NIFTY OUTLOOK FOR 15 & REVIEW

PULLBACK DUE

Nifty fell marginally but registered Fifth day of fall. In view of the steep fall , a reasonable pullback can be expected, which may be utilized to reduce leveraged long positions. Nifty needs to close above 7600 to come out of the short term bearishness. There is a strong support at 7375 / 7350 during the week and strong resistance around 7600 level.   Nifty spot is expected to encounter resistance at 7495, 7535 and find support at 7410 7375, for Tuesday.  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 achieve reasonable pullback which may be utilized to sell in view of the short term weakness.

Nifty 7454 -6

Review for Monday :: Narrow and Choppy Movements … !!!
After initial hesitant movements, market traded in a narrow and choppy way and closed marginally lower for the day, 5^th day of continuous fall. 26 of Nifty stocks declined and broader market too was negative with Advance Decline ratio at 1:1.4. Infra, Auto, Metal, PSU Bank indices gained while IT, Media, Pharma, FMCG, Realty indices declined. Infy, Hind Unilever, ICICI Bank dragged down Nifty by about 25 points while L&T, Tata Motors, Indusind Bank contained the loss by about 15 points.
Hindalco, Asian Paints, PNB, Tata Power, Tata Steel remained gainers among Nifty stocks while HCL Tech, Infy, Hind Unilever, Wipro, ACC remained major losers.
Arvind, Hind Zinc, Orient Bank, Just Dial, Tata Steel remained gainers among F&O stocks while Jub Food, HCL Tech, Infy, Mc Leod, Hidn Unilever declined among F&O stocks.