CHOPPY
AND VOLATILE MOVEMENTS
Nifty continued
its gains for the Fifth day in a row . Nifty is close to strong
resistance of 7750. However, it becomes weak only if it closes below
7575. Nifty spot is expected to encounter resistance at 7725, 7760
and find support at 7645 7605, for Tuesday. 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 trade in a zigzag fashion with alternate bouts of
bullishness and bearishness. profit booking after the opening and
mild recovery thereafter.
Nifty 7684
+20
Review for Monday, 21st
July , 2014 :: Zigzag Movements with Bullish Bias … !!!
Market opened better and traded in a choppy manner with bullish bias through out the day and closed with a gain of about 0.25%. 25 of Nifty stock gained but broader market was better with Advance Decline ratio at 1.5:1. Media, FMCG, Energy indices gained while PSU Bank, Realty, Infra, IT and Metal indices were weak. ITC, HDFC, Reliance contributed more than 30 points to Nifty’s gain while Infy, L&T, SBI dragged down by about 15 points.
Indusind Bank, HDFC, Asian Paints, Reliance and Grasim remained major gainers among Nifty stocks while DLF, IDFC, Tata Power, GAIL, SSLT remained losers.
Century Textiles, Sun TV, Bata India, Indusind Bank, Jubilant Food remained major gainers among F&O stocks while HDIL, Canara Bank, Ashok Leyland, DLF and DishTV declined among F&O stocks.
SENSEX
@ 2 WEEK HIGH
The
benchmark Sensex today rose for the fifth day and ended 73 points
higher at two-week closing peak on continued foreign capital inflows
after bluechips, including RIL and HDFC, reported robust quarterly
earnings. Besides, improving macroeconomic indicators, monsoon
progress and positive cues from global markets supported the buoyancy
in domestic indices, brokers said. Shares of Reliance Industries
(RIL) rose by 2 per cent after the company posted
better-than-expected results on Saturday. HDFC shares gained 3 per
cent after it poster higher consolidated profit. HDFC Bank scrip,
however, slipped even as it reported 21 per cent growth in June
quarter profit. The earnings season had started on a good note with
tech giants Infosys and TCS exceeding investor expectations, brokers
added. The BSE Sensex resumed higher at 25,776.54 and firmed up
further to 25,861.15 on initial buying coupled with higher global
cues. However, it lost some momentum due to fag-end selling pressure
as Asian markets turned lower amid a weak start in the European
markets. The index ended at 25,715.17, showing a gain of 73.61 points
or 0.29 per cent. This is its best closing since July 7 when it
crossed 26,100 mark. With today's gain, the Sensex has gained over
700 points in five straight sessions. "Selective buying in index
heavyweights and particularly FMCG sector maintained buying momentum
on the bourses," said Nidhi Saraswat, Senior Research Analyst,
Bonanza Portfolio. The NSE 50-share Nifty today moved up by 20.30
points, or 0.26 per cent, to end at 7,684.20. Foreign Portfolio
Investors bought shares worth a net Rs 574.47 crore on last Friday as
per provisional data. Asian stocks ended lower as indices in China,
Hong Kong and South Korea declined by 0.05-0.29 per cent while
indices in Singapore and Taiwan moved up by 0.11-0.43 per cent.
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