Results to Watch
- Canara Bank
- Century Textiles
- Emami
- Pantaloon
- PiramalEnt
- Tube Investment
- United Bank
FII & DIIs Activity on 3rd May:
FIIs bought Rs 387 cr in cash while DIIs were net seller to the tune of Rs 405 cr.
FIIs Activity during the last week:
FIIs bought to the tune of Rs 1206 crore during the last week.
Stock Market on 05th May 2014
US Stock closed in red, NASDAQ closed 0.1 % down while Dow and S&P closed 0.3% down on Friday. Europe mixed trend were seen, FTSE up 0.2% while DAX and CAC closed down 0.5%. SGX Nifty trading 13 points up.
India to open flat to positive taking cues from SGX Nifty. Market is sell on rise as it lacks conviction at this point of time. One should play with minimum amount.
Indian markets are likely to remain under pressure in the trading sessions before the LokSabha election results, due to the mounting numbers of bearish derivatives bets by foreign institutional investors (FIIs). In the F&O segment, the open is lower than usual, which means people have turned cautious prior to the election results.
If Nifty breaches the key support level of 6,650, selling pressure will mount. On the higher side, if the Nifty is able to breach 6,850-levels, strong buying could emerge.
Technical:
The weekly chart has also given a sell signal. 6705-6730 is the most critical zone maintaining above this level is important for Nifty to continue the bull trend. Trading below this means persistent weakness.
Strong Nifty Support and Resistance:
Next strong resistance: 6737 – 6752
Strong support: 6668 – 6646
Fundamental Pick: Buy BEML Target Rs 450
Technical Call of the Day:
1). Sell Sun Pharma Advance Target Rs 157 , S/L 175
2). Buy Mangalore Chemicals Target Rs 78, S/L 70
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