Skip to main content

N IFTY OUTLOOK FOR 11th & REVIEW

CLOSING SENSITIVE

Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561
Though Nifty appeared to lose considerably for most part of the day, it gained towards close to close flat for the day. Stop loss for Nifty long positions may be enhanced to 6700.    Nifty spot is expected to encounter resistance at 6830, 6865 and find support at 6755, 6720, for Friday. 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 witness zigzag movements with better forenoon / midsession  and sensitive closing session.

Nifty                               6796  +0

Review for Thursday ::  Flat Close…  !!!

After a huge upmove on Wednesday, Market closed flat amid zigzag movements with bearish undertone in the closing session.  27 of Nifty stocks ended in the red but  broader market  was positive   with  Advance Decline ratio placed at 1.1:1. Infra, Realty,Energy, Auto  indices gained while Pharma, IT, FMCG  indices declined. SBI, Tata Motors, Reliance contributed more than  10 points to Nifty’s gain while  ITC and Infy  dragged Nifty down by more than 10 points. 

Tata Power, NTPC, Cairn, BPCL, Tata Motors,     stood out as major gainers among Nifty stocks while Dr Reddy, Sun Pharma, Lupin, Hero Motors, HCL Tech  remained major losers.
  
Adani Enterprises, Crompton Greaves, Adani Ports, Tata Power gained with higher Open Interest indicatin fresh buying interest among F&O stocks while Just Dia, Aurobindo, UCO Bank, Glenmark declined with higher interest suggesting fresh short positions  among F&O stocks. 

NEW HIGHS AMID PROFIT BOOKING

The BSE benchmark Sensex settled the day 13 points higher at a fresh closing high of 22,715.33 after surrendering most of its early gains due to profit- booking in a highly volatile trade. The NSE Nifty breached the 6,800-mark to hit new peak of 6,819.05, but ended the day a tad lower at 6,796.40, which is almost the the same as its overnight close of 6,796.20.
The Sensex surpassed all-time intra-day high of 22,740.04, set yesterday, and touched a fresh peak of 22,792.49 on firm performances from Asian peers.
Power, capital goods, realty, refinery and auto counters were in demand, while selling in pharma, IT, Teck and FMCG stocks pulled the Sensex down at the fag end.
The BSE 30-share barometer moved erratically but was in the positive terrain for most part of the day. It finally concluded at 22,715.33, a net rise of 12.99 points. Yesterday, it had spurted by 358.89 points or 1.61 per cent after the International Monetary Fund (IMF) on Tuesday forecast 5.4 pct growth for the Indian economy in 2014. The World Bank yesterday projected that India would grow at a rate of 5.7 per cent in 2014-15.
Foreign Institutional Investors (FIIs) renewed their buying. They infused Rs 1,043.86 crore yesterday, as per provisional data with stock exchanges. Tata Power recored a gain of 4.12 per cent, while NTPC closed 2.57 per cent higher. BHEL rose 2.70 per cent and Tata Motors 2.33 per cent. SBI gained 2.15 per cent "Investors remained optimistic after World Bank has projected an economic growth rate of 5.7 per cent in fiscal year 2015 for India.... However, short term traders opted to book profits in the later half, resultant a flattish end for Sensex," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Comments

Popular posts from this blog

JIO TARIFF CICK FOR TELECOM STOCKS

Telecom stocks today surged up to 8 per cent after the recent increase in Reliance Jio tariffs, which is largely seen as positive for the sector. Shares of Bharti Airtel jumped 4.99 per cent to close at Rs 497.50 on BSE. Bharti Airtel was the biggest gainer among the 30-share index components. The scrip of Idea Cellular soared 7.74 per cent to end at Rs 98.15 and Reliance Communications zoomed 7.60 per cent to Rs 17.70. Reliance Jio made its service dearer by about 15 per cent for its popular 84-day plan at Rs 459 from October 19, under which subscribers get 1GB 4G data at high speed per day. The company restructured its various schemes by reducing their validity period. The recent increase in Reliance Jio tariffs will increase its average revenue per user by up to 20 per cent and is a positive for the telecom sector, which is seeing a rapid consolidation, says a Philip Capital report. Established telecom sector players have seen huge reduction in their margins. Idea Cellular and Reli…

STOCK MARKET WELCOME NEW YEAR WITH LOSS

Sensex drops 244 pts
A late sell-off in auto, banking and IT shares pulled back the benchmark BSE Sensex from record high level to close down by 244 points, its biggest single loss in past one month, on the first trading day of 2018. Investors preferred to book profits at record highs amid concerns over fiscal slippages and rising crude oil prices and absence of cues from global markets which were closed for the New Year holiday. The benchmark Sensex touched a low of 33,766.15 before settling lower by 244.08 points, or 0.72 per cent, at 33,812.75. This is the biggest single-day fall since December 1 when the index had lost 316.41. The 30-share index had closed at an all-time high of 34,056.83 in the last session of 2017 on Friday. Also, the 50-share Nifty cracked below the 10,500-mark to hit a low of 10,423.10 before settling 95.15 points, or 0.90 per cent down at 10,435.55. Stocks opened on a weak note and remained range-bound for the better part of the day but an intense sell-off in…

NIFTY EARNINGS FLAT IN 2018

UBS Cautious Note

Projecting zero returns from the Nifty, Swiss brokerage UBS has projected a 10 per cent cut in its index target at 10,500 for calendar 2018, even as it remains positive over the long-term. "Top-down, we forecast Nifty earnings growth will recover from 9 per cent in fiscal 2018 to 13 per cent in 2019, but driven largely by financials," the brokerage said in a report. "However, earnings growth is likely to disappoint against consensus forecast of 22 per cent growth for fiscal 2019, implying a 10 per cent cut," it added. Accordingly, the brokerage estimates "no returns from the Nifty in 2018" and has set the index target at 10,500 for this December. The report noted that a sharp earnings recovery, with continued robust macro stability appears priced in by the markets. "A sharp earnings recovery appears priced in. The markets are already close to our 2018 target, given optimistic fiscal 2019 consensus earnings expectations, which build …