BUY ON DECLINE
Nifty continued its gains for the Third day and Nifty above 7600 mark for the Second day
confirming the reversal of short term down trend. Any significant fall can be utilized
to buy with 7525 as stop loss on close basis. Nifty spot is expected to
encounter resistance at 7680, 7715 and find support at 7600 7565, for Friday. 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 selling pressure at higher levels and at the same
time find buying support at lower levels and 7600 level might hold for the day.
Nifty
Review for Thursday :: Narrow and Choppy Movements
… !!!
Market traded in a narrow range with bullish bias for the day and closed with nominal gain and
closed above 7600 mark for the Second day. Metal, Infra, PSU Bank, Pharma, FMCG
indices gained while Realty, Auto
indices declined. 31 of Nifty stocks gained and broader market was positive with Advance Decline ratio at 1.8:1. Kotak
Bank, NTPC, SBI contributed more than 10
points to Nifty’s gain while M&M, Reliance and ICICI Bank dragged down by
more than 10 points.. Crompton Greaves gained smartly on the news of demerger
of consumer product business division into a separate listed company.
Tata Power, Grasim, Kotak Bank, ACC and Hindalco remained major gainers
among Nifty stocks while M&M, IDFC, Bajaj Auto, DLF, ONGC remained
losers.
Crompton Greaves, IRB, Havells, Voltas, Apollo Hospital remained major gainers among F&O stocks while Bajaj Auto,
M&M, DLF, GMR Infra, Unitech and IDFC
declined among F&O stocks.
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