MID SESSION BETTER
Nifty continued its fall for the Fifth session and closed
with a loss of about 0.50%. Nifty would get out of short term bearishness only
if it closes above 6250. However, there is strong support around 6125 from
which level reasonable pullback can be expected before it could go down again. Nifty spot is expected to encounter
resistance at 6200, 6235 and find support at 6125, 6090, for Wednesday. 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 recover
after opening session and zigzag
movements thereafter.
Nifty
Bearishness Continues ..!!
(Review for Tuesday)
Market
opened better but immediately drifted lower to
recover after the first hour and finally ended up with a loss of about
0.50%,
fall for the Fifth consecutive day. 35 of Nifty stocks closed in the red
and broader market too was negative with Advance Decline ratio placed
at 1: 1.3. PSU Bank, Realty, Metal, Energy and IT
indices declined by more than 1% while Pharma and Auto indices managed
to close
in the positive territory. Maruti, Indusind Bank, M&M, Sun Pharma,
M&M,
Sun Pharma remained gainers among Nifty
stocks while Tata Steel, Bank of Baroda, Tata Power, SSLT, BPCL remained
major
losers among Nifty stocks.
Nifty has been falling for the last Five trading sessions
and a reasonable pullback can be expected from around the levels of 6125.
Among F&O stocks,
Maruti, Century Textiles, Indusind Bank, Bharat Forge and Bharti gained with
higher Open Interest indicating fresh long positions while Shriram Transport,
Adani Enterprises, SAIL, Federal Bank, M&M Finance and Bank of Baroda declined
with higher Open Interest suggesting fresh short positions.
Inputs provided by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
He can be reached @sastry.saaketa@gmail.com
09848014561
SENSEX @ 3 WEEK LOW
The benchmark Sensex fell 94 points to a
three-week low in a choppy session today amid profit booking and weak
Asian stock markets, notching up its fifth straight day of declines.
Selling by foreign institutional investors for the second day in a row
yesterday also kept pressure on the market. IT stocks Infosys and TCS,
along with heavyweight Reliance Industries, dragged the Sensex lower.
Tata Steel, Sesa Sterlite and Hindalco were among the top losers. Eight
of the 12 BSE sectoral indices declined, led by metal and realty
stocks. The S&P BSE Sensex opened on a strong note and then fell to
the day's low of 20637.18. It traded in a narrow range in the negative
zone. Later, it recovered on a firm opening in European stocks, only to
fall back sharply in the last half hour. The index ended with a loss of
94.06 points, or 0.45 per cent, at 20,693.24. This was the lowest
level since December 17, when it closed at 20,612.14. In five straight
sessions, the Sensex has declined 477.44 points. "Weakness in global
markets and profit booking at higher levels led to selling pressure,"
said Rakesh Goyal, Senior Vice President at Bonanza Portfolio Ltd.
"Global cues and third quarterly results will dictate further market
direction." The 50-share CNX Nifty on the National Stock Exchange
declined 29.20 points, or 0.47 per cent, to a three-week low of
6,162.25. FIIs pulled out Rs 318.91 crore yesterday, according to
provisional data with the stock exchanges. They sold shares worth Rs
13.90 crore last Friday, as per Sebi data. There were concerns that US
interest rates would rise after the smart recovery in the economy.
According to some analysts, while most emerging markets, including
India, are prepared for the tapering of the US stimulus programme, they
are not equipped for interest rates rising.
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