BIG RANGE DAY
Nifty can be expected to witness a big range day as it could
open with a Gap due to announcement of exit poll results. Further, Nifty has
been trading / closing in a tight range for the last couple of days signaling an
imminent big move. Stop loss for Nifty
long positions may be continued at 6100 on close basis. Nifty spot is expected to encounter
resistance at 6205, 6240 and find support at 6125, 6090 for Thursday. While
Global cues and Funds flow are expected to broadly guide the market
movement, based on the present market position, market is expected to witness
Gap opening due to domestic event of exit poll results and trade in a zigzag
fashion and might attract profit booking in the closing session.
Nifty
Review for Wednesday,
04th December, 2013 :: Correction Continues ..!!
Market traded in a narrow range in the forenoon session and
fell thereafter and finally closed with a loss of about 0.65%. However, short
covering was seen towards close which did not reflect in the average closing
level. 30 of Nifty stocks closed in the green but broader market was negative
with Advance Decline ratio at 1:1.25. Metal and IT indices closed with minor
gains while Realty, FMCG and Auto indices declined. Tata Power, PNB, Power
Grid, NMDC, Wipro remained major gainers among Nifty stocks while Hindalco,
ITC, IDFC, DLF remained losers .
Among F&O stocks,
Adani Power, Dish TV, Tata Power, PNB, JP Power, Wipro remained
major gainers while Unitech,
HDIL, REC, Century Textiles, IB Real estate, India Cements remained
losers.
Inputs provided by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
He can be reached @sastry.saaketa@gmail.com
09848014561
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