NIFTY OUTLOOK FOR 3rd MARCH & REVIEW
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
CLOSING SUBDUEDMarch derivative series started off on positive note with Nifty gaining about 0.50%. Short term bullish outlook gets negated only if Nifty closes below 6200.. Nifty spot is expected to encounter resistance at 6315, 6350 and find support at 6235, 6200, for Monday. . 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 remain generally better in the forenoon and could remain subdued in Second half , particularly towards close.
Review for Friday :: IT and Pharma stocks lead . .... !!
Market traded in a narrow range with bullish bias and gained more than 0.50% for the day, gaining on all the Four days of the week. The week too ended with a gain of about 2%. 32 of Nifty stocks gained and broader market too was positive with Advance Decline ratio at 1.2 :1. Barring Energy and FMCG, all other indices gained led by Pharma, IT, Auto, Metal, Media and Infra.
Hindalco, TCS, Tata Motors, Lupin, JP Associates stood out as major gainers among Nifty stocks while MAruti, NTPC, Tata Steel, Reliance, HDFC Bank remained losers.
JP Power, Hindalco, PFC, KTK Bank, Adani Ports remained major gainers among F&O stocks while MAruti, Hexaware, Dish TV, NTPC, Unitech remained losers among F&O stocks.