Record food grain production to 236MT likely to ease pressure on food price inflation. Still fears of a spike in inflation led by higher crude prices weighed on the sentiment. Record inflow in EMS likely to drive the emerging markets stocks.
Expects markets to trade in range, momentum will continue in Mid Caps. VIX closed @ 20.36 up from its previous closed. A short build-up was seen on Wednesday in Nifty. The Nifty April futures closed on premium than Nifty spot for 3 consecutive days of the week. A short build-up was seen in 6000-5900 and 5800 calls with a 5.66%, 13.20% and 4.25% in-crease in OI, respectively. The Nifty may find important support zone at 5600-5700 levels and resistance at 6000-6100 levels.
Cairn deal on limbo over the royalty & cess issues. Talks of merger of BSNL with ITI & MTNL likely to provide momentum to ITI & MTNL. Idea to bear the blow of Rs3bn penalty. IGL looks good on quality gas pricing policy.
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www.technicalsvishaldangaich.blogspot.com
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http://www.technicalls.webs.com/
Vishal Dangaich
"If someone feels that they had never made a mistake in their LIFE, then it means they had never tried a new thing in their LIFE" - Albert Einstein
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