 per cent to 28-29 million tonnes by 2019/20 as it brings newer fields into production.
Jubilant Life Sciences: The company posted a consolidated net loss of Rs 94.11 crore for the second quarter ended September 30, 2014. The company had posted a net loss of Rs 80.58 crore during the same period of previous fiscal.
SRF: SRF Ltd, a leading manufacturer of chemical-based industrial intermediates, today reported an increase of 60.87 per cent in net profit at Rs 76.85 crore for the second quarter ended September 30, 2014.
JSPL: Jindal Steel and Power today said it will invest around $ 2 billion to raise capacity of its Oman-based wholly-owned subsidiary Shadeed Iron and Steel LLC by 2.5 million tonnes per annum over the next 3-4 years.
Hero MotoCorp Ltd: Reserve Bank has allowed foreign investors to buy up to 49 per cent of the paid up capital in Hero MotoCorp Ltd. As of quarter ended September 2014, FIIs held 34.34 per cent in the company.
DLF Ltd: UTI Mutual Fund, the country's fifth-largest asset management company, had a narrow escape from being caught on the wrong side of the law. After Securities and Exchange Board of India (Sebi) barred real estate developer DLF and its promoters from accessing the capital market for three years, UTI MF went ahead with the redemption request of the company's investment with it.
BHEL: Bharat Heavy Electricals Ltd has received a contract worth Rs 422 crore related to 444 MW Vishnugad Pipalkoti hydel power project in Uttarakhand.
IL&FS Engineering and Construction Company: The engineering firm on Tuesday said it has bagged a contract worth Rs. 179.84 crore for development of multipurpose berth at Dighi Port.
STOCKS IN BAN PERIOD:
1 HDIL
2 IBREALEST
3 UNITECH
4 GMRINFRA
2 IBREALEST
3 UNITECH
4 GMRINFRA
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
AuroPharma
The Stock has formed a bullish engulfing pattern on the daily charts and is likely to continue its journey up. The stock can be bought with the stop loss of 956 for the targets of 980-988-1001.
The Stock has formed a bullish engulfing pattern on the daily charts and is likely to continue its journey up. The stock can be bought with the stop loss of 956 for the targets of 980-988-1001.
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