NIFTY OUTLOOK FOR 4th & REVIEW

MIDSESSION SUBDUED

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

After Nine straight days of rise, Nifty ended with a loss to close below 6750. Stop loss for Nifty long positions may be enhanced to   6675.    Nifty spot is expected to encounter resistance at 6775, 6810 and find support at 6700, 6665, 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 subdued midsession and recovery towards close.

Nifty                               6736  +17

Review for Thursday, (3rd April) ::  Support at Lower Levels…  !!!

After Nine days’ of continuous rise, Market fell nominally despite smart recovery from lower levels 31 of Nifty stocks ended in the red and  broader market too  was negative  with  Advance Decline ratio placed at 1:1.2 . Pharma, FMCG and Metal indices gained while PSU Bank, Bank, Energy, Media, Realty indices decline. Hind Unilever, ITC and HDFCI  contributed about 10 points to Nifty’s gain while SBI, ICICI Bank, Axis Bank  dragged down by more than 10 points. 

Bank License aspirants L&T Finance, JM Finance, LIC Housing Finnace, Rel Capital ended in the red and the paradox is even IDFC which got in principle Bank Licence too ended in the red as it faced huge selling pressure at higher levels.

 

Asian Paints, Jindal Steel, Hind Unilever, Lupin    stood out as major gainers among Nifty stocks while BHEL, Bank of Baroda, DLF, PNB, Axis Bank, IDFC remained major losers.

 

Ranbaxy, Colgate Palmolive, JP Power, UPL, India Cement  remained major gainers among F&O stocks while L&T Finance, IFCI, Orient Bank, Rel Capital, Shriram Transport   remained major losers among F&O stocks.