MARKET OUTLOOK FOR 12th & REVIEW OF TUESDAY

MID SESSION SUBDUED

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

What was lost Monday has been regained on Tuesday. Nifty is trading in a narrow range ahead of IIP numbers. . However, Nifty is expected to face major resistance around 6125 – 6150 and it could be difficult to surpass this zone, as it was the previous support zone becoming resistance zone now. Nifty can be expected to trade between 5950 and 6150 before further directional move. Nifty spot is expected to encounter resistance at 6100, 6135 and find support at 6025, 5990, for Wednesday. 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 witness zigzag movements with subdued midsession.

  

Nifty                               6063     +10

Review for Tuesday, 11th February, 2014 ::  Lackluster Movements.. .... !!

Market opened  better following global cues and traded in the positive territory but in a very tight range and closed with a nominal gain. 26 of Nifty stocks closed in the green and broader market too was flat with Advance Declien ratio locked at 1:!. Auto, IT, Metal and Bank  indices gained while Media, Realty Infra and Pharma  indices declined.  HCL Tech, Ranbaxy, Tata Motors, Tata Steel, BPCL remained major gainers among Nifty stocks while NTPC, Reliance, PNB, Hindalco, Hero Motors remained major losers.

Reliance remained major following political comments from AAP and closed nearer to 800 mark.

Among F&O stocks Bharat Forge JP Power, HCL Tech, IOC, Ranbaxy     gained with higher Open Interest indicating fresh long positions  while UPL, Arvind, India Cement, Petronet, Hindalco   declined  with higher Open Interest.

SENSEX GAINS 29 POINTS

The benchmark Sensex today advanced 29 points to end at 20,363.37 on buying in IT and auto shares, amid export growth in January helping trim surging trade gap. In step with the stock markets, the Indian rupee strengthened to 62.26 versus yesterday's closing of 62.43. The BSE Sensex, which had lost 42.29 points on Monday, recovered by 29.10 points, or 0.14 per cent. Intra-day, it moved between 20,443.35 and 20,349.51. In the 30-share Sensex, 15 stocks gained led by Infosys, TCS, Tata Steel, ONGC, SBI, HDFC, Axis Bank and Bajaj Auto. The 50-scrip National Stock Exchange index Nifty added 9.25 points, or 0.15 per cent, to close at 6,062.70, after touching a high of 6,081.85. Brokers said trading sentiment was bolstered after data showed Indian exports increased 3.79 per cent to USD 26.75 billion dollar in January, helping the trade deficit to narrow to USD 9.92 billion dollar. They said the market sentiment improved further following an upsurge in Tata Motors counter after the company posted a near three-fold spike in its December quarter net profit. Tata Motors scrip was a star performer as it surged 2.83 per cent. A firming trend in the Asian region and higher opening in Europe before Federal Reserve Chairman addresses the US Congress, aided sentiments. However, Reliance Industries shares slipped 1.96 per cent after the Delhi government ordered filing of criminal cases against RIL chief Mukesh Ambani, among others, following complaints of irregularities in pricing of natural gas in KG basin. Sectorally, the BSE IT sector index gained the most by rising 0.99 per cent after software industry body Nasscom said it expects IT sector exports to grow by 13-15 per cent in FY15 as against 13 per cent in the current financial year. The auto index was second best performer by adding 0.77 per cent, followed by Teck index 0.74 per cent, Consumer Durable index 0.58 per cent and Metal index 0.37 per cent.