NIFTY OUTLOOK FOR 13th & REVIEW

CLOSING SUBDUED

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty closed nearly flat and the week too trading in a narrow range. Market appears to be in consolidation mode with minor retracement due. Stop loss for Nifty long positions may be moved up to 6450.  Nifty spot is expected to encounter resistance at 6560, 6595 and find support at 6480, 6445, for Thursday. 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 selling / profit booking in the last hour.

Nifty                               6517  +5

Review for Wednesday, :  Zigzag Movements  !!!

Market traded in a zigzag fashion and finally closed with a minor uptick. 30 of Nifty stocks declined and broader market was steady with Advance Decline ratio at 1:1. Sectoral rotation was seen with darlings of last week PSU Bank, Infra, Auto, Energy and Metal declining on account of profit booking and  under performing sectors such as Pharma, IT, FMCG an Media gaining on a flat day. Sun Pharma, Asian Paints, ITC, Hero Motors, Coal India, remained major gainers among Nifty stocks while BHEL, Tata Motors, Hindalco, PNB, IDFC remained major losers.

 

IGL, Sun Pharma, Zee, Asian Paints Hero Motors,   remained major gainers among F&O stocks while Orient Bank, JP Power, BHEL, Ada