Indian Markets opened on expected note among improving global and economic scenario. Market opened lower as result of profit booking on account of previous day highly bullish session but as we know that overall trend is positive and it works again as Nifty opened weak at 7874 and from there profit booking took nifty to low of 7838 before bulls could aggressively enter market and therefore made high of 7897 before Nifty could settle at 7888 with an increase of 0.28% to index.
SENSEX also followed the same track as Nifty did and was bullish for the 2nd session and therefore gained 83 points to the index by retracing itself from a low of 25626 and finally closed at 25772 with 0.33% increase to index.
Our Call on Jet Airways, Capital First Ltd, Bharti Airtel, Nifty and KSCL proven great.
We recommended buying L&T (FUT) above 1290. It made a high of 1324.40 before closing at 1323.25.
Our buy call of India Cement (Fut) around 91—90.50.it made a high of 92.15 before it closed at 90.75
We also recommended buying Jet Airways 660 CALL option at Premium around 21--20.it made a high of 30.65 before it closed at 25.60. We booked profit at 28.
We also recommended buying GAIL (cash) above 385. It made a high of 394.40 before it closed at 391.10.
“Hope you all Minted money” Just trade with level.... nothing else!!
Still need trial... need not to worry at all. Watch more!!
Now what to expect???
Nifty futures settled at 7920. It is showing near term resistance at 7935. Break and sustain above its resistance level of 7935 will take to 7980---8050 mark.
More and more power will see only close above 8050 level else it could test its support level of 7830---7770 again. More and more downside panic will see only close below 7770 mark.
7650 act as major support....
Bank Nifty is at 16867 and has crucial resistance at 17000. If this level breach then we could see next resistance building around 17200--17300.
It also has a near term support 16700. If this level breach then there can be panic as next support building below 16500---16400.
Option Tracker
The Call PUT concentration is at 8000 strike CE with an open interest of 64.87 lakh shares. On the other hand, highest PUT base is at 7700 strike with 53.51 Lakh shares.
In the May series, CE options recorded addition of 0.80 Lakh shares in open interest with a fall in price; on the other hand PE option added 21 Lakh shares in open interest with a fall in price.
The highest open interest activity was seen in the 8000 -- 8200 strikes CE with aggregate open interest of 1.79 cr., on the flipside highest PE activity was seen in 7500 – 7900 strikes to the tune of 1.90 cr.
Fresh build up was seen in 8100 strike CE to the tune of 3.75 Lakh shares, while on the put side fresh build up was seen 7600 strikes to the tune of 8.77 Lakh shares.
Whereas unwinding was seen in 7800 -- 7900 CE to the tune of 3.57 Lakh shares in open interest and on the put side unwinding was seen in 7400 – 7500 PE to the tune of 3.83 Lakh shares.
Once again benchmark index Nifty failed to cross 7900 level. Even market breadth has turned negative. The FII’s Derivative statistics data clearly suggest cautious stance by FII’s. As FII’s have liquidated existing long positions and added fresh short positions in Index & Stock futures. At the same time they have gone long in Index Put option. The option data indicates trading range of 7600 -- 8100 level for the current F&O series.
FII’s activity
Cash Market: Today, FII’s bought 329 cr. in the equity markets; whereas DII’s bought 68 cr. Consequently up till now in the MAY F&O series, FII’s have been net seller in the cash segment to the tune of 400 Cr. while DII’s have bought 1175 Cr. in the cash market.
F&O Segment: On the F&O front FII’s have been net seller for the day to the tune of 797 cr. They sold 378 cr. in Index Future and 732 cr. in Stock Futures along with short liquidation. Also they bought 287 cr. in the Index Option.
Traders can trade safely with levels only and wait for confirmation. More will update during market hours
Today's top pick
In previous session, ASIANPAINTS managed to rip-off the supply zone of 900 with an ease and incremental volumes.
While doing so, the stock has confirmed a breakout from the bullish ‘Ascending Triangle’ and the theoretical target for the pattern comes around 1000 and above.
In addition, the price action is accompanied with positive placement of momentum oscillators on almost all the degree charts which could be a faster momentum.
Thus, we recommend our trader to go long in the counter at cmp for the upside target of 1000+. On the downside, the stop loss should be placed below 855
