NIFTY OUTLOOK FOR 16th & REVIEW

GENERALLY BETTER

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty continued its rally after the pullback of Tuesday and is close to strong resistance level of 6325. Nifty spot is expected to encounter resistance at 6360, 6395 and find support at 6280, 6245, for Thursday. 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 with bullish bias  thereafter.

 Nifty                               6321     +79

Review for Wednesday, 15th January, 2014 ::  Rally Continues ..!!

After Tuesday’s correction, market recovered further to close with a gain of more than 1% and the week has already witnessed a rally of about 2%. 45 of Nifty stocks gained but broader market was not so enthusiastic with Advance Decline ratio at 1.05:1. Barring Media, all other sectoral indices led by Bank Nifty, Infra, Realty, Metal and Auto indices gained. Ultratech Cememnt, Bank of Baroda, NMDC, L&T, HDFC remained major gainers among Nifty stocks while Ranbaxy, Cairn, Lupin, BPCL and Sun pharma remained losers among Nifty stocks.

Nifty opened better and after a smart rise fell during the afternoon session and recovered thereafter to close nearer to the day high.

Among F&O stocks,  Coal India, FRL, Bank of India, Bank of Baroda and Canara Bank    gained with higher Open Interest indicating fresh long positions while Ranbaxy, Biocon, Bata India, Aurobindo and JSW Steel   declined with higher Open Interest suggesting fresh short positions.