The BSE 30-share Sensex was up 30.30 points or 0.16% to 18,469.95. The Sensex gained 143.65 points at the day's high of 18,583.30 in early trade. The index lost 135.85 points at the day's low of 18,303.80 in early afternoon trade. The S&P CNX Nifty was up 10.20 points or 0.18% to 5,531. The Nifty swung between 5,563.30 and 5,477.45 during the day. The BSE Mid-Cap index rose 0.65% and the BSE Small-Cap index gained 0.82%. Both these indices outperformed the Sensex.
The market breadth was positive. On BSE, 1,641 shares gained while 1,230 shares declined and a total of 108 shares remained unchanged. The breadth was much stronger earlier in the day. Among the 30-share Sensex pack, 16 gained while the rest of them declined.
VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5630-5750 and take Support at 5500-5400”.
DANI SECURITIES: “Nifty may face resistance around 5600–5630 whereas. It may take support around 5400–5390”.
CANARA BANK SECURITIES (CanMoney): “Technically, Today, Nifty formed a bearish candle however it will not create any fear about further fall in the existing levels. Today indices witnessed a huge volatility. Though the vital support level of 5,520, 5,480 subsequently it recovered and closed in positive and maintained these level. The psychological level of 5,500 was broken in the morning and tested intraday low of 5,477 and recovered immediately. Nifty also held the vital support level of 9 and 14 SMA placed at 5,446, 5,460 and these levels will act as a new support level in coming days. However, Nifty has not been able to break the 50, 100 and 200 days SMA which are placed at 5,622, 5818 and 5,663 respectively and these levels will be acting as the new resistance in the coming sessions. VIX closed at 23.28% which is a little lower when compare to last trading session’s value of 23.67%, thus indicating lesser volatility in market in the forthcoming sessions. RSI (14) for the day was at 52.25 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in the coming session”.
SYKES & RAY EQUITIES: “The week ahead may face next resistance at 18,700/5,600 if these barriers are crossed then weakness may abate and then after indices may attempt to move towards very major barriers of 19,350/5,800. If indices manage to cross the major resistance levels then it would be structural change in the direction of market. On lower side major support is at 17,860/5,340 levels, if these support levels are breached on closing basis then it would be a major breakdown signal and then after probability of revisiting the low of last month would increase”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is expected trade in the range 5,477-5,564. If sustained above this level it may test 5,608 and 5,624. However, Nifty may test 5,440 and 5,408, in case it go below the given range. Bank Nifty has a strong resistance around 11,150-60. If sustained above this level it may test 11,280-350. In the next session, it may trade with the support of 10,860, below this level it may come down to 10,760 and 10,650. Selected Metals and Oil-Gas along with fertilizers stocks may attract buying while IT and Capital goods may face selling pressure”.
IIFL (Amar Ambani): “Early week jitters over political uncertainty were crushed after the Congress and the DMK settled all their differences over the seat-sharing issue. Most of the good news on this front was factored in on Tuesday. As a result, the key indices lost direction and turned choppy. Near-term domestic events to watch out for will be the IIP and inflation figures, apart from the mid-quarter RBI review”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long in Nifty from current levels else from 5500 with stop loss placed below 5480 targeting 5550-5580 levels”.
MANGAL KESHAV (Nitin Bagde): “Currently Nifty cash is below 200 days moving averages (simple and exponential). The 200 days moving averages may act as strong resistance. The moving averages are placed at 5,600 and 5,670. The medium term trend is down and currently Nifty cash is correcting its earlier fall. The pattern that is being unfolded during current correction is still unknown. The Nifty cash going above 5,600 seems difficult and if it crosses 5,600 on closing basis then it may move up to 5,670. The most important level to watch today is resistance of 5,565 which if is breached on upper side then Nifty cash may travel to 5,610 levels. If in case, Nifty cash is sustained below 5,565, then it may fall till 5,475 on intraday basis”.
PINC RESEARCH: “We suggest a wait and watch approach for the next few days as long as the level of 5600 is not breached. Only on a successful breach above 5600 can the prevailing bias turn positive. This is an occasion to step back a bit to wait and watch the developments as they unfold”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “Technically the market could see some sideways action with volatility. The market unfolded as expected sideways and volatile; Technically the market is still in a sideways zone and is likely to trouble traders. The support for the Nifty is at 5,450-5,376 and resistance at 5,565-5,654. For Sensex, the crucial support on the downside is at 18,103 and resistance at 18,592”.
IIFL PRIVATE WEALTH (Prashastha Seth): “Oil doesn't seem to be moving down very sharply from these levels. Till that happens, you are unlikely to see a break of major resistance like 5,600 or 5,700. I think for that level to break, you need oil to come down by USD 10-15 per barrel and that doesn't look likely in this series”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty opened on a positive gap up note at 5,542.40 levels and after making initial days high at 5,563.30 levels, nifty showed selling pressure and made low at 5,477.45 levels. However, recovery was seen from day’s low and after showing volatility during the day, Nifty closed on a flat note in green at 5,531 levels with 10.20 points gains. Nifty made hanging man type candlestick pattern on Daily charts, which shows indecision among bulls and bears. Nifty is still trading in 5,400-5,550 range. Until Nifty decisively cross above 5,550 levels or decline below 5,400 levels, Volatility may be seen. Momentum strength may be seen above 5,550 or below 5,400 levels. For Daily Purpose, Trend deciding level is 5,530. If Nifty shows strength above 5,530 level, then rally to 5,550/5,625/5,700 levels may be seen. If Nifty does not show strength above 5,530 levels then profit booking till 5490/5460/5400 may also be seen”.
KOTAK SECURITIES (Shrikant Chouhan): “For the coming week, technical indicators are in fairly positive zone. Nifty has critical resistance at 5,650 which is ‘200DMA’. Closing above this level can take index to the higher levels of 5,775. Support for the market is at 5,510. Trading below this level can invite significant unwinding of longs which can drag index to the levels of 5,340 with minor support at 5,440. One should not venture in aggressive longs at the levels of 5,620; instead call options should be traded. Traders should look for initiating level based trading in Nifty. Long around 5,340 for target of 5,550 with stop placed at 5,240. Short below 5,510 for target of 5,340 with stop placed at 5,560”.
ICICI DIRECT: “The Nifty has important resistance in the zone of 5610-5630 while immediate support lays around 5450 levels. The market is expected to exhibit range-bound consolidated movement. Directional movement can be experienced in the index if it is able to breach these levels convincingly”.
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