NIFTY OUTLOOK FOR 31 & REVIEW

SCRIP SPECIFIC MOVEMENT

Nifty recovered sharply after forenoon’s fall and recovered what it lost on Monday. Stop loss for Nifty  long positions may be continued  at 7725 on close basis. Further, Scrip specific movement can be expected on Thursday in view of the last day of derivative closing. . Nifty spot is expected to encounter resistance at 7830 7865 and find support at 7750 7715, 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 experience volatile movements with stock specific movements.

Nifty                               7791     +42

 

Review for Wednesday :: Strong Recovery in Closing Session … !!!

Market opened steady and drifted lower tin the first half of the day and recovered smartly to close with a gain of more than 0.50%. L&T fell sharply to drag down the index in the opening session. 35 of Nifty stocks closed in the green but broader market was steady with Advance Decline ratio at 1:!. Barring Infra and IT, all other indices led by Media, Bank and Pharma indices gained. ICICI Bank, HDFC and Bharti contributed about 35 points to Nifty’s gain while L&T and SBI dragged down by about 25 points.

Lupin, Bharti, PNB, DLF, Kotak  remained gainers among Nifty stocks while L&T, Jindal Steel, Tata Power, Tech Mahindra  remained  losers.

Arvind, Ashok Leyland, HDIL, CESC and IB Real estate    remained major gainers  among F&O stocks while L&T, Havells, Unitech, Apollo Tyres, JP Associates   declined  among F&O stocks. 

SENSEX REGAIN 26000

Solid gains in Bharti Airtel, ICICI Bank and HDFC shares helped the benchmark Sensex today log its first rise in three sessions and end about 96 points higher to reclaim the 26K level despite sharp losses suffered by L&T. The BSE barometer recovered from initial hesitancy on buying in banking and auto counters while short-covering activity ahead of expiry of July equity derivative contracts tomorrow also aided the sentiment at fag-end, brokers said. ITC, ONGC, Dr Reddy's Lab and Hindalco also notched good gains and supported the Sensex rise. The 30-share barometer resumed lower and dipped to a low of 25,850.04 -- its lowest since July 22 -- to trade over 140 points lower. Later, it bounced back and finished at 26,087.42, registering a net rise of 96.19 points or 0.37 per cent. The Sensex had plunged by over 280 points, or 1.07 per cent, in the previous two trading sessions. The 50-issue Nifty of the NSE also recovered by 42.70 points, or 0.55 per cent, to close at 7,791.40. It had lost about 82 points in the previous two sessions. Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Local equities closed positively with the help of some bluechip companies. Positive sentiments in the market has boosted the confidence of investors. FII buying in the local shares also helped." Construction and engineering giant Larsen and Toubro (L&T) tumbled by 7.32 points on weak Q1 earnings. However, Bharti Airtel, the top gainer from the Sensex and Nifty, helped lift the indices with over 5 per cent gain on excellent Q1 results. Earnings related buying was also seen in shares of ITC Ltd and Dr Reddys Lab. Overall in the 30-Sensex pack, 23 ended higher and 7 finished in negative zone. A firming trend in Asian markets before the US Federal Reserve's update on monetary policy today and a higher opening in European markets also impacted the domestic shares positively, brokers said.