FURTHER UPSIDE POSSIBLE
Planetary Position :: During the current
week Moon would be
transiting from Anuradha in Scorpio to Sravana in Capricorn. Sun and Mercury transit in Poorvashadha constellation in Sagittarius. Mars transits in Hastha constellation in Virgo. Saturn continues in Visakha constellation in Taurus navamsa. Jupiter transits in Retrograde motion (till 6th March 2014) in Gemini and presently in Aries Navamsa . Venus transits in Uttarashadha constellations in Capricorn sign and in retrograde motion till 1st February 2014.Further, there is a Grand Square / T square operating involving Mars and Outer planets till 1st week of January and high degree of volatility . Hence, high degree of caution is suggested particularly at higher and lower levels as wild swings would break technical supports and resistances. Further with both auspicious planets i.e., Jupiter and Venus being in retrograde motion, sustained upside too can not be expected.
transiting from Anuradha in Scorpio to Sravana in Capricorn. Sun and Mercury transit in Poorvashadha constellation in Sagittarius. Mars transits in Hastha constellation in Virgo. Saturn continues in Visakha constellation in Taurus navamsa. Jupiter transits in Retrograde motion (till 6th March 2014) in Gemini and presently in Aries Navamsa . Venus transits in Uttarashadha constellations in Capricorn sign and in retrograde motion till 1st February 2014.Further, there is a Grand Square / T square operating involving Mars and Outer planets till 1st week of January and high degree of volatility . Hence, high degree of caution is suggested particularly at higher and lower levels as wild swings would break technical supports and resistances. Further with both auspicious planets i.e., Jupiter and Venus being in retrograde motion, sustained upside too can not be expected.
Nifty Outlook for Next Week :: 30.12.2013
to 03.01.2014 (Scrip Specific Movements )…
NIFTY :: 6314(+40)
Nifty closed with a gain of more than 0.50%, Second
successive weekly gain. Last week’s movement was quite subdued and Nifty moved
in a very narrow range of about 70 points only. However, movement was more
scrip specifc and mid cap stocks performed better. Last week’s subdued movement
in front line stocks and index could be due to possible absence / lower
participation from FIIs due to Christmas / New year holidays. Short term
continues to remain neutral with upside bias and closer to upper end of the
range ie., 6325. While Medium and Long term is bullish, short term trend
has been oscillating .. Market is hoping for a performing Government in
next elections and is factoring in the bullish sentiment. Hence, it all depends
on Election outcome for real direction to the market. However, cautious
bullishness prevails in the present market. Hence, any decent correction in
view of the short term bad news is an opportunity for long term / medium term
investors to buy quality stocks. Further, Q3 results season too would be
starting from Second week of January and scrip / sector specific movement would
be in focus. While Nifty made a new high for statistical purpose, it would be
in place in spirit only when it maintains above the previous high. Further,
Nifty has been trading in a range of 4600 to 6300 for more than 4 years and is
due for a powerful breakout sooner than later. Stock market
discounts future in advance and is ahead of economy and fundamentals atleast by
Six months. and medium term bullish sign in markets presupposes improving
fundamentals. Nifty has been making higher bottoms and can be expected
to breakout and make higher tops. “Buy on Decline” may be followed for Medium /
long term. Traders should be ever vigilant to track short term movements .
Technically, Nifty is in a narrow range and major support at 6125 and
resistance at 6325 and unless either of these levels is broken decisively, it
can be considered to be in neutral range Nifty is above 200
DMA and 50 DMA and the 50DMa also has crossed 200DMA and
makes a clear case of “Buy on Decline” with 200 DMA as stop loss. .Any
decent correction is an opportunity for medium / long term investors and
it is a clear case of “Buy on Decline” long as it holds above 200 DMA,
which is presently placed around 5900. Being first week of new derivative
series, optimism can be expected and a reasonable weekly rise appears possible.
For the coming week, Nifty spot is expected to face resistance at
6395, 6475, 6555 and find support at 6235, 6155, 6080.
Nifty spot has strong support at 6130 and resistance at 6325. Nifty needs to decisively close above 6325 for a couple of days to sustain the momentum. However, there would be a strong resistance around the recent high of 6415 too. Further, there is strong support around 6250 and 6125..
Advice for Traders :: Being first week of new
derivative series, further uptrend can be expected during the week with stiff
resistance around previous high of 6415. Hence buying with Friday’s low level
as stop loss for a target of 6400+ can be attempted by traders.
WD Gann’s
natural numbers which would act as natural support and resistance are
, : 5968, 6046, 6124, 6202 ,6281, 6361, 6441,6487 during the week.
natural numbers which would act as natural support and resistance are
, : 5968, 6046, 6124, 6202 ,6281, 6361, 6441,6487 during the week.
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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