NIFTY OUTLOOK FOR 2nd APRIL & REVIEW

FORENOON BETTER..!

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty continued its winning streak for 8^th day in a row and Nifty closes above 6700 mark for the Second day. Stop loss for Nifty long positions may be enhanced to   6640.    Nifty spot is expected to encounter resistance at 6760, 6795 and find support at 6680, 6645, for Wednesday. 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 in the forenoon  and could encounter selling pressure in the closing session.

Nifty                               6721  +17

Review for Tuesday : Nifty Up.. Bank Nifty Down …  !!!

RBI maintained status quo and Indices gained amid zigzag / volatile movements. Howevber, Bank stocks appeared to have encountered selling pressure / profit booking  at higher levels. 25 of Nifty stocks gained and  broader market too  was positive  with  Advance Decline ratio placed at 1.30:1. IT, Media, Energy, Pharma , Metal  indices gained while Bank, Realty, Infra and Auto indices declined. Reliance. TCS and Infy contributed about 15 points to Nifty’s gain while ICICI Bank, HDFC Bank dragged down by about  15 points.  

 

Wipro, Cair, Reliance, Bank of Baroda, TCS    stood out as major gainers among Nifty stocks while BPCL, Hindalco, Kotak Bank, Maruti, Asian Paints remained major losers.

  

Hexaware, Dabur, Tata Motors DVR. Aurobindo, UPL  remained major gainers among F&O stocks while Adani Enterprises, Siemens, Unitech, BPCL   remained losers among F&O stocks.

Market rise 7th in a row

Starting the new fiscal on an upbeat note, key stock market indices BSE Sensex and NSE Nifty today set fresh all-time highs for the seventh day in succession after the RBI kept key rates unchanged as widely expected. In a highly volatile trade, IT and oil shares, TCS and RIL in particular, helped the Sensex rise from day's low levels to end the day at fresh closing high of 22,446.44, a rise of 60.17 points or 0.27 per cent from its previous close. This is the fifth day in a row the Sensex is ending at new high. Market players said bourses are on a record-setting spree primarily on sustained capital inflows into equities. After opening the day in positive terrain, the key index hit a new record high of 22,485.77 intra-day for the seventh straight day. After the news of RBI monetary policy filtered in, it shed 90 points. The 50-issue NSE Nifty rose by 16.85 points or 0.25 per cent to end at new peak of 6,721.05. It recorded its fresh intra-day life-time high of 6,732.25. Firm global cues and frantic buying by foreign funds buoyed the market sentiment, a broker said. At 3.30 per cent, Wipro was the best Sensex performer of the day. SSLT was second best 2.08 per cent, followed by TCS at 2.08 per cent. Tata Steel gained 1.89 per cent. Reliance Industries (RIL) (RIL) was 1.25 per cent higher. M&M, Dr Reddy's Lab, NTPC, ONGC and Tata Motors gained over 1 per cent each.
Brokers said the RBI's decision to keep interest rates unchanged was largely in line with investor expectations and failed to have any major immediate effect.
The Reserve Bank of India (RBI) in its first bi-monthly monetary policy left the short-term lending rate or repo rate unchanged at 8 per cent, and cash reserve ratio at 4 per cent. Jignesh Chaudhary, Head Of Research, Veracity Broking Services said: "The benchmark stock index traded positive to range bound as some investors judged the rally to a record was overdone." Brokers aid market started the 2014-15 on a bullish note after notching up handsome gain of 3,550.50 points, or an increase of 18.8 per cent during 2013-14.