NIFTY OUTLOOK FOR 6th & REVIEW

A WIDE RANGE DAY...MID SESSION SUBDUED

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

http://www.saaketa.com/AstroTechnicals.aspx

Nifty closed flat for the day  and closed below 6700 mark for the Third day. Short term trend continues to remain negative and close above 6750 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 subdued during midsession and might recover in the closing session. However, a wide range day is possible in view of the narrowness of the past couple of days.

Nifty                               6699  +4

Review for Monday :: Another Flat Close …  !!!

Though Nifty did not close in the negative, broader market was quite negative.

Market opened better and remained in the positive zone for most part of the day but encountered selling in the closing session to close nearly flat for the day. Media, IT, Pharma, Realty indices declined while Metal, Energy, PSU Bank, and FMCG indices gained. 25 of Nifty stocks closed in the green   but  broader market  was quite negative  with Advance Decline ratio at about 1.1:75.  Reliance, ITC, L&T  contributed about 25 points to Nifty’s gain while  HDFC, Infy, Hind Unilever dragged down  by about 20 points..

 Hindalco, Jindal Steel, Tata Steelo, Reliance      gained  among Nifty stocks while HCL Tech, HDFC, Cipla, Tata Power, NMDC   remained losers.

  

Canara Bank, Century Textile, Apollo Hospital, Hindalco   remained major  gainers  among F&O stocks while Just Dial, JRCom, Glenmark, Rel Capital, HCL Tech declined among F&O stocks.

SENSEX RISE ON VALUE BUYING

Snapping its five-day falling trend, the BSE benchmark index Sensex today recovered over 41 points helped by gains in bluechips like RIL, ITC and Larsen & Toubro on value buying by funds and retail investors. After a lower start, the 30-share index bounced back to touch intra-day high of 22,592.03 before settling at 22,445.12, a moderate rise of 41.23 points, or 0.18 per cent.
The index touched the session's low of 22,354.45. The gauge had lost 472.65 points in the past five sessions.
Similarly, the broad-based Nifty of the National Stock Exchange ended 4.55 points, or 0.07 per cent higher at 6,699.35. It touched a high of 6,741.05 and a low of 6,680.45.
"The market has become volatile as participants prefer to book profits at every rise," said Manoj Choraria, a Delhi-based broker.
Reliance Industries surged by 1.82 per cent, ONGC by 1.93 per cent and ITC Ltd by 1.22 per cent. These three carry the most weightage in the Sensex.
Larsen and Toubro continued its rising streak on funds buying and gathered another 1.62 per cent.
Of the 30 Sensex scrips, 17 rose while 13 ended lower.
Banking counters were back in demand after they retreated recently on profit-booking, while oil and gas sector stocks rebounded on emergence of buying at prevailing levels.
The oil and gas sector index gained the most by surging 1.53 per cent to 9,697.33 followed by metal index by 1.21 per cent to 9,959.13. Capital goods index rose by 0.91 per cent to 12,011.27, while Banking index gained 0.40 per cent to 14,749.12.