NIFTY OUTLOOK FOR 20th & REVIEW

SUBDUED CLOSING SESSION

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty traded in a narrow but closed with minor gain and has been closing in a narrow range for the last Five days. In view of the narrowness, a range expansion is possible before weekend and a wide range day can be expected. Further, Stop loss for Nifty long positions may be brought to 6475. (on close basis).  Nifty spot is expected to encounter resistance at 6565, 6600 and find support at 6485, 6450, 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 encounter zigzag / choppy movements with subduedness in the closing session.

Nifty                               6524  +7

Review for Wednesday ::  Narrow Movement..  Tech Stocks Drag  !!!

Market traded in a narrow range for the entire day and Technology stocks opened sharply lower following comments from TCS management but other sectors helped indices stay in green. 33 of Nifty stocks closed in the positive territory and broader market too was positive with Advance Decline ratio at 1.2:1. Metal, FMCG, Bank and Pharma indices gained while IT, Energy and Realty indices declined.

Tata Steel, Hindalco, Ambuja Cement, PNB, Asian Paints  stood out as major gainers among Nifty stocks while Tata Power, TCS, ONGC, M&M, Coal India, and Infy  remained major losers.

Metal stocks remained highest gainers for the day.

 

Petronet, Tata Steel, Hindalco, RCom and IGL    remained major gainers among F&O stocks while Tata Power, TCS, IOC, M&M, ONGC   remained losers among F&O stocks. 

ANOTHER FLAT DAY FOR SENSEX

 The benchmark Sensex closed nearly flat today at 21,832.86 weighed down by losses in IT heavyweights TCS and Infosys on growth outlook fears, amid caution ahead of a closely-watched US Fed policy review later tonight. Like Infosys which recently came out with a earnings warning, the country's largest software services exporter Tata Consultancy Services (TCS) signalled sequentially slower growth in March quarter leading to its shares plunging 3.84 per cent. TCS was the biggest loser in 30-share Sensex today. "We attended TCS' Q4 preview briefing, where the company emphasised that weak India business and lower working days could drag the quarterly growth rate," said brokerage ICICIdirect.com in a report. Infosys tumbled 2.32 per cent and both the IT counters weighed down on BSE Sensex that ended almost unchanged. Gains in HDFC, ITC, Axis Bank, RIL, Tata Steel, HDFC Bank, Hindalco and Sesa Sterlite helped the index end just 0.25 points higher, said traders. The BSE 30-share indicator resumed slightly better and was trapped in a narrow breadth of 114 points before settling at 21,832.86 from its previous close of 21,832.61. The NSE 50-issue CNX Nifty, however, edged up by 7.40 points, or 0.11 per cent, to end at 6,524.05. Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Asian markets traded cautiously on the backdrop of geopolitical tensions over Ukraine. Also, investors are waiting for the Fed policy review due later today. It is expected to further scale back its bond-buying at the meeting, reducing purchases by USD 10 billion." Except Japan which ended marginally higher, other Asian markets ended lower as investors weighed the prospect of further sanctions against Russia and awaited the US Fed's policy statement. Indices in South Korea, Taiwan, Singapore, Hong Kong and China fell in 0.07-0.49 per cent range. European markets were also trading narrowly mixed as indices in France and UK eased by 0.06 per cent to 0.10 per cent while Germany's DAX was up 0.33 per cent.