NIFTY OUTLOOK & REVIEW
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
Nifty for the Third day in succession. Short term trend continues to remain negative and close above 6800 would make it neutral. However, there is strong support too around 6650 for Nifty. 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 for most part of the day. However, Low level of first 30 minutes / Low level of Tuesday may be kept as reference for any intraday long positions.
Review for Tuesday :: All round Bearishness… !!!
Market opened lower and fell sharply in the opening session and recovered thereafter partially to give up most of the gains to close with a loss of more than 0.60%. All sectoral indices closed in the red led by Metal, PSU Bank, Media, Auto and FMCG. 35 of Nifty stocks closed in the red and broader market too was quite negative with Advance Decline ratio at about 1:1.8. Hind Unilever, HDFC Bank, ICICI Bank, SBI dragged down by more than 20 points..
Ambuja Cement, Grasim, BPCL, ACC, Tech Mahindra gained among Nifty stocks while Jindal Steel, Tata Steel, Hind Unilever, Tata Power, Hindalco remained major losers.
Jain Irrigation, IRB, Petronet, Rel Infra, Ambuja Cement remained major gainers among F&O stocks while Hexaware, Jindal Steel, Tata Steel, JSW Steel, Voltas declined among F&O stocks.