NIFTY OUTLOOK FOR 23rd & REVIEW

MID SESSION BETTER

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

One more positive day with Nifty holding above 6300 mark for the Third  day in succession. It is at the upper end of the range of 6350 and appears set to cross the same ahead of crucial RBI policy early next week. Nifty spot is expected to encounter resistance at 6380, 6415 and find support at 6300, 6265, for Thursday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be generally subdued in the forenoon session and recover during midsession and witness  zigzag movements towards close.

Nifty                               6339     +25

Review for Wednesday, 22nd January, 2014 ::  Market Gains further ground with  Cautious Optimism ..!!

After subdued opening session, market rallied to cross last week’s high level and closed with a gain of about 0.40%. 32 of Nifty stocks closed in the green and broader market too was positive with Advance Decline ratio at 1.1 :1. PSU Bank and FMCG indices closed in the red while Pharma, Metal, Energy, Media , Realty and Auto indices gained . BPCL, Tata Steel, Lupin, Hindalco Bharti remained as major gainers among Nifty stocks while Asian Paints, SBI, ACC, ITC, Cairn remained major losers.

Among F&O stocks Century Textiles, Sun Pharma,, Ashok Leyland, Aditya Birla, CESC     gained with higher Open Interest indicating fresh long positions while M&M Finance, Dabur, Havells, Mc Leoud Russel, JP Power, Apollo Tyres   declined with higher Open Interest suggesting fresh short positions

SENSEX HAT TRICK

The benchmark BSE Sensex today rose by 87 points to close at all-time high of 21,337.67 on buying sentiment buoyed by promising corporate earnings and hopes of a rate cut next week by the Reserve Bank. The 30-share BSE barometer moved in a narrow range till later afternoon deals. But buying at the fag-end lifted Sensex to its life-time closing high of 21,337.67, a rise of 86.55 points or 0.41 per cent, completing three straight days of gains. In thee sessions, the key index has jumped by 247.05 points or 1.30 pct. The previous closing high was 21,326.42 points, recorded on December 9, 2013. Jignesh Chaudhary, Head Of Research, Veracity Broking Services, however, said: "Markets are going to follow a cautious approach in trading ahead of RBI policy review meet scheduled on January 28."
Buying interest in RIL, Sun Pharma, ICICI Bank, Bharti Airtel, Tata Steel, HUL, M&M mainly kept market tempo upbeat.
Broader 50-issue NSE Nifty also improved by 25.15 points to log its second highest closing of 6,338.95. Its record closing high was 6,363.90 points on December 9, 2013. Major Sensex gainers were Sun Pharma at 2.85 per cent, Tata Steel 2.28 per cent, Hindalco Ind 2.04 per cent, Bharti Airtel 1.56 per cent, NTPC 1.38 per cent, M&M 1.25 per cent, Dr Reddy's Lab 1.17 per cent, Cipla 1.15 per cent and Wipro 1.04 per cent.