The BSE 30-share Sensex was up 182.89 points or 0.94% to 19,691.78 and the S&P CNX Nifty was up 50.30 points or 0.86% to 5,907.65 yesterday i.e., on Monday, the 13th December, 2010.
FOR TODAY: IDEAS FROM DIFFERENT BROKING HOUSES::
GEOJIT BNP PARIBAS:
"The spot Nifty has immediate resistance at 5,930 levels, if it moves above with volumes then it may even test 6,069, but chances are remote. The support for the Nifty will be at 5,857 and 5,721. As the major technical indicators are still in the negative territory, we may see more volatile movements in the days to come".
BONANZA PORTFOLIO:
"The current week has important events- Inflation Statistics, Advance tax, and Monetary Policy Review. Thus the news flow would determine the course of the market. The market is expected to remain volatile. The long term trend is up. The market is expected to consolidate around current level".
KARVY:
"The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Traders are advised to trade long from current levels targeting 5,950 with a stop loss placed at 5,880 levels. Alternatively trade short, if Nifty fails to breach past 5,880 levels, targeting lower supports of 5,850 and 5,800 levels".
CANARA BANK SECURITIES (CANMONEY):
"Technically, though Nifty witnessed a good recovery and able to break the important resistance level of 5,880 and psychological resistance level of 5,900 closed at 5,907. Today Nifty closed below its 9 and 50 day`s SMA level placed at 5,930, and 6,048 but closed above 14,100 and 200 day`s SMA placed at 5,891, 5,831 and 5,517; these levels may act as new ranges, in coming sessions. For the day, Nifty has registered its PCR level of 0.98 as against its previous trading session of 0.93. VIX for the day was at a higher level of 23.72% but closed at 22.57 there by registering 4.34% changes and indicating volatility in market may reduce in the forthcoming sessions. RSI (14) for the day was at 46.90 levels and MACD was below the signal line, thus combined together they are giving the signals that market is likely to trade sideways".
ANGEL BROKING:
"Markets opened on a subdued note traded with negative bias in the early hour of trade but recovered from the low point of the day to close in positive territory. On the daily chart, the momentum oscillators viz. RSI and the Stochastic are positively poised which suggests further upside momentum. Hence, in the coming trading session if indices trade convincingly above 19,771/5,930 levels then they are likely to test 19,875-20,008/5,960-6,000 levels. On the downside, 19,550-19,320/5,860-5,800 may act as support for the day".
FAIRWEALTH SECURITIES:
"In the next session, Nifty is expected to trade in a wide range the range 5,800-5,990. Traders are suggested to follow the strategy of buying at dips, keeping in view the resistance and support levels. Oil & Gas, Metals and IT may attract buying while auto and cements sector may face selling at higher levels".
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NOTE: During trading hours, I will update some calls.
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