NIFTY OUTLOOK FOR 31 & REVIEW OF 30

CLOSING SUBDUED

Nifty closed with minor decline amid lackluster movement. However, Nifty, in short term bullishness, would become weak only on a close below 6255 mark.  Nifty spot is expected to encounter resistance at 6330, 6365 and find support at 6250, 6215, for Tuesday. While Global cues and  Funds flow  are expected to broadly guide the market movement, based on the present market position , while forenoon can be expected to be relatively better, closing could remain subdued. Further, current week would turn bullish only on a close above 6340.

 Nifty                               6291     -23

Review for Monday, 30th December, 2013 ::  Lackluster Movement with minor Bearish Bias   ..!!

Absensce of active institutional participation due to global holiday season seem to be impacting market movement. Market movement was subdued and closed with a minor decline. While Sensex closed above 21000 mark, Nifty closed below 6300 level. 32 of Nifty stocks declined  and broader market too was flat  with Advance Decline ratio placed at around  1:1. Metal, Media and FMCG indices gained while Realty, PSU Bank, IT, Auto and Infra indices declined. BHEL, Coal India, HDFC, Reliance, Hind Unilever remained major gainers among Nifty stocks while DLF, ACC, Ranbaxy, JP Associates, Ultra Cement were the major losers.

Among F&O stocks,  Colpal, Ashok Leyland, Mc Leo Russel, Godrej Industries, BHEL         remained  major gainers  while India Cement, DLF, Adani Enterprises, REC , FRL       closed in the negative.  

Inputs provided by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

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

09848014561

 

SENSEX DOWN 52 POINTS

The benchmark Sensex fell for the first time in three days today, slipping 51 points amid profit booking and caution after the Reserve Bank of India said any political instability after next year's general election would further hurt the economy. Realty, IT and bank stocks led eight of the 12 BSE sectoral indices lower. Infosys and ICICI Bank were the biggest drag on the index. Bajaj Auto and Mahindra & Mahindra were among the major Sensex losers. BHEL and Coal India led the 14 index gainers and Sesa Sterlite firmed up after it was allowed to resume mining operations in Karnataka after two years. RBI Governor Raghuram Rajan, in his foreword to the eighth edition of the RBI's Financial Stability Report 2013 released this morning, said any political instability will lead to a further erosion of investor confidence in the economy and that a stable new government would be desirable. The S&P BSE Sensex opened higher and rose to 21,304.70 on initial support on the back of foreign capital inflows and firm Asian cues. However, it declined to 21,089.21 before ending at 21,143.01, a loss of 50.57 points or 0.24 per cent. It had gained 160.87 points in the previous two sessions. The CNX Nifty on the National Stock Exchange fell 22.70 points, or 0.36 per cent, to 6,291.10. The SX40 on the MCX Stock Exchange slid 41.89 points to 12,552.70. The RBI said the country is ready for the US Federal Reserve's tapering and pegged India's current account deficit at less than 3 per cent for this financial year. Rate-sensitive stocks were down after Rajan said high inflation is limiting the central bank's ability to boost growth with an accommodative monetary policy. Foreign institutional investors bought shares worth a net Rs 295.76 crore last Friday, according to provisional data from the stock exchanges.