The BSE 30-share Sensex was up 216.98 points or 1.19% to 18,439.65. The index rose 43.95 points at the day's low of 18,266.62 in early trade. The Sensex gained 244.14 points at the day's high of 18,466.81 in late trade. The S&P CNX Nifty was up 57.65 points or 1.06% to 5,520.80. The Nifty hit a high of 5,530.55 in intraday trade. The BSE Mid-Cap index rose 0.97% and the BSE Small-Cap index gained 0.76%. Both these indices underperformed the Sensex.
The market breadth was strong. On BSE, 1782 shares gained while 1066 shares declined and a total of 113 shares remained unchanged. Among the 30-share Sensex pack, 25 gained while only five of them declined.
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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 bullish candle and erasing the fear about further fall in the existing levels. After a good move on the higher side indices witness a huge volatility and moved in a range of 20-35 points only. Today Nifty was not able to break the vital support level of 5,520 substantially, and closed just above the vital level of 5,520. The psychological level of 5,500 was broken in the morning itself and held this level for the entire day. Nifty also held the vital support level of 9 and 14 SMA placed at 5,435, 5,456 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 5,631, 5,825 and 5,660 respectively and these levels are acting as the new resistance in the coming sessions. VIX closed at 23.67% which is a little low when compare to last trading session value of 25.22%, thus indicating lesser volatility in market in the forthcoming sessions. RSI (14) for the day was at 51.65 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”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened on a positive note and gradually picked up the momentum on the upside as the day progressed which led the indices to close in green. On the daily chart, prices have taken support on the 20-day EMA and have close above it with a positive candle. In coming trading session, if indices trade above 18480/5535 levels then they are likely to test 18,642-18,737/5,580-5,608 levels. On the downside, support levels are at 18,238-18,120/5,460-5,420”.
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: “Buy Nifty Futures above 5,550 for target 5,575-5,610 and stop loss of below 5,525. Buy Bank Nifty Futures above 11,024 for target of 11,090-11,152 and stop loss below of 10,960”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Political situation eased a bit which gave the markets support in its uptrend. Nifty today managed to close above 5,500 and is on its way towards 5,633. More strength can be seen in the markets if crude comes down near to US$ 101. On the other hand, Nifty has support at around 5,400 levels. For tomorrow, stocks in the banking, realty, automobile and IT can attract more buying”.
IIFL (Amar Ambani): “Technical indicators are positive. The Nifty has managed to stay above 5,500, and if all goes well it might re-test 5,655 shortly, which corresponds to 200 DMA”.
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 around 5,500 with stop loss placed below 5,480 targeting 5,550-5,580 levels.”.
SHAREKHAN: “The Nifty has filled the bearish gap formed yesterday and now it is again expected to retest the 200–day moving average (DMA) i.e., around 5600 in the immediate run”.
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 US$ 10-15 per barrel and that doesn't look likely in this series”.
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