FORENOON BETTER
Nifty corrected for the smart rise of Monday . Nifty is
moving between strong support of 6125 and strong resistance of 6325 for the
last Seven weeks and can be expected to break either side decisively sooner
than later. Nifty spot is expected to encounter resistance at 6280, 6315 and
find support at 6205, 6170, for Wednesday. While Global cues, Q3 results, and
Funds flow are expected to
broadly guide the market movement, based on the present market position ,
market can be expected to remain better in the forenoon and experience zigzag
movements thereafter.
Nifty
Review for Tuesday, 14th
January, 2014 :: Market in Pullback Mode
..!!
After the smart gain of Monday, market pulled back and
corrected about 0.50%. 36 of Nifty stocks closed in the red and broader market
too was negative with Advance Decline ratio placed at 1:1.3. Barring Pharma
index, all other indices closed in the red led by Media, Metal, Realty, Bank
and IT. Cipla, Lupin, Cairn, Indusind Bank, Dr Reddy remained major gainers among Nifty stocks while Tata Steel, DLF,
NMDC, Jindal Steel, Ranbaxy remained losers.
Among F&O stocks,
Adani Enterprises, CESC, Cipla, Lupin and Hexaware gained with higher Open Interest indicating
fresh long positions while Dish TV, Zee, Tata Steel, Canara Bank, Jindal Steel
and PFC declined with higher Open
Interest suggesting fresh short positions.
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