NIFTY OUTLOOK FOR 28th NOVEMBER & MARKET REVIEW OF 27th NOVEMBER

SCRIP SPECIFIC MOVEMENT

Nifty closed flat and appears in a narrow range between short term support and resistance. 6025 can be considered strong short term support and 6175 can be considered resistance.  Nifty spot is expected to encounter resistance at 6100, 6135 and find support at 6020, 5985 for Thursday. While Global cues and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to display volatile movements with alternate bouts of bullishness and bearishness and scrip specific movements are most likely in view of the last day of Derivative expiry.

Nifty                               6057        -2

Review for Wednesday, 27th November, 2013 :: Lackluster Movement  ..!!

Market traded in a narrow range and closed flat for the day. Market appears to be in a cautious mood ahead of F&O expiry and on the eve of mini election battle. 29  of Nifty stocks closed in the red  and broader market too was negative  with Advance Decline ratio placed at 1:1.4. Auto, FMCG, Metal indices gained while IT, Infra, Realty, PSU Bank and Pharma indices slipped. Tata Motors, BPCL, Grasim, Ultra Cement, Axis Bank  remained  gainers among Nifty stocks while JP Assiociates, Power Grid, Bharti, DLF, NTPC  remained major losers among Nifty stocks. 

Among F&O stocks,  HDIL, Voltas, PTC, UPL, JSW Steel     remained  gainers  while Adani Ports, JP Associates, Orient Bank, Glenmark, Siemens, LIC Housing      remained  major losers.

Inputs provided by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

He can be reached @sastry.saaketa@gmail.com

09848014561

SENSEX ENDS IN RED AFTER CHOPPY SESSION 

The benchmark Sensex fell 5 points after a choppy session today on the eve of the expiry of November derivative contracts and ahead of GDP and fiscal deficit data due on Friday. Heavyweights Infosys and Reliance Industries dragged the index lower even as ITC and Tata Motors provided some support. Bharti Airtel, NTPC and State Bank of India were the biggest of the 16 losers on the Sensex.

The S&P BSE Sensex opened higher at 20,449. It traded within a band of 20,348.06 to 20,482.67 before closing at 20,420.26, a drop of 4.76 points or 0.02 per cent. US is nearing the Thanksgiving holiday weekend, also impacted market movement across the globe. Indian markets too are seeing sideways movement. The 50-share CNX Nifty on the National Stock Exchange eased by two points to 6,057.10. Power, realty and IT shares led six of the 13 BSE sectoral indices down. IT stocks fell as the rupee continued to strengthen against the dollar, reducing the value of their overseas earnings when converted into the local currency. Fresh capital outflows affected sentiment. Overseas investors sold a net Rs 339.16 crore of shares yesterday, according to provisional data on the stock exchanges. The decline in the markets was stemmed by consumer durables and FMCG sector shares, which advanced. Brokers said there was volatility in the market as some investors booked profits while others sought to cover their pending long positions before the expiry of futures and options contracts tomorrow. The quarterly GDP estimate for July-September and fiscal deficit data is scheduled to be released on November 29. The rupee traded stronger at 62.2 levels against the dollar after a disappointing report on US consumer confidence in November.

SENSEX LOOSERS

The major Sensex losers were Bharti Airtel (-1.76 pc), NTPC (-1.41 pc), SBI (-1.23 pc), Sesa Sterlite (-1.22 pc) and Wipro (-1.06 pc). Hero MotoCorp was unchanged while Tata Motors firmed up 2.31 pc, ITC 1.03 pc, ONGC 0.98 pc, Coal India 0.84 pc and Dr Reddy's Laboratories 0.77 pc. Among the S&P BSE sectoral indices, Power fell 0.88 pc, Realty 0.77 pc, IT 0.66 pc and Teck 0.65 pc, while Consumer Durables rose 1.37 per cent, FMCG 1.03 pc and Auto 0.97 pc. The market breadth remained negative as 1,362 stocks ended lower, 1,111 finished higher and 158 ruled steady. Total turnover dropped sharply to Rs 1,828.15 crore from Rs 3,944.46 crore yesterday.