NIFTY OUTLOOK FOR 28th & REVIEW
SECOND HALF SUBDUED
May Derivative series started off on a negative with a fall of about 1%. With this fall, Nifty turns negative and One more negative close would take away the short term bullishness. While Global cues, Quarterly results 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 in forenoon and could witness selling pressure in Second half of the day.
Review for Friday
:: Selling at Higher Levelss… !!!
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
Market witnessed huge selling pressure from midsession and could not recover meaningfully thereafter. 33 of Nifty stocks closed in the red and broader market too was negative with Advance Decline ratio at about 1:1.8. PSU Bank, Media, Pharma indices gained while Bank Nifty, FMCG, Energy and Infra indices declined. HDFC, M&M contributed more than 12 points to Nifty’s gain while ITC, ICICI Bank and Reliance dragged down by more than 35 points..
M&M, Tech Mahindra, Dr Reddy, Axis Bank, stood out as major gainers among Nifty stocks while Cairn, Ambuja Cement, BPCL, Ultratech Cement remained major losers.
UPL, IB Realestate, KTK Bank, Yes Bank remained major gainers among F&O stocks while MRF, Cairn, Crompton Greaves, Ambuja Cement, Exide Industries declined among F&O stocks.