NIFTY OUTLOOK FOR 18 & REIVEW

BUY ON DECLINE
Nifty continued its  gains for the Third day  and Nifty above 7600 mark for the Second day confirming the reversal of short term down trend. Any significant fall can be utilized to buy with 7525 as stop loss on close basis. Nifty spot is expected to encounter resistance at 7680, 7715 and find support at 7600 7565, for Friday.  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 encounter selling pressure at higher levels and at the same time find buying support at lower levels and 7600 level might hold for the day.

Nifty                               7640     +16

Review for Thursday  ::  Narrow and Choppy Movements … !!!

Market traded in a narrow range with bullish bias for  the day and closed with nominal gain and closed above 7600 mark for the Second day. Metal, Infra, PSU Bank, Pharma, FMCG  indices gained while Realty, Auto indices declined. 31 of Nifty stocks gained and broader market was  positive with Advance Decline ratio at 1.8:1. Kotak Bank, NTPC, SBI  contributed more than 10 points to Nifty’s gain while M&M, Reliance and ICICI Bank dragged down by more than 10 points.. Crompton Greaves gained smartly on the news of demerger of consumer product business division into a separate listed company.
 
Tata Power, Grasim, Kotak Bank, ACC and Hindalco    remained major  gainers   among Nifty stocks while M&M, IDFC, Bajaj Auto, DLF, ONGC    remained  losers.
  
Crompton Greaves, IRB, Havells, Voltas,  Apollo Hospital  remained major gainers  among F&O stocks while Bajaj Auto, M&M, DLF, GMR Infra, Unitech and IDFC  declined among F&O stocks.

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