Trading ideas for 08/07/2011

Trading ideas for 08/07/2011(Friday)


INTRA CALLS WILL BE IN COMMENT SECTION AFTER 11AM

Breaking 5660 nifty went to 5750 due to short covering.

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CASH MARKET

FII +868
DII -161

FII DERIVATIVES

Index +601
Option +1263

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India VIX : 18.62 up by 0.28 points
Call OI : 31095200
Put OI : 43845100
PCR : 1.410
SMR : 14.10 Bullish

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Nifty Open Interest for July stands at 2,25,98,050 up by 9,23,650 with increase in price (HugeLong Buildup)

Bank Nifty Open Interest for July stands at 10,30,425 down by 31,750 with increase in price (Short Covering)

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For 08/07/11 NF may take support at 5730

Above 5730 NF may rally up to 5775

Below 5730 NF may correct up to 5690
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NIFTY LEVELS

Nifty future's projected high and low for next session is 5780 and 5690 (use this projection with other indicators). Nifty future's immediate support now comes around 5730 zone. If sustains that zone then it will towards 5770 zone. Crossover and sustenance above 5770 will show buying to 5810 level itself. But if cannot sustain above 5730 level it will again retest 5705 and this time below 5705 a real free fall will be seen which may take Nifty future upto 5660 zone.

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OPTION DATA ANALYSIS
As per OI Table 5800CE, which has the highest OI from call side is immediate strong resistance with nothing much to fall back upon. Whereas 5600PE is right now the immediate support with 5500 (highest OI) giving good support. Range for this series which just got expanded on the upper side is 5550 - 5820 with 5660 as the Pivot.

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Expected Bullish Stocks For 08/07/2011: JINDALSWHL, ICICIBANK, LUPIN, OFSS, FEDERALBNK.

Expected Bearish Stocks For 08/07/2011: GESHIP, SUNTV, STER .

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