NIFTY OUTLOOK FOR 17th & REVIEW

ZIGZAG MOVEMENTS

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty experienced buying interest / short covering in the last hour which transformed the day from negative to positive. However, week ended with a small negative tick / Doji and next week’s movement is crucial. However, Stop loss for Nifty long positions may be maintained at 6435 (on close basis).  Nifty spot is expected to encounter resistance at 6545, 6580 and find support at 6465, 6430, 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 encounter zigzag / choppy movements with alternate bouts of bullishness and bearishness.

Nifty                               6504  +11

Review for Friday ::  WPI Data Cheers up Market  !!!

Market opened lower following global cues and traded in the negative for most part of the day and had a sharp rise in the last hour following  comfortable WPI data. 30 of Nifty stocks ended in the green but broader market was negative with Advance Decline ratio at 1:1.8. Infra, Pharma, Realty, Auto and Metal indices closed higher while Bank, Media and IT indices edged lower.

DLF, JP Associates, BHEL, NMDC and L&T  stood out as major gainers among Nifty stocks while Ranbaxy, HCL Tech, Wipro, Axis Bak, Bharti remained major losers.

 

Crompton Greaves, DLF, Adani Enterprises, JP Associates, Voltas   remained major gainers among F&O stocks while IOC, Ranbaxy, J P Power, India Cement, HCL Tech   remained losers among F&O stocks. 

SENSEX ENDS 35 POINTS HIGH

The BSE benchmark Sensex today erased initial losses to end higher by 35 points at 21,809.80 on fag-end value buying by funds in blue-chip stocks, mainly in capital goods and realty sectors, amid inflation softening to nine-month low of 4.68 per cent in February.
After losing 144 points in early trade, the Sensex bounced back to close higher by 35.19 points, or 0.16 per cent, at 21,809.80. It had lost 81.61 points in the previous session.
The National Stock Exchange index Nifty improved by 11.10 points, or 0.17 per cent, to 6,504.20, after touching a low of 6,432.70.
Marketmen said stocks recovered in the last one-hour on value buying in blue-chips available at attractive levels.
The upsurge was supported by reports that the inflation fell to nine-month low of 4.68 per cent in February, raising hopes that RBI will cut interest rate.
In 30-BSE index components, 15 stocks gained and 14 ended with losses. Tata Power held steady at Rs 83.15. Major gainers were Dr Reddy's Labs, Sun Pharma, Reliance Industries, Hero MotoCorp, Infosys, Larsen and Toubro, Mahindra and Mahindra, BHEL and Cipla.
The capital goods sector index gained the most by rising 1.85 per cent to 11,609.65 followed by realty sector by one per cent to 1,387.68. Auto index rose by 0.94 per cent to 12,808.16 and healthcaare by 0.81 per cent to 10,196.57.