NIFTY OUTLOOK FOR 12th & REVIEW

MID SESSION BETTER...SUBDUED CLOSING

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty fell after 5 sessions of gain but continues to close above 6500 mark. Stop loss for Nifty long positions may be maintained at 6400. However, if Tuesday’s low level is convincingly breached, first sign of weakness / further fall would appear.  Nifty spot is expected to encounter resistance at 6550, 6585 and find support at 6470, 6435, for ednesday. 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 experience zigzag movements with better midsession and subdued closing session.

 

Nifty                               6512  -25

Review for Tuesday ... Zigzag Movements with Bullish Bias !!!

Market traded in a zigzag fashion with bearish bias and closed  with a loss of about 0.25%. Realty, IT indices gained while Metal, Pharma, PSU Bank, Auto indices declined. 29 of Nifty stocks declined and broader market too was negative with Advance Decline ratio placed at 1:1.8.

DLf, Tata Power, Grasim, IDFC, Indusind Bank stood out as major gainers among Nifty stocks while Tata Steel, Hindalco, GAIL, SSLT, MAruti remained major losers.

Metal stocks remained major losers and fall is arrested in IT stocks.

 

IRB, Rel Infra, Tata Power, DLF, M&M Finance  remained major gainers among F&O stocks while Tata Steel, SAIL, Hindalco, Aurobindo, JSW Steel   remained losers among F&O stocks. 

SENSEX DIPS FROM RECORD HIGH

The BSE benchmark index Sensex today receded from record high level by losing 108 points to close at 21,826.42, with investors booking profit at higher levels snapping five days of straight gains. The 30-share barometer in the early trade breached the 22,000-level briefly on firm Asian trends but fell back later and remained in the negative terrain before ending at 21,826.42, a fall of 108.41 points or 0.49 per cent. The broad-based NSE 50-issue Nifty also declined by 25.35 points or 0.39 per cent to 6,511.90. It logged an all-time intra-day high of 6,562.85. The Sensex had crossed the 22,000-mark for the first time yesterday on sustained capital inflows. It had zoomed by 988 points in past straight five sessions of gains. The buoyant mood was somehow disturbed by country's exports which contracted 3.67 per cent in February to USD 25.68 billion. But the takeaway for investors in February trade data was a marked improvement in the trade deficit mainly on account of a significant decline in gold imports. The trade deficit in February narrowed to USD 8.13 billion, the lowest level in five months.  Metal, pharma, auto, capital and banking stocks attracted profit-selling, while realty and power stocks were in demand. Of the 30 Sensex shares, 18 scrips ended lower and the 11 others closed higher while Infosys ruled steady.