A WIDE RANGE DAY
Nifty traded in a narrow range amid scrip specific movement.
Broader market was quite positive. In view of the narrow movement during the
last Three days, a wide range day can be expected within the next Two days. A
directional movement can be expected after a string of narrow movement
days. Nifty spot is expected to
encounter resistance at 6320, 6355 and find support at 6240, 6205, for Friday.
While Global cues and Funds flow are expected to broadly guide the market
movement, based on the present market position , a wide range day with huge
movement can be expected with positive bias.
Nifty
Review for Wednesday,
26th December, 2013 :: Narrow
movement ..!!
Market traded in a narrow range and closed with a small
increase. 22 of Nifty stocks closed in the red and broader market was quite positive with
Advance Decline ratio of nearly 2:1Bank Nifty, Metal, IT and Infra indices gained while Pharma, Auto and Realty
indices declined. Tata Power, ONGC, BPCL, Wipro, HDFC Bank stood out gainers
while Bajaj Auto, Hero Motors, Dr Reddy, Lupin and PNB remained major losers among Nifty stocks.
December F&O series closed with a gain of about 3%
within a small range. New Derivative series would be commencing from Friday and
in case Nifty closes above 6300, positive trend can be expected.
Inputs provided by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
He can be reached @sastry.saaketa@gmail.com
09848014561
SENSEX UP 42 POINTS
The benchmark Sensex ended 42 points higher
today, the last day of equity derivative contracts, led by HDFC Bank,
Infosys and ONGC. The initial trading trend was firm after a rally in
Asian stocks, although the lack of any major trigger amid the Christmas
break kept the market within a tight range, a broker said. The 30-share
S&P BSE Sensex opened higher and traded in a narrow, positive range
until the afternoon. The index then moved erratically on alternate
bouts of buying and selling, touching the day's high of 21,135.85.
Futures contracts in the country expire on the last Thursday of every
month. The Sensex closed at 21,074.59, a gain of 41.88 points or 0.20
per cent. The broader, 50-share CNX Nifty on the National Stock Exchange
rose 10.50 points, or 0.17 per cent, to 6,278.90. The SX40 on the MCX
Stock Exchange rose 23.10 points to end at 12,533.26. HDFC Bank,
Infosys and ONGC together lifted the Sensex by about 59 points, while
Reliance Industries and TCS dragged it lower. Power shares led nine of
the 12 BSE sectoral indices higher. The absence of foreign funds from
the market due to year-end holidays affected trading volumes, brokers
said. Foreign institutional investors slowed their purchases and bought
shares worth a net Rs 40.67 crore on Tuesday, according to provisional
data from the stock exchanges.
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