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Tuesday, 6 May 2014

Nifty analysis forecast for 7 May 2014 - 6 May 2014

Nifty analysis for 6  MAY 2014

Nifty again remained subdued today with range of 6743 - 6701. There was good stock specific action like yesterday and many stocks posted back to back gains like LT, ICICIBANK, TATASTEEL, RELIANCE. 

Nifty has now formed a solid base at 6700 and is ready to take off towards north. Pre-election rally is now in its last stages. Operators want to take Nifty up yet again, so they are skillfully changing the direction. Otherwise Nifty should have fallen sharply from here. Many stocks are at the tip of falling sharply, but they are expected to take a U turn for some days.

Today's turnover is abysmal indicating good rally coming up. No one is ready to buy and no one is ready to sell too at 6700 now. Such patterns were formed last time in January 2014 when Nifty took support at 6150 and tested 6400 before falling sharply.

FII trading activity on NSE,BSE and MCX-SX in Capital Market Segment(In Rs. Crores)
Category Date Buy Value Sell Value Net Value
FII 6-May-2014 1702.111656.1845.93
DII 6-May-2014 1352.011407.74-55.73

And in derivative segment FII continued their stock futures selling. Today 444 Cr Nifty futures were sold taking the tally to 2466Cr for May 2014 series. 

Nifty future premium now stands at 31.4.
MAY 2014 SERIES TURNOVER ( Cr )
INDEX FUTURES -2466.40
INDEX OPTIONS 837.45
STOCK FUTURES -1438.73
STOCK OPTIONS 203.19


FII DERIVATIVES STATISTICS FOR 6-MAY-2014
BUY SELL OPEN INTEREST AT THE END OF THE DAY
No. of contracts Amt in Crores No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES
23539
788.94
36678
1233.37
259298
8700.26
INDEX OPTIONS
139789
4809.54
161258
5444.89
1476825
49523.21
STOCK FUTURES
59444
1824.72
65669
2019.25
1247201
38171.02
STOCK OPTIONS
19205
598.06
18266
573.01
49629
1518.09

Stock ideas update

IDFC finally breaks 110, stay away.
ICICIBANK stock idea is presented here : 
http://blog.tracknifty.com/2014/05/icicibank-trading-idea-for-7-may-2014-6.html

Trade update

We are still holding our Nifty long position. We are eyeing target of 6820 with stop loss of 6690.

Nifty forecast for 7 MAY 2014

We are expecting Nifty to gain 1.6% tomorrow.

Advice for traders

Buy Nifty tomorrow with stop loss of 6700 for target of 6750 - 6820.


Anjum S Khan
admin@tracknifty.com
Admin/Analyst
TrackNifty.com