Market Overview And Technical Outlook

Markets opened lower, traded in a narrow band and witnessed selling in the final hour of the trading session which led the index to close in red. On the sectoral front Metal, Oil & Gas, Capital Goods and Health Care contributed to the fall. The advance decline ratio was in favour of Decline counters (Advances = 1313/Declines = 1449). 

Pattern Formation : On the Daily chart,I'm observing a bear candle near the 200-day SMA. At present the 200-day SMA is at 5636 spot  level. 

Future Outlook  : In view of the above pattern formation it is evident that the 200-day SMA which is at 5636 holds significance. In coming trading session if nifty holds 5636 levels then a nifty may test 5700 – 5750 levels. On the other hand if it breaks the 5636 then next support is at      5600 – 5550 levels. In such scenario the positive divergence on the Elliot oscillator will be negated

Data Alert From India –
 RBI to meet bankers for pre-policy discussions.

Data Alert From Overseas -
 Japan Monetary Policy Statement
 BOJ Press Conference
 Spanish Services PMI at 12:45 pm
 Italian Services PMI at 1:15 pm
 ECB Press Conference at 6:00 pm
 US Unemployment Claims at 6:00 pm
 Fed Chairman Bernanke Speaks at 8:00 pm

Domestic Stock Specific News –
 PM says current acct deficit expected to be lower than 5% of GDP FY14
 PM says returning to 8% growth needs speedy, decisive govt action
 India HSBC services PMI falls to 51.4 in Mar from 54.2 in Feb
 CERC for compensatory tariff to Adani Mundra unit for some time
 HCL Tech, North Carolina New Schools to start online educational hub
 Aurobindo gets US FDA tentative OK for generic Atripla tablets
 Court OKs scheme of amalgamation of cos to create Sesa Sterlite
 TVS Motor in talks with BMW motorcycle division for tech tie-up
 RBI to detail FY14 annual monetary policy on May 3
 Mahindra Two Wheelers sold 5,398 scooters in March
 HT Media, DB Corp's radio arms enter into strategic sales alliance
 LIC Housing Fin to raise 2 bln rupees via 5-yr bonds at 9.11%

International News -
 US ADP Non-Farm Employment increased by 158000 jobs in March.
 US March ISM Non-Manufacturing PMI at 54.4 vs 56.0..


 Open Interest of derivative segment increased to Rs 71982.87 Cr vs Rs 70500.05 Cr.
 FIIs net sellers in index future to the amount of Rs 722.15 Cr and in index options net buyers to the amount of Rs 878.80 Cr.
 Put-Call Ratio at 0.90 vs 0.92. (Bullish).

Levels for Bears

Well.......Today's Below.................5680.00 future Once Again, BEARS will have, UPPER-HAND in DALAL STREET, and below that LEVEL, Nifty Future, may try to hit, 5663.00 and than...5641.00 too in Today's Trading Session...So, Watch out these CAREFULLY.........

More Pain, but only and only below , 5630.00, below that Mark, Nifty Future may try to hit, 5610.00 and 5580 too in days to come.

Levels for Bulls

Well.......Today's Above........................5703.00 future Go Long..............and Above, that Level, NIFTY FUTURE, may try to hit, 5723.00 and than............5743.00 to in Days to come..............