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.