CAUTION @ HIGHER LEVELS
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Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561 |
Nifty maintained above 6600 mark for most part of the day
and closed too above 6600 with a nomination gain of about 10 points. Thursday,
27th March, being last day of March Derivative series, scrip
specific action can be expected with Bullish stocks being further bullish and
bearish stocks going down further. , generally. Stop loss for Nifty long
positions may be enhanced to 6540. Nifty spot is expected to encounter
resistance at 6640, 6675 and find support at 6560, 6525, 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 movements with scrip specific movements on account
of last day of Derivative closing and caution is advised at higher levels as
selling / profit booking could emerge.
Nifty
Review for Wednesday :: Zigzag Movement with Bullish Bias … !!!
Market opened higher but could not sustain at higher levels
and went into red during midsession and
recovered towards to close with moderate
gains for the day. 28 of Nifty stocks gained but broader market was flat
with Advance Declines evenly poised.
Metal, PSU Bank, Energy, Auto, Infra indices gained while Pharma, Media, IT and
FMCG indices declined.
SSLT, Hindalco, Jindal Steel, IDFC, Bank of Baroda stood out as major gainers among Nifty
stocks while Dr Reddy, Lupin, JP Associates, Sun Pharma, TCS, DLF remained
major losers.
Ashok Leyland, SAIL, Yes Bank, Arvind, SSLT, Hindalco remained major gainers among F&O stocks
while IB Realestate, Glenmark, Dr Reddy, Bharat Forge, Zee remained losers among F&O stocks.
SENSEX, NIFTY @ LIFETIME HIGHS
Consistent
pumping of money by foreign institutional investors lifted the BSE benchmark
index Sensex and broader NSE Nifty to their lifetime closing high of 22,095.30
and 6,601.40 points respectively today. The 30-share Sensex opened on a strong
note and rose to historical peak of 22,172.10 points intra-day. It, however,
lost some momentum and settled the day at 22,095.30, its record closing high,
by gaining 40.09 points or 0.18 per cent.
The NSE Nifty, comprising 50 shares, firmed up by 11.65 points or 0.18 per cent to close above 6,600 level for the first time at 6,601.40 points. The broader index touched intra-trade record high of 6,627.45 points. Foreign institutional investors (FIIs) bought shares worth a net Rs 1,223.28 crore, as per provisional data available with stock exchanges. Market experts said positive global cues and overall optimism boosted the buying sentiment. Short-covering ahead of the expiry of futures and options contracts tomorrow also helped to lift the indices to to their all-time high levels. Metal, capital goods, refinery and auto shares were in demand, while pharma, IT, teck and FMCG counters were at the receiving end. Jignesh Chaudhary, Head Of Research, Veracity Broking Services said: "Investor confidence got a much-needed boost from upbeat US data and diminishing concerns over the Ukraine/Crimea crisis. "Gains were also supported by strong buying by overseas investors, who bought Indian shares worth of USD 3.5 billion into local shares and debt since March 1 amid easing inflation and forecasts for quickening growth, and ahead of national elections." This year Sensex traded strong and has increased 4.6 percent, the best performer among the four largest emerging markets, including China, Russia and Brazil, he added.
The NSE Nifty, comprising 50 shares, firmed up by 11.65 points or 0.18 per cent to close above 6,600 level for the first time at 6,601.40 points. The broader index touched intra-trade record high of 6,627.45 points. Foreign institutional investors (FIIs) bought shares worth a net Rs 1,223.28 crore, as per provisional data available with stock exchanges. Market experts said positive global cues and overall optimism boosted the buying sentiment. Short-covering ahead of the expiry of futures and options contracts tomorrow also helped to lift the indices to to their all-time high levels. Metal, capital goods, refinery and auto shares were in demand, while pharma, IT, teck and FMCG counters were at the receiving end. Jignesh Chaudhary, Head Of Research, Veracity Broking Services said: "Investor confidence got a much-needed boost from upbeat US data and diminishing concerns over the Ukraine/Crimea crisis. "Gains were also supported by strong buying by overseas investors, who bought Indian shares worth of USD 3.5 billion into local shares and debt since March 1 amid easing inflation and forecasts for quickening growth, and ahead of national elections." This year Sensex traded strong and has increased 4.6 percent, the best performer among the four largest emerging markets, including China, Russia and Brazil, he added.
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