FIIs were net buyers with the tune of ` 415.28 crore (prov. cash market fig).
The BSE 30-share Sensex was down 24.83 points or 0.13% to 19,420.39. The index gained 117.33 points at the day's high of 19,562.55 in early trade. The Sensex fell 62.87 points at the day's low of 19,382.35 in mid-afternoon trade. The S&P CNX Nifty was down 7.70 points or 0.13% to 5,826.05. The BSE Mid-Cap index was up 1.59% and the BSE Small-Cap index was up 2.23%. Both these indices outperformed the Sensex. The BSE Mid-Cap index had surged 500.17 points or 7.84% to 6,873.40 and the BSE Small-Cap index had risen 358.57 points or 4.58% to 8,175.89 in March 2011. Both these indices had underperformed the Sensex in that month.
The market breadth was strong. On BSE, 2194 shares advanced while 712 shares declined and a total of 86 shares remained unchanged. The total turnover on BSE amounted to ` 2945 crore, lower than ` 3227 crore on Thursday. Among the 30-member Sensex pack, 16 gained while the rest declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5885-5950 and take Support at 5770-5700”.
KOTAK SECURITIES (Sanjeev Zarbade): “In the short-term, it is likely that the markets may take a breather after strong rally. But if the momentum in FII flow remains strong, then we may even see higher levels in the coming week. In all probability, we expect the action to shift to mid and small cap companies that have been severely de-rated in the past few months.
We continue to maintain favourable view on IT, media and banking. We also remain positive on a longer term over Cap Goods and Infrastructure”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty took a pause today and exhibited a little consolidation after stripping the positive momentum of eight consecutive day. Today, Nifty again exhibited its strength and escalated to touch 5860 level before closing at 5826. Good roll over statistics may also support the buying in our market in coming sessions. Despite a sudden dip into red, indices maintained a flat closing. This may provide some strength to bulls. Nifty maintained its closing above the sentimental levels of 9,14, 50 & 100 day’s SMA 5660, 5578, 5503 & 5726 these levels may act as new supports, in coming sessions. In today’s session, VIX moved a little lower level of 20.11%, indicating modest volatility in market in the forthcoming sessions. RSI (14) for the session was at 67.64 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness some consolidation but positive movement in coming sessions is more likely”.
FAIRWEALTH SECURITIES: “The nifty is on the upper band. We suggest to book the profit on the long position at every rise till the market goes to 5895 and if the market goes above 5895 only then we will review ourselves. In the next session, Nifty may trade in the range 5801-5869 with strong resistance at 5895 and support at 5753. Bank Nifty traded is in a wide range of 11540-11738. In the next session Bank nifty is expected to trade in the range of 11540-11780. Also, 11900 and 11960 might be strong resistance zone for Bank Nifty. 11490 and 11340 might act as other support levels for Bank Nifty”.
BONANZA ONLINE: “For trading during the coming sessions, trend deciding level is 5830. If Nifty shows strength above 5830 levels then we may see rally to 5875/5940/6050/6180 levels. If Nifty doesn’t sustain above 5830 levels then profit booking till 5775/5700/5600 may also be seen. Trading strategy for Short term Traders: We are recommending selling strategy for the short term traders. Short position may be taken in the zone of 5920-5960 with the SL of 6000 for the target of 5800. For day-trading purpose on Monday: Short position may be taken in the zone of 5860-5880 with the SL of 5900 for the target of 5800-5780”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive tomorrow. Trade long in Nifty from current levels else from 5850 with stop loss placed below 5800 targeting 5880 levels”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Strong foreign funds flow and NAV adjustment saw the markets continuing rally, with markets up ~3% for the week. Rally was broad based with Financials, auto and reality being the best performers. Midcaps and small caps rallied strongly towards the end of the week. Increased order flow in the power sector was witnessed over last 2 weeks. Market also cheered the government’s resolve to facilitate FDI by improving FDI norms. It has removed the NOC hurdle for foreign partners in a JV with an Indian partner to start its own venture in the country. FII flows continued to be robust, totaling almost $2 bn in the last 2 weeks. The market is perhaps sighting peaking out of interest rates in another quarter. Indices have already moved by ~9% from the recent lows. We expect market to go into the consolidation phase. Result season will start in a week from now. Market would be looking at the quarterly results and guidance for FY12 for the possible direction. Technically, the market is likely to find support at 5765 & 5729 levels and would face resistance at 5875 & 5900 levels.”.
ICICI SECURITIES: “We expect the Nifty to exhibit range-bound movement in the range of 5700-6000 levels. On the higher side, 5900 is expected to pose a significant resistance and fresh round of covering can be expected only if the Nifty is able to sustain above these levels. The Bank Nifty may trade with a negative to range-bound bias with resistance around 11900 levels. On the downside, immediate support is placed around 11500 levels. Strong support for the Banking index lies around 11200”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “...‘Technically 5879 still is a strong resistance to deal with’ the market unfolded as expected and did not cross 5879 and stayed put… technically the market is still up but we must not ignore the importance of a stiff resistance at 5879 but if that gets taken out then the next logical target could be 5956… The support for the Nifty is at 5780 and resistance at 5879-5856. BSE Sensex: (19420) the crucial support on the Sensex on the downside is 19285 and resistance at 19584-19842”.
IIFL (Amar Ambani): “On the macro front, high oil prices are a cause for concern amid persistent turmoil in the MENA. The debt issues of peripheral eurozone are hitting the headlines again and Japan may take a while to recover from the March triple whammy. One will have to look out for possible changes in monetary policies in Europe, UK and later in the year in the US as well. China too may continue to jack up rates gradually. The RBI is also likely to remain vigilant as inflation is still elevated”.
JRG SECURITIES: “Nevertheless, the market may face some pressure to cross above its first resistance at 5,862 while above this level, the upside can extend towards 5,894. Overall market mood shall remain intact as long as the Index trades above the critical level at 5,791. In any decline below this level, Nifty should find support at 5,762. If it slips below first support, markets may witness strong selling pressure which can drag the index towards the lower support at 5,720”
MANSUKH BROKING HOUSE: “Nifty spot index rallied and touched the crucial level of 5,872 where we expect a major resistance zone (5,875-5,885). At current juncture, we expect the same scenario in the upcoming sessions though possibility of profit booking around 5,875-5,885 couldn’t be ruled out. Any closing above this level may generate another 250-300 pts rally and we might see 6,070-6,080 in the next series. On the flip side, any negative outcome from global side particularly from Middle East Asia may dampen the current euphoria. Technically too spot index rallied from last 8 consecutive sessions. Therefore possibility of minor retracement near to 5,550-5,570 could be on higher side however any correction should be used to create fresh long positions”.
INDIRATRADE SECURITIES: “This week Nifty likely to trade in the range between 5900-6000 in the upper side and 5700-5600 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “The view on the Nifty continues to be positive. Despite running up so hard over past two weeks, there is no exhaustion or fatigue visible on the daily chart. However, considering the fact that the benchmark has surged 8.4% in two-weeks there is a possibility of some profit booking or pullback, which should be seen as an pportunity to buy. On the upside, as mentioned above, 5900, the 61.8% retracement level of the whole 6338-5177 fall is the resistance. Beyond this, the trend line adjoining 6338 and 6181, the tops made in November 2010 and January 2011 respectively, as shown in the daily and weekly chart below, will present a resistance around 5950. Therefore, profit booking in trading long position would make sense in 5900-5959 zone. On the downside, 5670, the 38.2% retracement level of the recent 5348-5872 rally, would be the first support followed by the stronger one around 5610”.
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