Daily Market Strategy -- IIFL IJK Smart Start For Market with Moody’s Boost & Global Gains With crude cooling, the government is warming up to put in place a series of measures to overcome the dismal tax collections. Higher duties on crude and petroleum products is on the agenda as the government hopes the consumers won’t feel the pinch even as the exchequer improves its finances. Any flare up in crude and all calculations could go awry. But life goes on and the government seems ready to put the country on track for 8% growth in the intermediate term and an even faster pace beyond that, says a report. The Global Macro Outlook report issued in London by Moody’s says, the United States, United Kingdom and India will continue to post solid growth in the coming two years despite a slowdown in the Eurozone and other areas. That could cheer the market at start and take indices to new highs at least intra‐day. Global cues are encouraging to begin with. Power Grid Corporation of India results will be in focus besides a lot of companies in the mid‐cap space. HCC could be in the limelight following reports that Lavasa Corporation, the realty arm of HCC, has received Sebis approval for raising Rs.750 crore through an initial public offer (IPO). Markets traded in narrow range on Monday but managed to sustain above 8,300 throughout trading session with momentum turning into mid caps and small caps. We expect Nifty to consolidate in range of 8,300-8,400 in the near term before clear direction emerges. Nifty Support : 8266 Nifty Resistance : 8383 Nifty made a comeback in second half, closing in positive note near 8350 levels on spot, however premium on spot to futures reduced from 45 to 35 points. The provisional cash figure indicates muted buy figure from FIIs, which is getting absorbed by DIIs net sell figure, markets breath remained mixed on nifty stocks. FIIs long/short in index future stood at 5.97x from FIIs, with some minor unwinding of longs was visible at higher levels. On option front, aggressive writing across the strikes from 8200 to 8500 levels, suggesting smart money playing for a range trading on nifty, with upper band resistance visible at 8450-8500 zone. The maximum OI concentration still stands at 8000 puts, but 8200 puts had seen significant writing in last few session suggesting market support had inched up higher at 8200. While 8500 calls continued to add OI with maximum calls buildup. Stocks in Ban period : IBREALEST
Posted on: Tue, 11 Nov 2014 03:50:12 +0000
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