SELL ON RISE
Market has been falling for the last Three days and unless
global cues give a big boost , short term top appears to be in place and
further correction of another 100 – 150 points can be expected on Nifty before
it could rebound. However, one more negative close is necessary to confirm
short term weakness. Nifty spot is expected to encounter resistance at 6275, 6310
and find support at 6200, 6165, for Thursday. While Global cues and Funds flow
are expected to broadly guide the market movement, based on the present
market position, market can be expected
to recover in view of the oversold
positions on intraday charts . However, any smart rise may be utilized to exit
long positions and create hedged short positions.
Nifty
Review for Thursday, 12th
December, 2013 :: All round Bearishness
..!!
Markets fell for the Third day in succession and closed with
a loss of more than 1% and the entire weekly gain is eroded with Thursday’s
fall. All sectoral indices closed in the negative led by Auto, Metal, Bank,
Energy, Pharma etc., 40 of Nifty stocks closed in the red and broader market
too is negative with Advance Decline ratio placed at 1:2. Tata Power, Ranbaxy,
HDFC, JP Associates and Lupin closed in the green among Nifty stocks while Tata
Motors, Indusind Bank, Ambuja Cement, ONGC, Coal India remained major losers
among Nifty stocks.
Market fell ahead crucial statistical statistical numbers. Next week too is crucial
in view of RBi policy and Fed meet. Markets were nervous as Fed tapering news is making rounds once
again.
Among F&O stocks Mc Leo Russel, Tata Power, UBL, Bata
India and MRF remained major gainers
while Adani Enterprises, Tata Motors, Indusind Bank, PFC, Allahabad Bank
remained losers.
Inputs provided by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
He can be reached @sastry.saaketa@gmail.com
09848014561
The benchmark Sensex retreated for the third day in a row from an all-time high, dropping 246 points to close below the 21,000 level today ahead of inflation and industrial production data that may have a bearing on the RBI's policy next week. Sentiment was also weighed down by weak global trends on increasing expectations the US Federal Reserve would soon start tapering its monetary stimulus programme. It was the biggest drop in three weeks for the index, which was dragged lower by Tata Motors, ICICI Bank, ITC and Reliance Industries. Auto and bank stocks led 11 of the 12 BSE sectoral indices down, with the power index the sole gainer. The 30-share S&P BSE Sensex resumed lower, in line with feeble Asian cues on the back of a sharp fall on Wall Street yesterday, and moved in a narrow range. Fag-end selling pulled the index further down and it ended at 20,925.61, a fall of 245.80 points or 1.16 per cent. It was the biggest drop since November 21. The index has lost 400 points in three sessions. The 50-share CNX Nifty on the National Stock Exchange slumped 70.85 points, or 1.12 per cent, to 6,237.05. The SX40 on the MCX Stock Exchange fell 136.94 points to 12,432.57.
SENSEX 246 POINTS DOWN
The benchmark Sensex retreated for the third day in a row from an all-time high, dropping 246 points to close below the 21,000 level today ahead of inflation and industrial production data that may have a bearing on the RBI's policy next week. Sentiment was also weighed down by weak global trends on increasing expectations the US Federal Reserve would soon start tapering its monetary stimulus programme. It was the biggest drop in three weeks for the index, which was dragged lower by Tata Motors, ICICI Bank, ITC and Reliance Industries. Auto and bank stocks led 11 of the 12 BSE sectoral indices down, with the power index the sole gainer. The 30-share S&P BSE Sensex resumed lower, in line with feeble Asian cues on the back of a sharp fall on Wall Street yesterday, and moved in a narrow range. Fag-end selling pulled the index further down and it ended at 20,925.61, a fall of 245.80 points or 1.16 per cent. It was the biggest drop since November 21. The index has lost 400 points in three sessions. The 50-share CNX Nifty on the National Stock Exchange slumped 70.85 points, or 1.12 per cent, to 6,237.05. The SX40 on the MCX Stock Exchange fell 136.94 points to 12,432.57.
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