SECOND HALF BETTER
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Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561 |
Nifty faced resistance above 6100 and encountered huge
selling pressure to close with a loss of about 1.50%. Nifty appears to have breached the
minor support level of 6040 and broken down and appears set for further fall to
retest 5950 zone and the short term trend is once again Down. Nifty spot is expected to encounter resistance
at 6040, 6075 and find support at 5960, 5925, for Friday. 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 be subdued in the forenoon session
and recover in Second half of the day.
Market Review for Thursday
Nifty
Review for Thursday, 13th
February, 2014 :: All round Bearishness..
.... !!
Market opened steady
and encountered selling at every level and closed with a loss of about 1.50%
and closed just above 6000 mark. 45 of Nifty stocks closed in the red and
broader market too was quite negative with Advance Decline ratio at 1:2. Barring
Realty index which gained marginally, all other indices ended in the red led by
PSU Bank, Metaql, Infra, Pharma and Energy. TCS, DLF, M&M, SSLT and Sun
Pharma were the only gainers among Nifty stocks while Cipla, Bank of Baroda,
Grasim, BHEL, IDFC remained major losers.
Cipla lost heavily following disappointing results.
SENSEX SLIPS TO 4 MONTH LOW
The
benchmark Sensex today plunged 255 points to a four-month closing low of
20,193.35 on poor earnings of Cipla and Coal India, weak global cues and
continued worries over the domestic economy. Banking, capital goods, refinery,
metal and pharma sectoral indices suffered the most among the eleven that
dropped in the BSE while realty index bucked the trend. Overall, 26 out of 30
Sensex-based scrips fell. Drop in HDFC, HDFC Bank, ICICI Bank, ITC, L&T,
RIL, Cipla, ONGC, HUL and SBI together added over 200 points fall to the
bluechip index, which had gained over 114 points in past two days. The BSE
gauge opened higher but quickly fell back on weak Asian cues. It remained in
the negative terrain throughout to settle lower by 1.25 per cent or 255.14
points - its biggest fall since February 3. Today's closing level of 20,193.35
is the lowest since October 8, 2013 (19,983.61). "Weak quarterly results
of certain large caps, poor global cues and uncertainty over a clear direction
to the markets may have led to sharp weakness," said Milan Bavishi, Head
Research, Inventure Growth & Securities. Worries over the domestic economy
also led to selling after data yesterday showed industrial output contracted
0.6 per cent in December. Retail inflation easing to 2-year low of 8.79 per
cent in January, did not help frayed nerves. The wide-based CNX Nifty of the
NSE also tumbled 82.90 points, or 1.36 per cent to end at 6,001.10 -- the
lowest closing level since November 22, 2013 (5,995.45). Today's drop was the
sharpest since 87.70-point dip on February 3, 2014. Cipla shares saw a nearly 8
per cent drop after third quarter earnings lagged estimates. PSU major Coal
India Ltd (CIL) fell 3.4 per cent on disappointing earnings. SBI ended 2.16 per
cent down ahead of Q3'FY14 results tomorrow. Global stocks fell, led by a drop
in Tokyo, ahead of US data releases. European markets too were trading lower in
early trades after some weak earnings.
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