Nifty opened with a gap down of 11.5 points at 8378.4 and made a high of 8438.10. The market traded negative in the 8380-8350 band for most of the trading session. In the last hour of trading it finally broke the resistance of 8390. It went up to make a new life time high as well as close. As shown below the market is moving in a rising channel and is likely to stay in the 8450-8350 range. A close above the 8445 level will accelerate up move towards the next target of 8510. The market is likely to stay sideways with negative bias.
The support for nifty is at 8412-8382-8341 and the resistance lies at 8455-8490-8535. Nifty November Future
has been trading at 22-23 points premium to the spot. The implied volatility on
the Nifty November Options of ATM strike calls were at 11.21 and for puts were at 10.78. India VIX closed at 14.41.
PCR for Nifty based on open interest was at 1.14 and PCR for the day based on
volumes was at 1.07 for the market.
CASH MARKET:
FII 3693.78 - 3037.41 = 656.37Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 852.57 | 1087.91 | -235.34 |
| INDEX OPTIONS | 13441.45 | 13673.34 | -231.90 |
| STOCK FUTURES | 2192.00 | 2665.37 | -473.37 |
| STOCK OPTIONS | 3208.54 | 3262.30 | -53.75 |
STOCKS IN NEWS:**
Axis Bank: Top private lender Axis Bank hit the overseas debt market with a benchmark issue to raise atleast USD 500 million in a 5.5-year money, merchant banking sources said here.
Tree House Education Ltd: Tree House Education and Accessories, India's largest self-operated pre-school chain, has reported 9.76 per cent growth in net profit at Rs 12.59 crore for the quarter ended September, against Rs 11.47 crore in the same period last year.
Financial Technologies Ltd: Financial Technologies (India) Ltd (FTIL) today said it has signed a pact to sell its Mauritius-based exchange for $ 40.5 million (about Rs 250 crore) to Continental Africa Holdings Ltd.
SAIL: With an aim to expand the capacity of its Rourkela Steel Plant (RSP), SAIL has sought Odisha government's support for its raw material requirements in the coming days.
BHEL: Bharat Heavy Electricals Ltd has commissioned the second module of ONGC Thermal Power Corp's gas-based power plant in Tripura, completing the combined-cycle power project that would use gas from Oil & Natural Gas Corp's adjoining fields in the northeastern state.
Reliance Industries Ltd: Reliance Jio Infocomm said it has signed syndicated term loan facilities worth $1.5 billion (Rs 9,270 crore) to refinance similar debt taken on in 2010, the year parent Reliance Industries acquired Infotel Broadband which was subsequently renamed Reliance Jio.
MTNL Ltd: MTNL on Monday raised Rs 1,500 crore by selling 10-year bonds at 8.41 per cent annualised rate. Although the issue was oversubscribed by 1.5 times of its core issue size, it fell short of attaining the target set up by the company.
Praj Industries Ltd: The global process solutions company, today said it has bagged an order worth Rs 235 crore for supplying oil and gas process skids to Brazil-based Petrobras.
MCX: The Supreme Court on Monday refused to cancel bail granted to MCX promoter Jignesh Shah by the Bombay High Court on August 22. The top court was hearing an appeal by some investors against the High Court order.
Aurobindo Pharma Ltd: The pharma major is set to up the focus on its peptide business and will be filing its first set of drug master files (DMFs) by the end of this fiscal, said media reports.
Tree House Education Ltd: Tree House Education and Accessories, India's largest self-operated pre-school chain, has reported 9.76 per cent growth in net profit at Rs 12.59 crore for the quarter ended September, against Rs 11.47 crore in the same period last year.
Financial Technologies Ltd: Financial Technologies (India) Ltd (FTIL) today said it has signed a pact to sell its Mauritius-based exchange for $ 40.5 million (about Rs 250 crore) to Continental Africa Holdings Ltd.
SAIL: With an aim to expand the capacity of its Rourkela Steel Plant (RSP), SAIL has sought Odisha government's support for its raw material requirements in the coming days.
BHEL: Bharat Heavy Electricals Ltd has commissioned the second module of ONGC Thermal Power Corp's gas-based power plant in Tripura, completing the combined-cycle power project that would use gas from Oil & Natural Gas Corp's adjoining fields in the northeastern state.
Reliance Industries Ltd: Reliance Jio Infocomm said it has signed syndicated term loan facilities worth $1.5 billion (Rs 9,270 crore) to refinance similar debt taken on in 2010, the year parent Reliance Industries acquired Infotel Broadband which was subsequently renamed Reliance Jio.
MTNL Ltd: MTNL on Monday raised Rs 1,500 crore by selling 10-year bonds at 8.41 per cent annualised rate. Although the issue was oversubscribed by 1.5 times of its core issue size, it fell short of attaining the target set up by the company.
Praj Industries Ltd: The global process solutions company, today said it has bagged an order worth Rs 235 crore for supplying oil and gas process skids to Brazil-based Petrobras.
MCX: The Supreme Court on Monday refused to cancel bail granted to MCX promoter Jignesh Shah by the Bombay High Court on August 22. The top court was hearing an appeal by some investors against the High Court order.
Aurobindo Pharma Ltd: The pharma major is set to up the focus on its peptide business and will be filing its first set of drug master files (DMFs) by the end of this fiscal, said media reports.
STOCKS IN BAN PERIOD:
UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
PTC India Financial Services Ltd.
The Stock made lifetime high at 57.45 and has corrected till 51.4 which is 38.2% Fibonacci retracement of the recent up move. The stock has formed a bullish engulfing on the daily charts with good volume. The RSI at 71 is bullish. The stock can be bought with the stop loss of 53.45 for the target of 55.85-56.66-57.6-59.55
The Stock made lifetime high at 57.45 and has corrected till 51.4 which is 38.2% Fibonacci retracement of the recent up move. The stock has formed a bullish engulfing on the daily charts with good volume. The RSI at 71 is bullish. The stock can be bought with the stop loss of 53.45 for the target of 55.85-56.66-57.6-59.55
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