Nifty moved in a very narrow range over the last 8 trading sessions suggesting a “Big move “ in the offing as contraction in volatility leads to expansion. Nifty closed with minor gain amid lackluster movement on the last trading day of the calendar year. However, Nifty, in short term bullishness, would become weak only on a close below 6270 mark. Nifty spot is expected to encounter resistance at 6345, 6380 and find support at 6265, 6230, for Wednesday. 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 display dual / zigzag movements with alternate bouts of bullishness and bearishness.
Review for Tuesday, 31st December, 2013 :: Narrow Movement with minor Bullish Bias ..!!
Market continues to remain in a very tight trading range with absolutely narrow movements. 2013 ended with a gain of more than .6.50% for Nifty (up from 5900 to 6300). 34 of Nifty stocks ended in the green and broader market too was marginally positive with Advance Decline ratio at 1.25 :1. Energy, Infra, Media, Realty indices gained while Metal index remained subdued. BHEL, Maruti, Jindal Steel, M&M and Tata Steel closed in the red while IDFC, JP Associates, Tata Power, Ultra Cement, HCL Tech remained major gainers among Nifty stocks.
Among F&O stocks, IDEA, Adani Enterprises, Adani Power, HDIL, Zee remained major losers with additional Open Interest indicating fresh short positions while REC, PFC, Century Textiles, Dish TV remained gainers with additional Open Interest indicating fresh long positions.
Inputs provided by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
He can be reached @firstname.lastname@example.org