ZIG ZAG MOVEMENTS
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
Following Global cues, Nifty opened lower and closed below 6100 mark and appears to have broken on the down side. However, it should be confirmed with another fall to confirm the downtrend. Further, Nifty would get out of bear grip only if it closes above 6175. Nifty spot is expected to encounter resistance at 6115, 6150 and find support at 6035, 6000, 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 move in a zigzag fashion with alternate bouts of bullishness and bearishness. In view of new derivative series, generally, market can be expected to achieve reasonable pullback in view of the recent sharp fall.
Buying at Lower Levels trims Losses.. .... !!
Market opened sharply lower following global cues of US Fed tapering and remained weak for most part of the day and following short covering and value buying at lower levels and closed with a loss of about 0.75%. Barring Auto index, all other indices closed in the red led by PSU Banks, Metal, Realty, Media and Energy indices. 37 of Nifty stocks closed in the red and broader market too was negative with Advance Decline ratio at 1:3. Tata Motors, Bharti, GAIL, HCL Tech, M&M, BHEL remained major gainers while PNB, Bank of Baroda, DLF, SBI, Hero Motors remained major losers.
Among F&O stocks India Cement, Crompton Greaves, Voltas, Titan, Aurobindo gained while Bank of India, GMR Infra, Mc Dowell, HDIL, Godrej Industries suffered losses.