NIFTY OUTLOOK FOR 8th & REVIEW

BEARISH BIAS...CLOSING SUBDUED

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

http://www.saaketa.com/AstroTechnicals.aspx

Nifty closed with a loss of about 1% and close to major support level. Short term trend continues to remain negative and close above 6750 would make it neutral with positive bias. However, there is strong support too around 6650 for Nifty. While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be relatively  better  in the forenoon session and subdued in Second half of the day.

 

Nifty                               6653  -62

Review for Wednesday :: Tech Stocks Drag Market …  !!!

Narrow market of the last 4 days gave way to bears and all sectoral indices closed in the red. IT, Realty indices major losers. 41of Nifty stocks closed in the red  and  broader market too  was negative    with Advance Decline ratio at about 1:1.5. HDFC, Infy, ITC dragged down  by more than 25 points..

NTPC, SBI, Sun Pharma, Kotak Bank     remained gainers  among Nifty stocks while HCL Tech, Tech Mahindra, Infy, HDFC   remained major losers.

 

IRB, Arvind, CESC, Apollo Tyres, Bata    remained major  gainers  among F&O stocks while Allahabad Bank, Syndicate Bank, Dish TV, HCL Tech, Union Bank declined among F&O stocks.

SENSEX LOOSE 184 POINTS

The benchmark index Sensex tanked 184 points to close at nearly three-week low of 22,323.90 points today as technology, banking and auto stocks fell on fresh round of selling amid slowing down of foreign capital inflows. The 30-share BSE barometer started on a negative note and fell further to touch the day's low of 22,286.26. It closed down by 184.52 points, or 0.82 per cent at 22,323.90, the lowest level since April 16 this year.
The gauge had gained 104.53 points in the previous two sessions. The broader NIfty of the National Stock Exchange dipped below the crucial 6,700 level and closed at 6,652.55, down by 62.75 points, or 0.93 per cent. Brokers said sentiment turned weak as selling pressure gathered momentum ahead of outcome of General elections. Slowing down of foreign capital inflows also impacted the market, they added.
A weakening trend in the global markets on escalating tensions in Ukraine added to downward pressure, they said.
IT stocks, mainly Infosys and TCS, witnessed heavy sell-off after the rupee rose to a one-month high and reports that UBS downgraded Infosys.
Infosys lost 3.15 per cent, Tata Consultancy fell by 1.48 per cent and Wipro by 1.77 per cent.
HDFC fell by 2.75 per cent, Bajaj Auto by 1.60 per cent and Maruti Suzuki by 1.46 per cent.
The IT sector index suffered the most, losing 2.59 per cent to 8,491.49, followed by the teck index which fell 2.23 per cent to 4,734.54.
The realty sector index lost 1.11 per cent to 1,373.54 points and metal index by 0.71 per cent to 9,894.94 and auto index 0.70 per cent to 13,265.53.
Of the 30 Sensex shares, 25 declined, while five ended with gains.