Monday, November 3, 2014

NIFTY OUTLOOK FOR 5 & REVIEW

SECOND HALF BETTER
Nifty                               8324  +2
Nifty traded in a narrow range and closed flat for the day. After a huge upmove last week, market appears to be consolidating or preparing for the next move. Short term trend continues to remain positive  and stoploss  may be  raised to 8175.  Nifty spot is expected to encounter resistance at 8365,, 8400 and find support at 8280, 8240 for Wednesday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be recover in the Second half of the day. 

MARKET FLAT

Mild profit-booking after four days of consecutive gains pulled the benchmark Sensex today down by about five points to end at 27,860.38 after hitting record high for the third session in a row. However, NSE barometer Nifty ended at new record close of 8,324.15, a marginal gain of 1.95 points, or 0.02 per cent, after clocking fresh life high of 8,350.60. Trading sentiment was by and large tepid as participants preferred to stay sidelines ahead of trading holidays. Among 30 Sensex components, 18 stocks led by GAIL, CIL, ITC, NTPC, ONGC and BHEL ended down while 12 others were up. The Sensex resumed higher at 27,943.04 and firmed up further to an all-time high of 27,969.82 on initial strong buying in view of good foreign capital inflows. However, it declined afterwards to 27,785.40 before ending at 27,860.38, showing a marginal loss of 5.45 points or 0.02 per cent. On Friday, it had zoomed to intra-day record high of 27,894.32 and ended at record close of 27,865.83. On last Thursday, it surged to previous life high of 27,390.60. In four days ending October 31, it ran up by over 1,100 points. 

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