NITTY OUTLOOK FOR 11th & REVIEW

PROFIT BOOKING TOWARDS END

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty gained marginally and continue  to close  above 6500 mark. However, a reasonable retracement can be expected in view of the over bought situation. Stop loss for Nifty long positions may be trailed to 6400. Nifty spot is expected to encounter resistance at 6575, 6610 and find support at 6495, 6460, for Tuesday. 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 experience zigzag movements and could encounter selling pressure in the closing session. In view of the overbought position, caution is advised at higher levels.

Nifty                               6537  +10

Review for Monday :  Zigzag Movements with Bullish Bias !!!

Market traded in a zigzag fashion and closed  with a nominal gain and appears to be tired of uptrend. Realty, Bank, Infra, Energy, Media  indices gained while IT, Pharma, Metal, FMCG indices declined. 28 of Nifty stocks gained and broader market was marginally positive with Advances marginally ahead of Declines. IDFC, Kotak, Indusind Bank, JP Associates, Maruti, M&M  stood out as major gainers among Nifty stocks while TCS, Tata Motors, HCL Tech, Sun Pharma, NMDC and Coal India remained losers.

IT and Pharma stocks continue to correct while Financials continued to hog the limelight.

 

IDFC, Shriram Transport, Ashok Leyland, Indusind Bank, Kotak Bank, Adani Enterprises  remained major gainers among F&O stocks while Glenmark, TCS, Tata Motors, Sun Pharma and HCL Tech   remained losers among F&O stocks. 

SENSEX TOUCH 22000...RECORD LIFE TIME HIGH

The benchmark Sensex today briefly breached the 22,000 mark for the first time and then managed to end at a new record close with modest gains of 15 points, extending the rally to the fifth session, on the back of continued overseas investor interest linked to upcoming polls. Capital goods, realty, banking and refinery segments gained while IT, pharma, teck and metal counters fell. The BSE 30-share barometer resumed nearly 100 points lower on the back of weak Asian cues but later moved between positive and negative territory. It ended at a new closing high of 21,934.83, a rise of 15.04 points or 0.07 per cent This surpassed the previous closing high of 21,919.79 set on last Friday. The Sensex registered alltime high of 22,023.98 today. In five days, the Sensex has gained 988 points. The wide-based 50-issue CNX Nifty of the NSE also edged up by 10.60 points, or 0.16 per cent, to record its closing high of 6,537.25. It also touched a new intra-day peak of 6,562.20 today, surpassing previous lifetime peak of 6,537.80 hit on Friday. Sensex constituents including HDFC Bank, L&T, RIL, M&M, SBI, Maruti Suzuki and HUL notched up handsome gains. TCS, Infosys, Tata Motors, ITC, Sun Pharma, ICICI Bank, Dr Reddy's Gail India, Tata Steel, Wipro, Coal India fell. Foreign Institutional Investors (FIIs) bought shares worth a net Rs 2,577.44 crore on last Friday, as per provisional data from the stock exchanges. Upcoming data like IIP, CPI for urban and rural India and WPI will dictate the future trend, traders say. "Positive global cues, optimism ahead of upcoming elections and FIIs buying is leading to sustained momentum," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. 

Fifteen scrips out of 30-share Sensex ended higher while the remaining 15 closed lower. Major gainers from the Sensex were Maruti Suzuki 3.74 per cent, M&M 3.42 per cent, L&T 3.33 per cent, HDFC Bank 3.23 per cent, SBI 2.58 per cent, Bajaj Auto 2.53 per cent, BHEL 2.29 per cent and RIL 1.93 per cent. Axis Bank 1.41 per cent, HUL 1.22 per cent, Bharti Airtel 1.18 per cent and ONGC 1.16 per cent were among winners. However, TCS dropped by 3.67 per cent, Tata Motors 3.20 per cent, Sun Pharma 2.64 per cent, Gail India 2.31 per cent, Coal India 2.25 per cent and Hindalco 2.21 per cent. Infosys 1.82 per cent, Tata Steel 1.62 per cent, Wipro 1.44 per cent, Dr Reddy's 1.36 per cent and Cipla 1.21 per cent were also among laggards. Among the S&P BSE Sectoral indices, Capital Goods shot up by 2.77 per cent, followed by Realty 2.47 per cent, Bankex 1.91 per cent and Oil&Gas 1.12 per cent. IT fell by 2.42 per cent, Healthcare 1.67 per cent, Teck 1.65 per cent and Metal 1.03 per cent. Total market breadth turned positive as 1,458 stocks closed in the green while 1,348 concluded in the red.