DSIJ Mindshare

Overall volumes in futures & options currently stand at 84.94 lakh contracts with a turnover of Rs. 5,82,651.92 crore.

The 20-day Exponential moving average, which is placed around 29,653 is likely to act as an immediate support, while on the upside, the zone of 30000-30,150 is likely to act as a resistance level as downward sloping trendline is placed in this region and sustaining above this level decisively would lead to further acceleration of upward momentum.

As long as Nifty (spot) does not close below the swing low of 11,549, every dip would be a buying opportunity. However, the upside at this movement seems limited towards the zone of 11,710-11,760, which would present stiff resistance. However, the momentum is likely to kick in once the index moves out of the range of 11,550-11,760 decisively. Stocks in news: Dr Reddy’s Laboratories, APL Apollo Tubes, Adani Enterprises, Suven Life Sciences, International Paper APPM, ITI, Eris Lifesciences, GMM Pfaudler.

The outlook is a muted start for the Indian markets. Market participants will react to the earnings of IT marquee names TCS and Infosys in early trading and also to the macro numbers released post market on Friday. At the time of writing, SGX Nifty was trading marginal down by 12 points at 11,679. We are of the view that Nifty may spend some more time in a consolidation range, while movement on the stock-specific front would keep the market participants busy.

The stocks that are likely to witness significant movement on the bourses on April 15 are KPI Global Infrastructure, Dixion Technologies, Infosys, Suven Life Sciences and Network18.