Special Indian Equity Market Report By MarketMagnify

Equity Market

       The BSE benchmark index ended above the 19,000 level for the first time since April 2, while the benchmark 10-year bond yields fell to their lowest since July 28, 2010. Gains also tracked a rebound in European shares as this week's brutal sell-off, provoked by concerns about global economic growth, and lured back some investors looking for bargains.

Technical View

The Indian equity market ended almost unchanged after sliding for two previous weeks as the NSE Nifty index found strong support at around the 200 Day moving average and the 38.20% retracement level for entire rally since May 2012. We expect, the Nifty to continue with the upward momentum in the coming days. The pullback in the coming days would possibly be led by the Banking stocks in addition; a close above 5720 would further accelerate the bullish stance.

F&O View

Long rollover was seen in Nifty and Bank Nifty future, which rolled ~52% and ~55% respectively into the next series. Short covering was seen in Banking, Metals and Telecom sectors. On option side, maximum open interest for call is at 6000 strike, while for the put stood at 5600 strike. Put writing was seen at April 5600 and 5500 strike. While some call buying was seen at April 5700 strike. Nifty range for next week might be around 5600-5850.

·         Shares of auto battery makers gain on expectations of better

·         Margins after prices of lead, a key raw material for batteries,

·         Tumble near October 2012 lows.

·         Lead prices have fallen 11.4 percent so far this year

·         As of Wednesday's close.

·         lead constitutes about 80 percent of battery

·         Makers' input costs.

·         Exide Industries Ltd gain 1.2 percent

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