NIFTY OUTLOOK FOR 09 & REVIEW

MID SESSION BETTER
First blow to the market on Railway budget day and ahead of Union Budget on the 10th. Nifty closed below 7650 and gets into short term bearishness. However, the same would be confirmed by one more negative close.   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 witness zigzag movements. Economic Survey would have a bearing on the market movement.

Nifty                               7623     -164

Review for Tuesday ::  Black Tuesday    … !!!

After remaining with minor bearish bias till the completion of Rail budget, market fell sharply due to huge selling and lost more than 2%. All sectoral indices closed in the red and Realty, Infra, PSU Bank, Metal ad Energy indices lost heavily. Only 2 of Nifty stocks did not fall and all the other 48 stocks  closed in the red and broader market was quite negative with Advance Decline ratio at 1:7. This could be termed as one of the worst days in the recent past. Reliance, ICICI Bank, L&T, ONGC dragged down Nifty by more than 60 points.

Sun Pharma, ITC        remained only  gainers   among Nifty stocks while DLF, BHEL, Jindal Steel, NMDC, Power Grid  remained major  losers.
  
Just Dial, ITC, HDFC, Sun Pharma  remained marginal   gainers  among F&O stocks while Unitech, India Cement, JSW Energy, IFCI and IRB  declined among F&O stocks. More than 15 stocks declined by more than 10%.

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