24-04-2012 Nifty, Bank Nifty View and Trading Levels.

Nifty on Monday:- Indian Markets ended in red for the second straight day on the back of weak global markets, led by IT major Infosys on reports that the company is under scrutiny from the US Department of Homeland Security (DHS) for likely errors in employer eligibility documents of its staff working in the United States, with Nifty losing 1.71%. All sectors ended with loss of 0.39% to 3.23% led by Realty, Infra and Metal stocks.

European markets witnessed volatile trade and recovered from day lows to close with gains of 0.46% to 1.92% on Friday. US markets traded volatile to close mixed with DOWJONES and S&P 500 adding 0.50% and 0.12% respectively, while NASDAQ lost 0.40% on Friday. All Asian markets closed in red with loss of 0.10% to 1.84%.

Tracking weak Asian markets Nifty opened negative at 5277.40, recovered immediately to hit day’s high of 5310.55 in the first hour of trade and traded in a range of 5304-5286 till morning session. Selling pressure led by Infosys added by weak European markets dragged Nifty to hit day’s low of 5187 and closed at 5200.60, losing 90.25 points from previous close.

As per the derivative and options data, the overall Volume PCR stands at 1.08 as against 1.06. This indicates profit booking and fresh short positions in Index Futures, with huge addition of open interest in call options and unwinding of put options in Index option segment in the Markets. FII’s sold 407.49 crores in Equity and 110.64 crores in F&O (sold 508.25 crores in Index Futures, 177.33 crores in Stock Futures, and bought 510.84 crores in Index Options, 64.10 crores in Stock Options), whereas DII's bought 451.70 crores (highest in 2012) in equities. This indicates FII's continue to book profits in all segments of the markets, with hedging done in options, whereas DII's have bought at lower levels in markets.

Yesterday, we have written that for intraday trading on Monday, support at 5225 for Nifty Futures. For paid clients we have given 5315 as resistance and 5190 as last support. Just check your data, Nifty Futures opened flat at 5297 and inched to hit day’s high of 5314.65, exact to our resistance of 5315 in the first hour of trade. Respecting our support and resistance levels Nifty Futures witnessed range bound trade between 5190-5311 for the next one hour and selling pressure at higher levels dragged Nifty Futures to 5256.70, just 3.30 points to our first major support of 5260 around noon. Negative opening and further selling in European markets dragged Nifty Futures to hit day’s low of 5182.25, once again almost exact to our last support of 5190 and closed at 5198.60.

We also gave 5180 as support for Nifty Spot and for paid clients we gave 5300 as resistance. Nifty Spot almost tested our levels to hit high of 5311, crashed to hit low of 5187, and closed at 5200.60. For Bank Nifty Spot we gave 10170 as support and paid clients we gave 10530 as resistance. Bank Nifty almost respected our levels to hit high of 10521, low of 10207 and closed at 10243. For Subscription Details, Visit:- http://nseind.blogspot.com/p/subscription_03.html.

Nifty Future levels for Tuesday:- Resistance at 5290, 5??? and Support at 5145, 5???. More accurate details for paid subscribers only. For Subscription Details, Visit:- http://nseind.blogspot.com/p/subscription_03.html

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Trading Range for Nifty Spot on 24-04-2012 will be between 5325-5075.

Important levels to watch:- 

Nifty Spot:-

Resistance at 5260, 5325 and Support at 5140, 5075.

Bank Nifty Spot :-
Resistance at 10400, 10570 and Support at 10090, 9920.

Expected Bullish, Bearish and Neutral Stocks in Nifty on 24-04-2012

Bullish Stocks:-
ACC, DRREDDY, GAIL, GRASIM, HCLTECH, HDFC, HDFCBANK, ITC, KOTAKBANK, NTPC, ONGC, RANBAXY, RELIANCE, SAIL, SUNPHARMA, TATAMOTORS, TATAPOWER, TATASTEEL.

Bearish Stocks:-
AMBUJACEM, AXISBANK, BAJAJ-AUTO, BHARTIARTL, BHEL, BPCL, DLF, HINDALCO, ICICIBANK, IDFC, INFY, JINDALSTEL, JPASSOCIAT, RCOM, RELINFRA, RPOWER, SESAGOA, SIEMENS, STER, WIPRO.

Neutral Stocks:-
CAIRN, CIPLA, COALINDIA, HEROMOTOCO, HINDUNILVR, LT, M&M, MARUTI, PNB, POWERGRID, SBIN, TCS.

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