NIFTY OUTLOOK FOR 17th & REVIEW

MIDSESSION SUBDUED

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty closed flat for the day unable to close past 6325 resistance level. Nifty spot is expected to encounter resistance at 6360, 6395 and find support at 6280, 6245, for Friday. 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 subdued in the midsession and might recover mildly towards close.

Nifty                               6319     -2

Review for Thursday, 16th January, 2014 ::  Flat Close ..!!

After a huge upmove during the week, market traded in a narrow range and closed flat for the day. 27 of Nifty stocks closed in the green but broader market continues to be negative with Advance Decline ratio at 1:1.6. Metal, IT, Realty indices gained while Infra, Pharma, FMCG, Media and Auto indices declined. HCL Tech, Coal India, Ultra Cement, Hindalco, Wipro remained major gainers among Nifty stocks while Bharti, Tata Motors, Sun Pharma, ONGC and Ranbaxy remained losers among Nifty stocks.

Among F&O stocks,  Bharat Forge, HCL Tech, JSW Steel, PTC and Coal India    gained with higher Open Interest indicating fresh long positions while IDEA, Bharti Airtel, Mc Leo Russel, RCom, IRB   declined with higher Open Interest suggesting fresh short positions.

PROFIT BOOKING PULLED DOWN SENSEX

The benchmark Sensex gave up initial gains and dropped 24 points from a near-record level today, led by Bharti Airtel, amid profit booking and a mixed trend in overseas stock markets. Bharti Airtel fell almost 5 per cent as telecom stocks dropped on concern Reliance Jio Infocomm's participation in the upcoming spectrum auction may hurt their market share and profitability. Idea Cellular, Reliance Communications, Tata Teleservices, Tata Communications and MTNL dropped. Tata Motors and Sun Pharma were among the 16 Sensex shares that declined. Seven of the 12 BSE sectoral indices fell, led by auto, FMCG and healthcare stocks. Some IT shares were in demand after HCL Technologies, the country's fourth-largest software services exporter, logged a 52-week high after posting a 58.4 per cent rise in profit. The 30-share S&P BSE Sensex resumed strong on an initial rally in Asian stocks and touched a high of 21,379.29, the second-highest intra-day level after touching 21,483.74 on December 9. The index then dropped to end at 21,265.18, a fall of 24.31 points or 0.11 per cent. Yesterday, the Sensex had risen 256.61 points. The CNX Nifty on the National Stock Exchange ended almost flat -- down two points to 6,318.90. "Telecom stocks fell by 4 to 7 per cent...Global markets were flat to negative and also weakened market strength," said Rakesh Goyal, Senior Vice President at Bonanza Portfolio Ltd. Foreign institutional investors bought shares worth a net Rs 713.29 crore yesterday, according to provisional data from the stock exchanges. 

 INFOSYS MOST INFLUENTIAL STOCK

IT major Infosys today regained its status as Indian stock market's most influential stock in key benchmarks, pushing FMCG giant ITC to the second position. At close of trade today, Infosys commanded a weight of 8.67 per cent at the 50-share Nifty, while ITC had 8.66 per cent weight. As per BSE website, Infosys is now the top holding in 30-share S&P BSE Sensex, followed by ITC. Shares of Infosys ended 0.38 per cent higher at Rs 3,724.70, while ITC was down 0.81 per cent at the BSE. Infosys has held the most influential status during various periods in the past. It was toppled by ITC and RIL thereafter. Weight of a stock is measured by the value of a company's free-float or non-promoter shares that can be freely traded in the market. Infosys stock rallied 8.63 per cent in the past six sessions. The stock touched its 52-week high of Rs 3,737 today. The country's second-largest software services firm Infosys recently posted a 21.4 per cent rise in net profit and raised its revenue growth outlook for this financial year. Others in the top five are Reliance Industries Ltd, Tata Consultancy Services and Housing Development Finance Corp. In terms of market capitalisation, TCS is the most valued company with a valuation of Rs 4,60,565 crore, followed by RIL (Rs 2,86,036 crore), ITC (Rs 2,58,459 crore), ONGC (Rs 2,45,542 crore) and Infosys (Rs 2,13,885 crore).