NIFTY OUTLOOK FOR 11th & REVIEW OF MONDAY
MID SESSION BETTER
Week started off on a negative note with a nominal decline. 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 6090, 6145 and find support at 6015, 5980, for Tuesday. 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 volatile movements with better midsession.
Review for Monday, 10th February, 2014 :: Narrow and Zigzag Movements.. .... !!
Market opened marginally better but could not sustain at higher levels and closed with a nominal loss for the day. 25 of Nifty stocks closed in the green and broader market too was flat with Advance Declien ratio locked at 1:!. Realty, Pharma, Energy and Auto indices gained while Infra, Metal, Bank and IT indices declined. DLF, Dr Reddy, Sun Pharma, HCL Tech, L&T remained major gainers among Nifty stocks while Bharti, JP Associates, TCS, Hind Unilever and Kotak Bank remained major losers.
Communication stocks such as IDEA, RCom remained major losers.
Among F&O stocks Apollo Tyres, IFCI, DLF, Voltas, Dr Reddy gained with higher Open Interest indicating fresh long positions while IDEA, Godrej, RCom, JP Associates declined with higher Open Interest.
SENSEX SLIPS BY 42 POINTS
Retreating from one-week high levels, the benchmark Sensex today slid over 42 points to decline for the first time in five days on losses in TCS, HDFC and Bharti Airtel shares as investors booked profits. The index, which rose over 167 points in previous four sessions, started the day on a positive note but failed to hold onto gains. Selling in IT, banking and metal weighed. The BSE Sensex ended at 20,334.27, down 42.29 points or 0.21 per cent. Intra-day, it touched a high of 20,434.50 and a low of 20,312.21. Overall, 16 constituents of 30-share Sensex fell while 14 like RIL, L&T and ITC rose. The 50-share National Stock Exchange index Nifty fell by 9.75 points, or 0.16 per cent, to end at 6,053.45 after moving between 6,083.05 and 6,046.40 during the day. Traders said telecom stocks, including Bharti that shed 2.57 per cent, faced selling after fears of excessive competition came to the fore as the ongoing spectrum auction entered the 43rd round of bidding on seventh day today. Among IT stocks, TCS fell 2.32 per cent but Infosys and Wipro bucked the trend. Banking counters, including SBI, declined as the two-day nationwide strike by public sector bank staff began, traders added. Uneasiness over macroeconomic signals after advance growth estimates also kept the market volatile. The falling trend was cushioned to some extent as realty and oil & gas sector shares rose on valued buying. Midcap and smallcap indices closed in the green, indicating some retail investor interest. In buzzing large-cap stocks, DLF shot up by the most in two months by surging 2.94 per cent after announcing the sale of its luxury hospitality chain Amanresorts for USD 358 million. Sun Pharma climbed to a three-month high and Tata Motors gained ahead of its earnings. Sectorally, the BSE Teck sector index suffered the most by losing 0.84 per cent, followed by Banking index (down 0.53 per cent), Metal index (0.51 per cent) and IT index (0.42 per cent). On the other hand, six out 12 indices gained.