Nifty opened with a gap up of 10 points at 8441.25 and made a high of 8454.5. The market made new lifetime high but was not able to sustain the morning gains. The market looks poised for another consolidation as it has formed a doji on the daily charts. As I had mentioned the market has to sustain above the 8450 mark to move further up. It managed to break the upper trend line of the rising channel but not breakout was seen. The market is expected to trade sideways with negative bias.
The support for nifty is at 8405-8365-8320 and the resistance lies at 8445-8498-8535. Nifty November Future
has been trading at 26 points premium to the spot. The implied volatility on
the Nifty November Options of ATM strike calls were at 10.83 and for puts were at 8.78. India VIX closed at 14.065.
PCR for Nifty based on open interest was at 1.22 and PCR for the day based on
volumes was at 1.12 for the market.
CASH MARKET:
FII 3900.45 - 4002.43 = -101.98Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 826.59 | 990.44 | -163.86 |
| INDEX OPTIONS | 12467.44 | 12498.38 | -30.94 |
| STOCK FUTURES | 3174.74 | 2994.67 | 180.08 |
| STOCK OPTIONS | 3014.55 | 3010.57 | 3.98 |
STOCKS IN NEWS:**
Infosys Ltd: The CEO and finance chief of Infosys BPO have left the company after the parent discovered what it termed as failure to comply with its "code of conduct", the first such incident at India's second-largest software firm.
Jaiprakash Associates & Shree Cements: Fair trade regulator CCI has approved Jaiprakash Associates proposed sale of its Haryana's cement grinding unit to Shree Cements, saying the deal will not raise anti-competition concerns in the country.
Eicher Motors: VE Commercial Vehicles, a 50:50 joint venture between Eicher Motors and Volvo Group, is aiming to capture the number one position in the light-to-medium duty (LMD) trucks segment in terms of market share, an official of the company said.
Ranbaxy Laboratories Ltd: Drug maker Ranbaxy Laboratories is being moved out of the National Stock Exchange's CNX Nifty Junior index and would be replaced by Reliance Infrastructure.
Mahindra & Mahindra Ltd: Homegrown auto major Mahindra & Mahindra is recalling 2,300 units of different variants of its popular SUVs Scorpio and XUV500, and multi purpose vehicle Xylo to rectify a defective vacuum pump in engines manufactured in May this year.
Texmaco Rail & Engineering Ltd: The company informed BSE that, in respect of issue of Equity Shares to Qualified Institutional Buyers pursuant to the QIP, the Committee of the Directors of the Company has authorised the opening of the Issue from November 18, 2014.
HDFC: HDFC, the country's oldest mortgage lender which owns 22.5 per cent in HDFC Bank, will not step in as a buyer when the bank issues shares to local and foreign investors to raise Rs 10,000 crore, said three people aware of the decision.
MCX Ltd: Commodity bourse MCX today said it will offer 1,72,000 stock options to eligible employees.
Axis Bank Ltd: The overseas debt raising by domestic companies has picked up again with country's third largest private sector lender Axis Bank today raising USD 500 million in a 5.5-year dollar-money at 3.25 per cent coupon payment.
STOCKS IN BAN PERIOD:
UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Gruh Finance Ltd
The stock has been correcting for the past few days after hitting the lifetime high of 244.8. It has now broken out again and is expected to move higher. The stock can be bought with the stop loss of 240 on closing basis for the target of 249-254-260.
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