NIFTY OUTLOOK FOR 21 & REVIEW

CHOPPY AND VOLATILE MOVEMENTS

Nifty continued its gains for the Fifth day in a row . Nifty is close to strong resistance of 7750. However, it becomes weak only if it closes below 7575. Nifty spot is expected to encounter resistance at 7725, 7760 and find support at 7645 7605, 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 trade in a zigzag fashion with alternate bouts of bullishness and bearishness. profit booking after the opening and mild recovery thereafter.
Nifty 7684 +20
Review for Monday, 21st July , 2014 :: Zigzag Movements with Bullish Bias … !!!
Market opened better and traded in a choppy manner with bullish bias through out the day and closed with a gain of about 0.25%. 25 of Nifty stock gained but broader market was better with Advance Decline ratio at 1.5:1. Media, FMCG, Energy indices gained while PSU Bank, Realty, Infra, IT and Metal indices were weak. ITC, HDFC, Reliance contributed more than 30 points to Nifty’s gain while Infy, L&T, SBI dragged down by about 15 points.
Indusind Bank, HDFC, Asian Paints, Reliance and Grasim remained major gainers among Nifty stocks while DLF, IDFC, Tata Power, GAIL, SSLT remained losers.
Century Textiles, Sun TV, Bata India, Indusind Bank, Jubilant Food remained major gainers among F&O stocks while HDIL, Canara Bank, Ashok Leyland, DLF and DishTV declined among F&O stocks. 
SENSEX @ 2 WEEK HIGH
The benchmark Sensex today rose for the fifth day and ended 73 points higher at two-week closing peak on continued foreign capital inflows after bluechips, including RIL and HDFC, reported robust quarterly earnings. Besides, improving macroeconomic indicators, monsoon progress and positive cues from global markets supported the buoyancy in domestic indices, brokers said. Shares of Reliance Industries (RIL) rose by 2 per cent after the company posted better-than-expected results on Saturday. HDFC shares gained 3 per cent after it poster higher consolidated profit. HDFC Bank scrip, however, slipped even as it reported 21 per cent growth in June quarter profit. The earnings season had started on a good note with tech giants Infosys and TCS exceeding investor expectations, brokers added. The BSE Sensex resumed higher at 25,776.54 and firmed up further to 25,861.15 on initial buying coupled with higher global cues. However, it lost some momentum due to fag-end selling pressure as Asian markets turned lower amid a weak start in the European markets. The index ended at 25,715.17, showing a gain of 73.61 points or 0.29 per cent. This is its best closing since July 7 when it crossed 26,100 mark. With today's gain, the Sensex has gained over 700 points in five straight sessions. "Selective buying in index heavyweights and particularly FMCG sector maintained buying momentum on the bourses," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. The NSE 50-share Nifty today moved up by 20.30 points, or 0.26 per cent, to end at 7,684.20. Foreign Portfolio Investors bought shares worth a net Rs 574.47 crore on last Friday as per provisional data. Asian stocks ended lower as indices in China, Hong Kong and South Korea declined by 0.05-0.29 per cent while indices in Singapore and Taiwan moved up by 0.11-0.43 per cent.

 

Comments

Popular posts from this blog

STOCK MARKET WELCOME NEW YEAR WITH LOSS

NIFTY EARNINGS FLAT IN 2018

RECORD RUNNING SPREE IN INDIAN STOCK MARKET