NIFTY OUTLOOK FOR 23 & REVIEW

SUBDUED SECOND HALF

Nifty continued its  gains for the Sixth day in a row . Nifty surpassed the resistance level with ease and closed above 7750. Stop loss for long positions may be trailed to 7670. Nifty spot is expected to encounter resistance at 7810, 7850 and find support at 7730 7690, for Wednesday.  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 generally better in the forenoon and might encounter selling/ profit booking  in the second half of the day.

Nifty                               7768     +84

Review for Tuesday, :: Smart Rise in the Closing Hour … !!!

Market opened better and traded in a narrow range thereafter and surged higher in the last hour to close with a smart gain of 1% for the day., 34 of Nifty stock gained  but broader market was steady with  Advance Decline ratio at 1.05:1. Barring PSU Bank index all other sectoral indices gained led by IT, Energy, Pharma , Metal etc., Reliance, HDFC, TCS, contributed more than 40 points to Nifty’s gain .

Telecom stocks gained smartly owing to TRAI move of spectrum sharing within the circle.

 

Bharti, Reliance, HDFC, TCS, Dr Reddy    remained major  gainers   among Nifty stocks while Maruti, L&T, PNB, Power Grid, M&M     remained  losers.

Exide, IDEA, Bharti, Hexaware    remained major gainers  among F&O stocks while Unitech, IRB, Syndicate Bank, India Cement, GMR Infrra  declined among F&O stocks. 

SENSEX AGAIN ON 26000 PEAK

The benchmark Sensex today extended its winning run to the sixth straight session and soared 311 points to reclaim the 26,000-mark at close as robust earnings from key bluechips boosted investor sentiment. Improving macroeconomic indicators, monsoon progress and positive global cues have also supported the buoyancy in the domestic markets, brokers said. This is only the second time in its history that the 30-share BSE Sensex has closed above the 26K level. The index had closed at record 26,100.08 on July 7. Its all-time high, however, is 26,190.44 and was hit on July 8. Dipen Shah, Head of Private Client Group Research, Kotak Securities, said: "Supportive global markets, slight easing of geo-political tensions and continued optimism on long term growth prospects of the economy helped sentiments. Monsoon has been progressing across India over the past few days. Results, especially from IT majors, have been above estimates." The Sensex today opened higher at 25,784.48 and shot up further to a high of 26,050.38 before ending at 26,025.80, clocking a gain of 310.63 points or 1.21 per cent from previous close. In six days, it has rallied over 1,018 points. Among the frontline blue-chips, Reliance Industries spearheaded the rally followed by HDFC, TCS, Tata Motors, HDFC Bank, Bharti Airtel, ITC, Infoys and Wipro. As many as 25 Sensex constituents ended in the green while five ended down. 

The NSE 50-share Nifty firmed up by 83.65 points, or 1.09 per cent, to finish at 7,767.85. Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 161.17 crore yesterday as per provisional data. Asian stocks ended higher as investors shrugged off international tension after the downing of passenger jet in Ukraine last week and fighting between Israel and Palestine in Gaza Strip. Key benchmark indices in Hong Kong, South Korea, China, Japan, Singapore and Taiwan were up 0.19-1.69 per cent. European stocks were also trading higher amid signs that tension over Ukraine's crisis is easing. Key benchmark indices in France, Germany and the UK moved up by 0.73-0.84 per cent range.

Telecom stocks flared up after Idea Cellular's results yesterday and after regulator TRAI recommended allowing sharing of all categories of airwaves held by operations including spectrum allocated at old price. Jayant Manglik, President-retail distribution, Religare Securities, said: "Midcap and small cap counters were not able to participate in the rally...Going ahead, FII inflows and easing in geopolitical tensions in Ukraine and the Middle East would decide the next direction of the markets. However, volatility is expected to prevail." Major Sensex gainers were Bharti Airtel (4.81 per cent), Reliance Industries (3.35 per cent), HDFC (2.93 per cent), TCS (2.71 per cent), Hindalco Industries (2.62 per cent), Wipro (2.53 per cent) and Dr Reddy's Lab (2.37 per cent). Tata Motors (2.33 per cent), Coal India (2.23 per cent) and HDFC Bank (1.43 per cent) also notched up smart rise. The key laggards included Maruti which fell by 1 per cent, L&T (0.92 per cent), M&M (0.51 per cent) and BHEL (0.32 per cent). Among the S&P BSE sectoral indices, Teck rose by 2.02 per cent, IT 1.78 per cent, Oil&Gas 1.74 per cent, Consumer Durables 1.16 per cent, Metal 1.03 per cent, Healthcare 0.97 per cent and FMCG 0.82 per cent. Among losers, Capital Goods fell by 0.69 per cent and Power 0.33 per cent. Market breadth turned slightly weak as 1,491 stocks ended in red, 1,471 stocks finished in green while 115 ruled steady. Total turnover rose to Rs 3,029.89 crore from Rs 2,899.45 crore yesterday.