NIFTY OUTLOOK FOR 3rd & REVIEW
SECOND HALF BETTERNifty gained for the first time in this week snapping 5 day losing streak. However, it continued to close below 6100 mark. Further, Nifty would get out of bear grip only if it closes above 6175. Nifty spot is expected to encounter resistance at 6130, 6165 and find support at 6050, 6015, for Monday. 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 be subdued in the opening session and recover thereafter particularly in mid session.
Review for Friday, 31st January, 2014 :: Narrow and Zigzag Movement.. .... !!
Market traded in a narrow range with Bullish bias on the First day of new derivative series and closed with minor gain, snapping 5 day losing streak. However, broader market was quite positive with Advance Decline ratio at 1.8:1 and among Nifty stocks too 35 scrips advanced. Barring Auto index, all other indices gained le by Media, PSU Bank, Realty, Metal, Infra, Energy and IT. PNB, Bank of Baroda, ACC, Tata Power, BPCL remained major gainers among Nifty stocks while Tata Motors, HDFC, NTPC, Grasim and Asian Paints declined.
Among F&O stocks IOB, ARvind, CESC, Andhra Bank, Syndicate Bank and PNB gained with higher Open Interest while Tata Motors, HDFC, JP Power, Hero Motors, HDFC Bank declined with higher Open Interest.