FIIs were net buyers with the tune of ` 25.60 crore (prov. cash market fig).
Indian stock market staged a spectacular rally on Wednesday recovering most of its losses from previous four trading sessions as well as the initial sell off in early trade. After a weak opening, market moved towards north only. The gains were led by the Capital Goods, Auto and Banking stocks. Sentiments further got a boost after the European markets also started off with smart gains.
Nifty closed at 5,911.50, up by 125.80 points or 2.17 percent over the previous day closing of 5,785.70, after witnessing a low of 5,735.55 and a high of 5,923.60. Sensex closed at 19,696.86, up by 434.32 points or 2.25 percent over the previous day closing of 19,262.54. It touched an intraday low of 19,101.63 and high of 19,737.33.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 6000-6100 and take Support at 5870-5750”.
DANI SECURITIES: “Nifty may face resistance around 5980-6050 whereas it may take support around 5790–5670”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty exhibited a good breakout in upper side and after posting a sluggish show for last four trading session, today regained its positive momentum. On the back of a wide based rally, Nifty regained the vital supports of 5850 & 5900. Today, Nifty witnessed a perfect revival in positive push and again closed the day above 9 day’s SMA placed at 5866. This may spur positive sentiments among the buyers. Today, despite initial weakness, bulls finally outnumbered bears in broader indices. Owing to buying support, Nifty successfully maintained its closing above 9,14, 50 & 100 day’s SMA 5866,5799,5536 & 5708. These levels may act as new supports , in coming sessions. In today’s session, VIX improved a little and recorded at 20.41%, indicating optimal volatility in market in the forthcoming sessions. RSI (14) for the session was at 65.59 levels and MACD was above the signal line, thus combined together they are giving the signals, that market may witness further upward movements in coming sessions. Infosys’s Q-4 result will be announced on 15/04/11, this may have crucial impact on market direction”.
FAIRWEALTH SECURITIES: “Nifty’s range may be 5826-5944 with the resistance of 5967 and Nifty may take a support at 5756. Investors are suggested that they should keep a very strict stop loss of above 5967 those who want to go short, and after that they can take long position to test the level of 6070/6103 in the coming days. In the next session, Bank Nifty is expected to trade in the range 11660-11861. Also, 11960 and 12060 might be strong resistance levels for Bank Nifty while 11550 and 11440 might act as other support levels”.
BONANZA PORTFOLIO (Shanu Goel): “The undercurrent has improved considerably. Infosys results are likely to influence the market sentiments. The support between 5,700-5,750 levels on Nifty held today”.
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 above 5930 else around 5900 levels, with stop loss of 5880 targeting 5950 and 5980 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ .... ‘technically no sign of strength as yet and we may see some sluggishness in the days to come’ the market opened with a bear gap and took support from near our support and trapped the shorts to close strongly positive for the day…technically I would say 6000 is still a strong psychological resistance to deal with…The support for the Nifty is at 5850 and resistance at 6000-6020. The crucial support on the Sensex on the downside is 19500 and resistance at 19850-20000”.
IIFL (Amar Ambani): “Market players seem to have forgotten the slowdown in the industrial growth which slowed to 3.6% in February compared with 15.1% expansion in same month last year. Despite a truncated week, market volumes were quite impressive as compared to past two trading days. Technically, the NSE Nifty bounced back sharply finding strong support at its 200 DMA ahead of the results season, all eyes would be on Infosys quarterly numbers which will be announced on Friday”.
MICROSEC SECURITIES: “The daily candle sticks chart of Nifty is showing that it has made a “Bullish Engulfing” pattern on Wednesday. Now the short term crucial resistance of Nifty lies near 5970. If Nifty is able to maintain above 5970, an upward rally might take it to 6180 in the extreme short term. However, a breach of 5710 would indicate the end of current rally and in that case Nifty may take support in the band of 5520-5550.
On an intra-day basis Nifty has a support at 5875 and is likely to face a stiff resistance near 5970. If Nifty breaks 5875, it may further go down to 5850 and then 5805. However, if it is able to sustain above 5970, the level of 6010–6040 would become the next target”.
PADMAKSHI FINANCIAL SERVICES (Anand Kuchelan): “We expect Nifty to test its recent highs in the range 5950-6000. Short covering would get triggered if there is a closing above that and move can get extended towards 6100 by expiry. Sectors like Real Estate, Infra and Banking should do well”.
BONANZA ONLINE: “On Friday, Nifty may open on a flat to positive note. Nifty showed strong pullback rally after some selling pressure seen in last few sessions. Nifty is showing strength in near-to-medium term. And if it sustains above 5850 level in coming sessions, the rally is likely to continue. However, 5950-6070 is resistance zone. So, Nifty is likely to consolidate at current levels before it can move above 6000 level. For Daily Purpose, Trend deciding level is 5945. If Nifty shows strength above 5945 level, then rally to 6000/6070 levels may be seen. If Nifty does not show strength above 5945 levels then profit booking till 5875-5825 may also be seen”.
BONANZA ONLINE: “On Friday, Nifty may open on a flat to positive note. Nifty showed strong pullback rally after some selling pressure seen in last few sessions. Nifty is showing strength in near-to-medium term. And if it sustains above 5850 level in coming sessions, the rally is likely to continue. However, 5950-6070 is resistance zone. So, Nifty is likely to consolidate at current levels before it can move above 6000 level. For Daily Purpose, Trend deciding level is 5945. If Nifty shows strength above 5945 level, then rally to 6000/6070 levels may be seen. If Nifty does not show strength above 5945 levels then profit booking till 5875-5825 may also be seen”.
INDIRATRADE SECURITIES: “It was robust performance for the markets on Wednesday with both the benchmark indices gaining more than 2% in a single trading session. All sectoral indices closed positive and the outstanding performers among them were banking, auto, capital goods, FMCG and IT. For today’s trade market likely to trade in the range between 5940–5990 in the upper side and 5870 -5810 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19512/5857 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19922–20148/5978-6045 levels. However, if Nifty trades below 19512/5857 levels for the first half-an-hour of trade then it may correct up to 19287–18876/5790-5669 levels”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19512/5857 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19922–20148/5978-6045 levels. However, if Nifty trades below 19512/5857 levels for the first half-an-hour of trade then it may correct up to 19287–18876/5790-5669 levels”.
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