Nifty opened with a gap up of 24 points at 8406.5 and made a high of 8410.85. The market tested the 8400 level and then went down to 8350 support. As expected this strong support pushed the market to new day's high and helped market to close on strong footing. The market is truck in the 8300-8450 range. A breach of this range on either side will provide next direction for the move. The market is showing resilience to price correction, implying that the under current is still bullish. For the day market is likely to trade in 8360-8420 range.
The support for nifty is at 8370-8320-8263 and the resistance lies at 8422-8465-8495. Nifty November Future
has been trading at 18-19 points premium to the spot. The implied volatility on
the Nifty November Options of ATM strike calls were at 11.07 and for puts were at 10.15. India VIX closed at 14.165.
PCR for Nifty based on open interest was at 1.14 and PCR for the day based on
volumes was at 1.09 for the market.
CASH MARKET:
FII 3163.39 - 3640.54 = -477.15Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1387.92 | 1160.71 | 227.21 |
| INDEX OPTIONS | 16084.61 | 15147.00 | 937.60 |
| STOCK FUTURES | 3639.94 | 3948.44 | -308.50 |
| STOCK OPTIONS | 2469.62 | 2533.84 | -64.22 |
STOCKS IN NEWS:**
Kotak Mahindra Bank & ING Vysya Bank: In a major deal in the banking sector, Kotak Mahindra Bank on Thursday announced that it will acquire ING Vysya Bank in an all stock deal. Kotak Mahindra Bank will give 725 shares for every 1000 shares of ING Vysya.
Tech Mahindra Ltd: Tech Mahindra, the information technology arm of the Mahindra Group on Thursday said that it will acquire US-based network solutions company Lightbridge Communications Corporation (LCC) for $240 million.
Reliance Industries Ltd: Comptroller and Auditor General of India (CAG) has sought an audit of Reliance Industries' spending on eastern offshore KG-D6 block in 2012-13, a request the company responded by asking the auditor to scrutinise records of not just that year but also 2013-14.
IOL Chemicals & Pharmaceuticals (IOLCP): A Punjab-based specialty chemicals and active pharma ingredient maker, is close to finding a suitor that could bring in finance as well as technical wherewithal and global presence.
Yes Bank Ltd: The Reserve Bank today said FIIs can buy equity shares in private lender Yes Bank as shareholding by foreign investors has gone below the prescribed limit.
NTPC Ltd: State-run power generator NTPC's medium-term note offering was oversubscribed by more than 4.6 times on the day of issuance in international markets, according to the company.
Ranbaxy Laboratories Ltd: The pharma major lost a bid for a temporary court order to block rivals' generic versions of the heartburn pill Nexium and the antiviral drug Valcyte, said media reports.
Financial Technologies India Ltd: FTIL founder Jignesh Shah has stepped down from the board of the company where he was the managing director.
Infosys: The IT major has dismissed talk that it may conduct an audit across all facilities of its back office division in 13 countries, saying that the case of overbilling one of its marquee clients, Apple, was limited to one facility in Czech Republic.
STOCKS IN BAN PERIOD:
UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Hexaware Technologies Ltd.
The Stock was correcting after hitting the high of 226.2 and has now bounced back. The stock can be bought with the stop loss of 220 on closing basis for the targets of 227.25-230.2-235.25-239.55.
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