ZIG ZAG MOVEMENTS
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Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561
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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.
Nifty
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.
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