Monday, December 8, 2014

NIFTY OUTLOOK FOR 09 & REVIEW

FORENOON SUBDUED
Nifty                               8438  -100
Bulls give way to Bears and Short term trend becomes bearish after about Seven weeks.  Short term trend reverses to negative  and stoploss  may be  placed at 8575  (on close basis). Nifty has become “Sell on Rise” with the aforementioned stop loss.  Nifty spot is expected to encounter resistance at 8480,, 8515 and find support at 8400, 8365 for Tuesday.   While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to be generally subdued during forenoon and could recover in Second half of the day. 

MARKET PLUNGE IN INFOSYS TIDE

Logging their worst drop in 8 weeks, benchmark Sensex plunged 339 points and Nifty slipped 100 points today on sharp losses in Infosys, where co-founders sold about USD 1 billion worth shares, and other bluechips. Shares of heavyweight Infosys fell by 4.88 per cent as families of four co-founders sold shares worth Rs 6,484 crore in the country's second largest software services firm. Its peers TCS and Wipro also witnessed selling pressure. Private sector lenders HDFC Bank and ICICI Bank lost about one and half per cent each. Metals pack, including Sesa Sterlite, Hindalco and Tata Steel, slipped 2-3.6 per cent on reports of weak trade data of China, the world's biggest consumer of industrial metals. Domestic market was also affected by concerns over slowing foreign capital inflows as strong US growth may prompt the US Federal reserve to speed up rate hikes, traders said. Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 109.45 crore last Friday, as per provisional data. The 30-share index Sensex resumed lower at 28,433.00 and hovered in a range of 28,494.85 and 28,097.12 before ending at 28,119.40, showing a loss of 338.07 points or 1.19 per cent. This its biggest single-session loss since October 16 when it had dropped 349.99 points or 1.33 per cent. Similarly, NSE 50-share Nifty fell 100.05 points, or 1.17 per cent, to finish below key 8,500-mark at 8,438.25. This is also its sharpest fall since 115.8-point drop on October 16.

 

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