ZIGZAG MOVEMENTS
Nifty
fell sharply in the Second half and lost more than 100 points and
closed the week with a loss of about 2.50%. FIIs seem to have turned
sellers and short term peak appears to be in place. “Sell on Rise “
could be a better policy. Nifty spot is expected to encounter
resistance at 7645, 7685 and find support at 7565, 7530 for Monday.
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 / zigzag movements without clear direction.
Nifty
7603 -118
Review
for Friday :: Huge Selling in Second Half … !!!
Market
opened sharply lower following global cues and covered the downside
gap by noon and fell sharply thereafter to close with a huge loss of
about 1.50%. Barring PSU Bank, all other sectoral indices led
by Energy, Metal, Pharma, IT indices. 40 of Nifty stocks ended in the
red but broader market was relatively better with Advance Decline
ratio of 1:2. Reliance, ITC, HDFC and HDFC Bank dragged down Nifty by
more than 50 points.
Bank
of Baroda, MAruti, DLF, Ultra Cement, Bharti remained
gainers among Nifty stocks while Hindalco, Cipla, Reliance, Sun
Pharma remained losers.
GMR
Infra, Glenmark, Union Bank, M&M Finance
remained major gainers among F&O stocks while Titan, Sun
TV, Jubilant Food, IFCI and Apollo Tyres declined
among F&O stocks.
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