SECOND HALF SUBDUED
Nifty ended with minor gain amid narrow movement, its First
day of gain in the new year. Nifty would get out of short term bearishness only
if it closes above 6230. However, there is strong support around 6125 also. Nifty spot is expected to encounter
resistance at 6215, 6250 and find support at 6135, 6100, for Thursday. 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 be
better for some time after opening session and remain subdued in second half of
the day.
Nifty
Review for Wednesday,
08th January, 2014 :: Market snaps
Losing Streak with Modest Gain ..!!
One more narrow day but with a difference i.e., it is a day
of modest gain, thus snapping 5 day losing streak. 28 of Nifty stocks closed in
the green and broader market too was quite positive with with Advance Decline ratio placed at 1.1:1. PSU
Bank, Pharma, Auto Metal, Energy and Media indices gained while Realty and
Infra declined. Coal India, Cipla, GAIL, Bank of Baroda, Tata Power remained
gainers among Nifty stocks while Axis Bank, BPCL, L&T, Ranbaxy and BHEL remained major losers among Nifty stocks.
Nifty staged a modest recovery while it continues to remain
bearish for short term with strong support around 6125.
Among F&O stocks,
FRL, Syndicate Bank, Allahabad
Babj, Bank of India and Union Bank gained with higher Open Interest indicating
fresh long positions while M&M Finance, Voltas, IOC, CESC and Aditya Birla declined with higher Open Interest suggesting
fresh short positions.
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