NIFTY OUTLOOK FOR 6th & REVIEW

CAUTION TOWARDS CLOSE

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty gained further to close comfortably above 6300 amid zigzag movements. While  short term trend continues to be bullish as long as it maintains above 6200, it has strong resistance around 6360 / 6375. Nifty spot is expected to encounter resistance at 6365, 6400 and find support at 6290, 6255, 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 be generally better for most part of the day and could encounter selling pressure towards close.

Nifty                               6329  +31

Review for  05th :: 

Bank Stocks Lead gains .... !!

Market opened better but gave up all the gains by forenoon and then recovered to close with a gain of about 0.50%. 33 of Nifty stocks gained and broader market too was positive with Advance Decline ratio at 1.4:1. Energy , Pharma and Auto indices declined while PSU Bank, Realty, Bank, Media and Metal indices gained. Bank Stocks gained post FM’s meeting PSU Bank chiefs.  

Bank of Baroda, PNB, DLF, Grasim, IDFC, ACC  stood out as major gainers among Nifty stocks  Tata Power, Bharti, HCL Tech, Cairn, GAIL  remained losers.

Bank of Baroda, PNB, Canara Bank, Orient Bank, Ashok Leyyyllland and Bank of Indai  remained major gainers among F&O stocks while Tata Power, Titan, Apollo Tyres, Bharti, Tata Motors DVR  remained losers among F&O stocks. 

SENSEX RAISE 67 POINTS

The benchmark Sensex today rose over 67 points to end near its record close on positive global cues and as investors started taking positions with just about a month left for the Lok Sabha elections. Indian stocks largely shrugged off weak European opening as realty, capital goods and banking stocks helped the bluechip index close in the positive terrain after it witnessed intra-day volatility, said traders. After logging 263.08-point rise yesterday, the Sensex jumped to 21,333.20 in early trades today but profit-booking set in. Sustained buying, including from overseas investors, helped 30-share index end 67.13 points up at 21,276.86. At this level, the index is just 100 points away from its record closing high of 21,376.56 on February 7. ICICI Bank, which gained 2.7 per cent and alone added over 40 points alone to the Sensex kitty, led the 17 index gainers while Tata Power led the 13 laggards. The 50-scrip CNX Nifty of the NSE improved 30.70 points, or 0.49 per cent, to end at 6,328.65. Easing of Ukraine-related geopolitical fears after Russian President Vladimir Putin yesterday signalled the crisis won't immediately escalate and retaining of economic growth targest for this year by China's leaders, aided buying. PSU bank stocks like SBI saw some activity after Finance Minister P Chidambaram said the government will continue to provide capital support to state-run banks, but the lenders are expected to focus on profitability. Election Commission announced dates for the high-stakes Lok Sabha elections to be held between April 7 and May 12. "So now, it's important to see how the markets progress ahead of the event as we have been struggling for sustainability at higher levels for quite sometime," said Jayant Manglik, President-retail distribution, Religare Securities. Other Sensex-based scrips like ONGC, Infosys, ITC, HDFC also notched handsome gains, while RIL, Bharti Airtel, Tata Motors suffered losses.