ZIGZAG
MOVEMENTS
Astro
Info :: Moon transits in
Krittikia and Rohini in Taurus.
Tithi
: Sukla Dasami ; Weekday:: Thursday; Combination of
Thithi and Weekday is generally auspicious.
Individuals
born in Gemini and Libra signs and in Punarvasu, Visakha
and Poorvabhadra constellations may
remain cautious in their transactions.
Nifty
Range of Thursday and Friday(Combined High and Low of these Two days
i.e., 22 and 23 January) may be regarded as the reference range for
the next Three weeks and can be expected to be bullish above the High
of this range and Bearish below the low of this range. Now the range
is 8866 and 8727 and Hence further bullish above 8866 and
Bearish below 8727 and neutral in between these levels.
Since
it has closed above the high of the above range, first target is
9010.
Senstive
time:: 10.15AM; 11.40AM; 1.25 TO 2.20PM; 2.45PM;
Market Outlook for Thursday, 29th January, 2015
Nifty rallied to surpass previous day’s high but met with huge selling after 12.30pm to get into the negative zone and finally closed flat for the day. Selling at higher levels was evident in the market. While Nifty has been going up, Advance Decline ratio is negative suggesting a weak market in general.
Stop loss for Nifty long positions may be trailed to 8800 (on close basis). Nifty spot is expected to encounter resistance at 8950, 8985 and find support at 8870, 8830 for Thursday. While Global cues, Quarterly results and Funds flow are expected to broadly guide the market movement, based on the present market position, market is expected to trade in a zigzag manner with stock specific movements in view of derivative expiry. Further, closing session could face selling pressure.
Trading strategy ::
In
view of Derivative expiry scrip specific movement is to be expected.
Nifty is expected to face seling pressure towards close , after
2.30pm., Hence caution at higher levels after 2pm.,
Better forenoon can be expected.
Breakout
/ Break Down Levels::
Breakoutlevel
is 9013 and Breakdown level 8845 for Nifty spot for Thursday .,
It is unlikely that both levels would be breached., If Breakout level
is breached., It is a Buy on Decline with Low as Stop loss and if
Breakdown level is breached, It is a sell on rise with high as stop
loss. Alternatively, if Nifty is unable to cross the Breakout level,
short positions, can be considered with Breakout as stop loss and
unable to breach the breakdown level, long positions can be
considered with Breakdown level as stop loss.
FIRST DROP IN 9 DAYS
The
benchmark Sensex today hit all-time high of 29,786.32 but ended 11.86
points down at 29,559.18, its first drop in nine sessions, on
profit-booking in capital goods, metal and auto shares ahead of the
outcome of US Federal Reserve policy meeting. Nervousness also played
on investors' minds ahead of the expiry of monthly futures and
options contracts tomorrow, traders said, adding that participants
took some money off the table after the massive over 2,200-point
rally in eight days. However, the NSE Nifty index finished higher by
3.80 points, or 0.04 per cent, to close at 8,914.30. Intra-day, it
hit a high of 8,985.05. The Nifty has gained 636.75 points or 7.69
per cent in nine straight days of gain. Consumer Durables, Realty and
IT bluechips firmed up, helping the index end in the positive zone.
"Profit booking was seen in market ahead of expiry of January
derivative contracts. Investors also remain cautious ahead of US
Federal Reserve's announcement later in the day," said Religare
Securities, President-retail distribution, Jayant Manglik. Globally,
Asian stocks ended mixed as reports said US earnings and
durable-goods orders disappointed investors. Key benchmark indices in
Hong Kong, Singapore, Japan and South Korea ended higher by 0.20 per
cent to 0.47 per cent while indices in China and Taiwan moved down by
0.11 per cent to 1.41 per cent. European markets were also trading
narrowly mixed as key indices Germany and the UK moved up by 0.04 per
cent to 0.09 per cent while France's CAC was quoting down by 0.20 per
cent.
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