ZIG ZAG MOVEMENTS...
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One more mildly positive day with Nifty holding above 6300 mark for the Second day in succession. However, it is unable to pierce the strong resistance zone of 6325 – 6350. Further, Nifty becomes weak only if it closes below 6225. Nifty spot is expected to encounter resistance at 6355, 6390 and find support at 6275, 6240, 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 witness zigzag movements with alternate bouts of bullishness and bearishness.
Nifty
Review for Tuesday, 21st January, 2014 :: Bank Stocks Gain ..!!
Market moved in a narrow range with bullish bias and closed with nominal gain. Bank Index followed by Metal Auto and Realty gained while Energy, Pharma , IT, Media and FMCG ended in the negative. 28 of Nifty stocks gained and broader market too was marginally positive with Advance Decline ratio at 1.1:1. Tata Steel, Tata Motors, JP Associates, Axis Bank, Punjab National Bank stood out as major gainers while Kotak Bank, BHEL, Coal India, TCS, Asian Paints remained major losers among Nifty stocks.
Sectoral rotation seems to be the order of the day as it was the turn of Bank stocks to lead Index. Scrip specific action too could be witnessed following Q3 results.
Among F&O stocks Biocon, Aurobindo, HDIL, FRL, Tata Steel and Jubilant Food gained with higher Open Interest indicating fresh long positions while Kotak Bank, Adani Ports, Coal India, Asian Paints and Dabur declined with higher Open Interest suggesting fresh short positions.
Metal stocks Hindustan Zinc and Sesa Sterlite hit 52-week high after Commerce Minister and Industry Anand Sharma said yesterday that Union Cabinet approved selling government's residual stake in Hindustan Zinc. The Sensex moved in a narrow range between 21,302.52 and 21,189.20 before ending at 21,251.12, a gain of 46.07 points from its previous close. Yesterday, it had gained 141.43 points. The NSE 50-share Nifty rose 9.85 points to 6,313.80.
FURTHER RISE SECOND CONSECUTIVE DAY
The BSE benchmark Sensex today rose 46 points to 21,251.12 to end the day higher for the second day in succession on buying in banking, auto and metal shares in view of sustained foreign capital inflows and positive global cues. Interest rate sensitive banking and auto scrips gained on the hope that the Reserve Bank of India will cut key rates in its monetary policy meeting on January 28 following retail and headline inflation softening.Metal stocks Hindustan Zinc and Sesa Sterlite hit 52-week high after Commerce Minister and Industry Anand Sharma said yesterday that Union Cabinet approved selling government's residual stake in Hindustan Zinc. The Sensex moved in a narrow range between 21,302.52 and 21,189.20 before ending at 21,251.12, a gain of 46.07 points from its previous close. Yesterday, it had gained 141.43 points. The NSE 50-share Nifty rose 9.85 points to 6,313.80.
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