29 April 2014


"Buy Unitech 20 Call @.80 TG 1.20,2.80 SL .40"
"Sell Tatasteel Future below 405 TG 401,398 SL 408"
The market dropped in early trade after opening high at the level of 6822 .It extended initial losses and hit fresh intraday low 6742  in morning trade. It trimmed intraday losses in early afternoon trade. Key benchmark index  continued hovering in negative territory in afternoon trade.. The Nifty future  fell 56 points to 6,764 , its lowest closing level since 16 April 2014. The index hit a high of 6,822  in intraday trade. The index is poised for a crucial session—either the index posting a much lower low around the 6750-mark or less and then bouncing back to close above 6800.
Else  if it closes around the 6730-mark indicating great weakness. If the latter scenario pans out, we might see the index testing 6680 or it hits even the support zone between 6640 and 6620 shortly. Thus, price action during the day would be quite critical. 
Traders are advised to don't take overnight position due to holiday on Thursday i.e. 1st May  
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RESISTANCE: 6760, 6790, 6820
SUPPORT:  6730, 6700, 6680

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