NIFTY OUTLOOK FOR 3rd & REVIEW

FORENOON BETTER

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

Nifty continued its winning streak for 9^th day in a row and Nifty closes above 6750 mark. Stop loss for Nifty long positions may be enhanced to   6660.    Nifty spot is expected to encounter resistance at 6790, 6825 and find support at 6715, 6680, for Thursday. 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 generally better in the forenoon and opening session is crucial / sensitive.

Nifty                               6753  +32

Review for Wednesday  :: Record High for Sensex and Nifty as Bank Stocks Rebound…  !!!

Nifty maintained its winning streak for the Nineth day in a row and closed above 6750. 32 of Nifty stocks gained and  broader market too  was positive  with  Advance Decline ratio placed at 1.40:1. Barring FMCG and Metal indices, all other indices gained and notable gainers include Bank, Realty, Media, Infra, Energy, Pharma. Reliance and ICICI  contributed about 15 points to Nifty’s gain while ITC, HDFC Bank dragged down by about  15 points. 

 

Bank of Baroda, IDFC, PNB, Bharti, Tata Motors    stood out as major gainers among Nifty stocks while Asian Paints, Jindal Steel, ACC, ITC, SSLT remained major losers.

 

Orient Bank, Ranbaxy, Union Bank, Canara Bank, Uco Bank  remained major gainers among F&O stocks while Dabur, Asian Paints, ITC, Jindal Steel and ACC   remained major losers among F&O stocks. 

ANOTHER PEAK

The BSE benchmark Sensex today surpassed the 22,500-level to set a new closing high for the sixth day in succession on the back of persistent foreign capital inflows and positive global cues. The barometer opened the day on a stronger note and spurted further to its all-time record of 22,592.10 intra-day, with realty, refinery, healthcare, capital goods, power and consumer durable counters attracting buying. The Sensex finally ended the day at life-time closing high of 22,551.49, a rise of 105.05 points or 0.47 per cent from its previous close. It had set new high levels at close in the previous five days as well. The 50-share NSE Nifty gained 31.50 points or 0.47 per cent to finish at 6,752.55, after registering an all-time high of 6,763.50 intra-day. Foreign institutional investors (FIIs) continued their buying spree as they bought shares worth a net Rs 385.66 crore yesterday, as per provisional data from stock exchanges. "For yet another session, markets were seen scaling to new heights on the back of positive domestic cues. Clearance from the Election Commission for announcement of new bank licenses to RBI before the outcome of general elections triggered buying in financial space and later resumed by the other banking counters as well," said Jayant Manglik, President, Retail Distribution, Religare Securities. State-run SBI gained 2.06 per cent, ICICI Bank 1.53 per cent and HDFC 1.09 per cent. Bharti Airtel at 3.34 per cent was the day's biggest gainer, followed by Tata Motor at 2.62 per cent. Cipla was 2.00 per cent, ONGC 1.96 per cent, Larsen 1.85 per cent, RIL Ind 1.68 per cent,
ITC fell by 2.31 per cent, Hindalco 1.45 per cent, SSLT 1.41 per cent and HDFC Bank 1.02 per cent. IT stocks were also showcasing resilience against the backdrop of Rupee’s appreciation to eight month high level, Manglik said.