NIFTY OUTLOOK FOR 13th & REVIEW

WIDE RANGE DAY AHEAD

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty has been trading in a narrow range for the last 10 trading sessions and closing in a range of 6000 and 6100. Contraction leads to Expansion and vice versa in the market movement . Nifty can be expected to get out of this congestion zone sooner than later.  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. At the same, unless 6030 is breached, weakness too would not set in.. Nifty spot is expected to encounter resistance at 6125, 6160 and find support at 6045, 6010, for Thursday. 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 recovery in  midsession with general bearish bias. However, caution is advised at Higher Levels (6130 to 6140) and at lower tevels too (6040 and 6030).

Nifty                               6084     +21

Review for Wednesday

Range Bound with Bullish Bias.. .... !!

Market opened  better following global cues and traded in the positive territory throught out the day due to certain heavy weight stocks such as Reliance, L&T, ICICI Bank and HDFC. 25 of Nifty stocks closed in the green but broader market was not positive  as Declines outnumbered Advances with Advance Decline ratio at 1:1.2. Bank, Energy, Infra, IT indices gained while Metal, FMCG, Realty, Pharma indices declined. ICICI Bank, GAIL, ONGC, L&T, BHEL stood out as major gainers among Nifty stocks while Tata Steel, Cairn, Maruti, ITC, Dr Reddy remained major losers.

Among F&O stocks Crompton Greaves, Voltas, Hexaware, Tata Communication and L&T     gained with higher Open Interest indicating fresh long positions  while Tata Steel, IB Realestate, UBL, SAIL, ITC and Cairn   declined  with higher Open Interest.