NIFTY OUTLOOK FRO 22nd & REVIEW

BETTER MID SESSION WITH ZIGZAG MOVEMENTS

Inputs by

Dr.Bhuvanagiri Amaranatha Sastry

Astro Technical Analyst

Saketha Consultants, Hyderabad

sastry.saaketa@gmail.com

09848014561

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

Focus appears to have shifted from large cap stocks to midcap stocks. However, Nifty continues to close above 7200 mark and Stop loss for Nifty may be enhanced to  7175 (on close basis). 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  encounter zigzag movements with better midsession

Nifty                               7253  -23

Review for Wednesday, 21st May, 2014 :: Midcap Stocks Shine in Zigzag Market … !!!

Market traded in a zigzag fashion and closed with minor bearish bias  for the day  Midcap stocks continue to shine as market breadth is quite positive at 3.75:1. However, 33 of Nifty stocks ended in the red. Realty, Media, Auto, IT, Metal  indices gained while Infra, PSU Bank, Pharma and Energy   indices declined. Bajaj Auto, Infy, NTPC  contributed more than 10 points to Nifty’s gain while L&T, SBI, Axis Bank   dragged down by about 15 points.

 

Bajaj Auto, Mc Dowell, DLF, Asian Paints, NTPC   remained major gainers  among Nifty stocks while Ultra Cement, ACC, SBI, Grasim, BHEL   remained   losers.

 

IFCI, IB Realestate, DLF, Apollo Tyres, PFC     remained major  gainers  among F&O stocks while Hind Zinc, Dish TV, Adani Ports, Voltas  declined among F&O stocks.

SENSEX LOOSE 79 POINTS

Snapping four days of record setting rally on election euphoria, the BSE benchmark Sensex settled the day 78 points lower at 24,298 on profit-booking amid weak global trends.
The 30-share BSE barometer resumed better but immediately came under pressure and remained in the negative terrain before ending the day at 24,298.02, down by 78.86 points or 0.32 per cent.
The NSE Nifty also declined by 22.60 points or 0.31 per cent at 7,252.90.
Fresh capital outflows weighed on the market, brokers said. Foreign institutional investors (FIIs) pulled out Rs 104.53 crore yesterday, as per provisional data available with stock exchanges. The four-day rally before today's losses saw the BSE Sensex and NSE Nifty climbing to life-time high of 25,375.63 and 7,563.50 points on May 16, when results of Lok Sabha elections came in which the BJP-led NDA swept the polls. The Sensex had garnered 562 points or 2.36 per cent in four days.
Recently favoured capital goods and banking stocks attracted profit-booking, while realty, IT, FMCG and auto shares were in demand. "Going ahead, RBI’s monetary policy is due on 3rd June, while Narendra Modi shall be sworn in as the next Prime Minister on May 26. The new government is expected to announce necessary reform measures which will further boost India’s economy. Next budget highlights and RBI monetary policy can be major trigger for market direction," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. Major Sensex losers were SBI (2.61 per cent), BHEL (2.39 per cent), Axis Bank (2.18 per cent), Larsen (2.11 per cent), Bharti Airtel (2.03 per cent), Gail India (1.80 per cent), Sun Pharma (1.73 per cent), Tata Power (1.23 per cent), Maruti Suzuki (1.15 per cent), Hero Motocorp (1.08 per cent) and Dr Reddy's Lab (1.04 per cent).