SCRIP SPECIFIC MOVEMENT
Nifty
Nifty made another all time closing high and closed with a gain of 31 point amid narrow and choppy movement. Further, Nifty has been closing in a tight range and a wide move can be expected . However, Nifty continued to close above 7900 mark and short term bullishness would be terminated only if it closes below 7850 and further strength would be reinforced only when it surpasses 7970. Nifty spot is expected to encounter resistance at 7975, 8010 and find support at 7895, 7860 for Thursday.Being last day of derivative closing, stock specific movement is most likely. While Global cues and Funds flow are expected to broadly guide the market movement, based on the present market position, market can be expected to display zigzag / volatile movement with scrip specific movement.
Nifty
Nifty made another all time closing high and closed with a gain of 31 point amid narrow and choppy movement. Further, Nifty has been closing in a tight range and a wide move can be expected . However, Nifty continued to close above 7900 mark and short term bullishness would be terminated only if it closes below 7850 and further strength would be reinforced only when it surpasses 7970. Nifty spot is expected to encounter resistance at 7975, 8010 and find support at 7895, 7860 for Thursday.Being last day of derivative closing, stock specific movement is most likely. While Global cues and Funds flow are expected to broadly guide the market movement, based on the present market position, market can be expected to display zigzag / volatile movement with scrip specific movement.
DREAMRUN
CONTINUES
Indian
markets continued their record-setting spree with Sensex today
jumping over 117 points to settle at new closing peak of 26,560.15
and Nifty rising 31 points to closing high of 7,936.05 on hopes of a
fresh Eurozone stimulus and as investors cheered upbeat US data. The
Sensex, which rose for the fifth straight day, has closed at a new
peak in each of last three sessions. Brokers said trading activity
also picked up pace ahead of the expiry of monthly equity derivatives
on Thursday. Defence stocks were in the limelight and rose by up to
20 per cent today after government notified increase in FDI limit to
49 per cent through approval route in the sector. The benchmark S&P
BSE 30-share Sensex resumed on strong footing and traded in a range
between 26,599.12 and 26,492.50 before registering its fresh closing
high of 26,560.15, a net rise of 117.34 points or 0.44 per cent. It
surpassed its previous closing peak of 26,442.81 logged yesterday.
The 50-issue CNX Nifty of the NSE also opened higher and moved in a
tight range of 30 points before ending up by 31.30 points or 0.40 per
cent at 7,936.05 -- new closing peak. Its previous peak on closing
basis was 7,913.20 (August 22). Select shares from refinery, auto,
IT, consumer durables, banking and FMCG segments were in demand.
Realty, power and metal sectors attracted profit-booking. "Positive
global cues and likelihood for further monetary stimulus from
European Central Bank (ECB) boosted the market sentiment...stocks
from oil & gas sector also gained on hopes of proper reforms for
subsidies," said Nidhi Saraswat, Senior Research Analyst,
Bonanza Portfolio. Sentiments remained upbeat after Oil Ministry said
it will seek Cabinet nod for freeing diesel prices after retail rates
achieve parity with global levels, and has proposed to cut subsidy
payout by upstream firms like ONGC and Oil India by half, said Jayant
Manglik, President-retail distribution, Religare Securities. Most
Asian indices rose tracking US stocks that jumped anew Tuesday after
data showed consumer confidence rose in August for a fourth straight
month, to its strongest level since February 2008. Also, durable
goods orders surged in July to a new monthly record. Europe was under
pressure with the FTSE (UK) mildly up as "Ukraine issue was in
focus", said Kiran Kumar Kavikondala, Director & CEO,
WealthRays Securities.
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