FURTHER PULLBACK
Nifty pulled back from lower levels to close with minor
decline Based on the chart pattern, further pullback can be expected, before it
could drift down. Nifty spot is
expected to encounter resistance at 6250, 6285 and find support at 6175, 6140,
for Monday. While Global cues and Funds
flow are expected to broadly guide the
market movement, based on the present market position , market can be expected
to witness further pullback amid zigzag / volatile movements.
Nifty 6211 -10
Review for Friday, 03rd
January, 2014 :: Pullback from Lower Levels
..!!
Market opened lower , but better than what global cues were
suggesting, and recovered in the closing session to end up with a minor loss
only. 28 of Nifty stocks ended in the red while broader market was better with
Advance Decline ratio positive at 1.1:1. IT, Realty, Media and Pharma indices
gained while Energy, Infra, Metal, Auto indices declined. Ranbaxy, Lupin, TCS,
Infy, MAruti remained major gainers among Nifty stocks while Tata Power,
M&M, BPCL, Tata Motors, BHEL remained major losers.
Though Nifty closed in the red, it closed at the upper end
of the day’s range trimming losses.
Among F&O stocks,
Ashok Leyland, Hexaware, Biocon, FRL, Aurobindo remained major gainers
while Tata Power, M&M, BPCL, Tata Motors, JSW Energy remained losers among F&O stocks.
Inputs provided by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
He can be reached @sastry.saaketa@gmail.com
09848014561
SENSEX DOWN ANOTHER 37 POINTS
The benchmark Sensex fell for the third
straight day and dropped 37 points today even as value buying and gains
in tech shares helped to trim early losses, wrapping up its worst weekly
performance in two months. Rising European stocks and sustained
foreign fund inflows also helped in the recovery. Larsen & Toubro,
Reliance Industries and Tata Motors fell as 19 Sensex shares declined.
Five of the 12 BSE sectoral indices dropped, led by power and capital
goods shares even as tech stocks advanced. The S&P BSE Sensex
opened on a negative note and dropped 157 points to the day's low of
20,731.33 amid weak global cues. It closed at 20,851.33, a loss of 37
points or 0.18 per cent. With a drop of 342 points this week, it was the
worst performance for the Sensex since the period ended November 8.
The broader, 50-share CNX Nifty on the National Stock Exchange softened
by 10 points, or 0.16 per cent, to 6,211.15. "Latter part of the day
saw buying interest from lower levels and the Nifty managed to close
above the 6,200 level. Political uncertainties in the country and profit
booking at higher levels are limiting the upside for the index," said
Rakesh Goyal, Senior Vice President at Bonanza Portfolio Ltd.
Heavyweights Infosys and TCS were the major gainers on the Sensex after
the rupee's depreciation and an improvement in the US economy. After
touching a low of 62.55 against the dollar, the rupee traded at 62.30 at
16:00 hrs. The markets appeared unimpressed after Prime Minister
Manmohan Singh today said his government would continue to push economic
reforms, create a favourable environment for foreign direct investment
and work harder to generate more employment opportunities in the
manufacturing sector. Overseas investors bought a net Rs 674.05 crore
of shares yesterday, according to provisional stock exchange data.
Asian stocks, except Japan which was closed, finished lower after US
equities retreated from record highs and a gauge of China's
non-manufacturing industries declined.
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