NIFTY OUTLOOK FOR 19th & REVIEW

SELL ON RISE

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty could not hold on to higher levels but closed in the green and continues to be above 6500 mark. Further, Stop loss for Nifty long positions may be maintained at 6435 (on close basis).  Nifty spot is expected to encounter resistance at 6555, 6590 and find support at 6475, 6440, for Wednesday. 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 selling at higher levels. Tues day’s high level may be kept as reference above which only, the week would be positive. Broad range for Nifty is 6475 and 6575 for Wednesday.

Nifty                               6517  +13

Review for Tuesday ::  Selling at Higher Lvels  !!!

Market opened higher following global cues and after the initial eurphoria, it appears to have met with selling at higher levels and closed with minor gain for the day. 29 of Nifty stocks gained and broader market too was positive with Advance Decline ratio at 1.3:1. Bank, FMCG, Energy, Metal indices gained while IT, Realty, Auto indices declined.

Maruti, Power Grid, Indusind Bank, SBI, ITC  stood out as major gainers among Nifty stocks while Tata Motors, Lupin, M&M, Infy, JP Associates, Wipro  remained major losers.

Maruti gained smartly following clarification on Gujarat Plant. Market appears to have allayed the fears of Ukraine crisis (temporarily) though West and Europe would be unhappy about it.

 

MAruti, Union Bank, PTC, Shriram Transport,    remained major gainers among F&O stocks while IOC, IRB, JP Power, Tata Motors, Unitech, Godrej Industries   remained losers among F&O stocks. 

MARKET LOOSES INITIAL GAINS, ENDS FLAT

The Sensex and the Nifty today formed new lifetime highs but trimmed initial gains to close almost flat on profit-taking in select bluechips. Cautious trading ahead of a US Federal Reserve policy meeting and a highly anticipated speech by Russian President Vladimir Putin on making Crimea part of the Russian Federation, also weighed on global sentiment, said traders. After making a new lifetime high of 22,040.72, the BSE Sensex closed up by 22.81 points at 21,832.61. It breached previous historic high of 22,023.98 logged on March 10. Heavyweights like ITC, Maruti Suzuki, RIL and SBI notched up handsome gains but Tata Motors, Infosys, ICICI Bank, L&T and TCS ended with losses, restricting the Sensex's rise. The broad-based 50-issue CNX Nifty of the NSE edged up by 12.45 points, or 0.19 per cent, to settle at 6,516.65. Like Sensex, it too formed a new lifetime high of 6,574.95 today. Its previous peak was 6,562.85 on March 11. Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Indian indices posted new record taking cues from the better than expected data from the US, also the positive comments from Goldman Sachs that elections may fuel further gains in stocks." Gradual decline in index majors due to profit taking, trimmed the initial gains and resultant flat closing in the end, according to Jayant Manglik, President-retail distribution, Religare Securities. Goldman Sachs has upgraded India to "overweight" on reducing external vulnerabilities and said it expects the NSE Nifty to touch 7,600 level this year. The BSE Midcap and Small cap indices firmed up 0.95 pct and 0.97 per cent respectively on buying by retail investors. Mirroring the domestic stock benchmarks, the rupee was trading slightly positive against the US dollar after jumping to 60.86 in morning. Foreign Institutional Investors bought shares worth a net Rs 982.19 crore last Friday as per provisional data. Key benchmark indices in China, South Korea, Taiwan, Hong Kong, Japan and Singapore rose by 0.05 per cent to 0.94 per cent.