GENERAL BEARISHNESS
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Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561
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Nifty closed at the highest level for the day and the
Derivative series and closed well above 6200 level. While short term
trend is bullish, there is strong resistance around 6250 level and support
around 6125. Nifty spot is expected to encounter resistance at 6275, 6310 and
find support at 6200, 6160, for Friday. . 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 witness volatile movements and caution is advised at
higher levels in view of the decent run up recently as general bearishness is
expected..
Nifty
Review for Wednesday :: Short Covering
Pushes up Index. .... !!
Short covering coupled with value buying in some scrips
pushed up indices and February derivative series closed at the highest level with a gain
of more than 2.50% for the series. Barring Metal and Realty all other indices
led by FMCG, Pharma, Auto, Bank, Infra
and IT indices . 33 of Nifty stocks gained while broader market was subdued with Advance
Decline ratio placed at 1:1.2.
GAIL, M&M, Grasim, ITC, Sun Pharma, Dr Reddy stood out
as major gainers among Nifty stocks while NMDC, Tata Steel, SSLT, Tata Power,
Indusind Bank remained losers.
JSW Energy, Arvind, Dish TV, GAIL, Siemens remained major gainers among F&O stocks
while NMDC, Relcapital, Tata Steel, Sun TV, SSLT remained losers among F&O
stocks.
The benchmark BSE Sensex today breached the
21,000-mark after a month, but settled the day a tad lower at 20,986.99,
a gain of 135 points, amid mixed trends from global markets. India's
largest gas distributor GAIL rose 2.97 per cent to end the day as the
biggest Sensex gainer. Cigarette major ITC recorded a smart gain of 2.07
per cent. IT stocks continued its winning streak for the second day.
Wipro rose 1.38 per cent to trade at its 52-week high level. Infosys was
up 0.56 per cent.
Brokers attributed the rally to short coverings by operators because February series of Futures and Options was expiring today. "IT stocks continued to see buying interest, with Wipro making its 52-week high level. FIIs continued to show optimism in the Indian stock market and were net buyers, particularly for last two weeks, and this also boosted market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore yesterday, as per provisional data from stock exchanges. The 30-share barometer resumed the day stable. It touched intra-day high of 21,005.04 but lost a little momentum and end at 20,986.99, a rise of 134.52 points from its last close. In straight four sessions, Sensex has surged by 450.35 points or 2.19 per cent. The previous time the key index breached 21,000-level was on January 24, 2014, when it closed the day at 21,333 points The 50-issue Nifty on NSE also improved further by 38.75 points to 6,238.80. Other major Sensex gainers were M&M 2.00 per cent, Dr Reddy's Lab 1.77 per cent, BHEL 1.63 per cent, Sun Pharma 1.33 per cent, Hero Motocorp 1.25 per cent, Bajaj Auto 1.09 per cent.
SENSEX AGAIN @ 21000
Brokers attributed the rally to short coverings by operators because February series of Futures and Options was expiring today. "IT stocks continued to see buying interest, with Wipro making its 52-week high level. FIIs continued to show optimism in the Indian stock market and were net buyers, particularly for last two weeks, and this also boosted market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore yesterday, as per provisional data from stock exchanges. The 30-share barometer resumed the day stable. It touched intra-day high of 21,005.04 but lost a little momentum and end at 20,986.99, a rise of 134.52 points from its last close. In straight four sessions, Sensex has surged by 450.35 points or 2.19 per cent. The previous time the key index breached 21,000-level was on January 24, 2014, when it closed the day at 21,333 points The 50-issue Nifty on NSE also improved further by 38.75 points to 6,238.80. Other major Sensex gainers were M&M 2.00 per cent, Dr Reddy's Lab 1.77 per cent, BHEL 1.63 per cent, Sun Pharma 1.33 per cent, Hero Motocorp 1.25 per cent, Bajaj Auto 1.09 per cent.
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