NIFTY OUTLOOK FOR 16 & REVIEW

CAUTION AT HIGHER LEVELS
Nifty staged a smart rally for the day but mild pull back compared to the recent fall. Nifty needs to close above 7600 to come out of the short term bearishness.  Nifty spot is expected to encounter resistance at 7565, 7600 and find support at 7490 7450, for Wednesday. 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 continue the pullback but caution is advised at higher levels as higher levels might not sustain later on.

Nifty 7527 +73
Review for Tuesday :: Smart Pullback / Relief Rally … !!!



After Five days of continuous fall, Market traded in a zigzag manner with positive bias through out the day and closed with a gain of about 1%. Sectors which underperformed during last week, 39 of Nifty stocks ended in the green and broader market too was positive with Advance Decline ratio at 2.5:1. PSU Bank, Realty, Infra, Metal, Auto, Energy indices gained while Pharma, FMCG, IT  indices declined. ICICI Bank, SBI, L&T, Reliance contributed to Nifty more than 40 points while ITC, TCS and HDFC dragged down by about 10 points.
SBI, BHEL, Bank of Baroda, NMDC, DLF remained gainers among Nifty stocks while Dr Reddy, Asian Paints, Hero Motors, NTPC remained major losers.
Voltas, Rel Infra, Federal Bank, Syndicate Bank, Bharat Forgel  remained  gainers  among F&O stocks while Just Dial, Dr Reddy, CESC, Asian Paints, ITC  declined among F&O stocks.

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