FIIs were net buyers with the tune of ` 528.47 crore (prov. cash market fig).
Nifty closed at 5,891.75, down by 18.30 points or 0.31 percent over the previous day closing of 5,910.05, after witnessing a low of 5,868.80 and a high of 5,944.45. Sensex closed at 19,612.20, down by 74.62 points or 0.38 percent over the previous day closing of 19,686.82. It touched an intraday low of 19,550.55 and high of 19,811.14. The market’s breadth was positive. Out of 3,041 stocks traded, 1,765 stocks advanced, 1,165 stocks declined and 111 stocks remained unchanged.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 6000-6100 and take Support at 5880-5770”.
ASK INVESTMENT (Sameer Kamdar): “This is a one-sided rally, and I don’t see too much of huge upside going forward from here. Not comfortable in buying any more at these current prices. I don’t think one can stand against the flow of money and actually bet against the market but fundamentally we must also realize that you are in market where the oil prices are significantly high, inflation continues to be higher and nothing seems to have really changed for the past 10-15 days, except for the fact that possibly the FII appetite is back. So they have made their 10-20% in the west this year and now are hungry for more growth. So they bought the market from the lower levels. I wouldn’t be very comfortable putting in new money at these prices. There is no reason to repent even if one has missed the rally”.
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 exhibited third day of consolidation and closed after moderate cuts, its first negative closing in last eleven session. Owing to good buying and positive sentiments, positive momentum in midcap & smallcap continued, but owing to higher valuations profit booking hit the largecaps. Today, Nifty witnessed little deterioration in positive push and closed the day below 5900. This may spur cautious sentiments among the buyers. Today, despite initial sluggishness, bulls finally outnumbered bears in broader indices, while Nifty maintained its closing above the sentimental levels of 9, 14, 50 & 100 day’s SMA 5804, 5671, 5514 & 5715. These levels may act as new supports, in coming sessions. In today’s session, VIX improved a little and recorded at 20.36%, indicating modest volatility in market in the forthcoming sessions. RSI (14) for the session was at 69.22 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: “In the next session, the range for the Nifty may be 5855-5951with the resistance of 5972 if it breaks the level of 5951 and the support may at 5801 and the major support will be at 5752. In the next session, Bank nifty is expected to trade in the range 11678-11960. Also, 12060 might be strong resistance level for Bank Nifty. 11580 might act as strong support level for Bank Nifty”.
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 5,880 with stop loss placed above 5,850 targeting 5,930 and 5,950 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty closed in red but this consolidation phase is good for a market which has gained considerably during the recent sessions. Overall outlook is still positive; even though minor correction may be seen. Still Nifty is looking at 6,000 and 6,183 as its potential targets”.
PINC RESEARCH: “Short term technical indicators have reached over bought zone and suggest that this up move now seems stretched. So a breather for this trend which started from around 5350 could be on the anvil. Nifty again made an attempt above 5900 in today’s trade but selling pressure ensured that the benchmark closes below 5900. This hints of a distributive pattern in the offing. A decisive move below 5800 can disturb this uptrend in the short term. Till 5800 level gets breached on the downside we would prefer to have a positive bias on the market”.
PINC RESEARCH: “Short term technical indicators have reached over bought zone and suggest that this up move now seems stretched. So a breather for this trend which started from around 5350 could be on the anvil. Nifty again made an attempt above 5900 in today’s trade but selling pressure ensured that the benchmark closes below 5900. This hints of a distributive pattern in the offing. A decisive move below 5800 can disturb this uptrend in the short term. Till 5800 level gets breached on the downside we would prefer to have a positive bias on the market”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the logical target of 5,956 stays but the market gives a feeling that it is running out of steam and so a reaction is not ruled out. The market unfolded as expected and has reacted and closed in the red and technically the trend is still intact up but 5,956 is also a very stiff resistance to deal and a good place to book profits. The support for the Nifty is at 5,860 and resistance at 5,956-6,020. For Sensex, the crucial support on the downside is at 19,560 and resistance at 19,842-19,991-20,062”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened on a positive note but were unable to sustain the gains which lead the indices to close in red. On the daily chart, after hanging man indices have formed a spinning top which indicates that the prior trend is slowing down and could witness a consolidation of previous up move. In coming trading session, if indices trade below 19,540/5,865 levels then they are likely to test 19,380-19,280/ 5,810-5,779 levels. On the other hand, if indices trade above 19,811/5,945 levels then the said pattern would be negated and indices may test 19,800-19,950/5,950-6,000 levels”.
IIFL (Amar Ambani): “Overall sentiment is upbeat on India, but investors seem to be locking in some gains ahead of the fourth-quarter corporate earnings. Crude oil will continue to cloud the sentiment till the MENA turmoil subsides materially. Technically, the Nifty may stay range bound; a breakout above 5,960 or breakdown below 5,840 will decide the near-term direction”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been facing a stiff resistance near 5950 for last couple of days. Yesterday Nifty has given some shaky movement. Yesterday’s volumes were higher than last few days’ average volumes. Now we expect Nifty to move in the range of 5700 and 5950 in the extreme short term. If it breaks 5700, it may come down to 5610 and then 5530. However a breach of 5950 would open the gate for 6070. On an intra-day basis Nifty has a support at 5855 and is likely to face a stiff resistance near 5920. If Nifty breaks 5855, it may further go down to 5810 and then 5770. However, if it is able to sustain above 5920, the level of 5950–5980 would become the next target”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5,800-5,820 level, the level (5,800) which consists of the second highest OI (i.e. 49.37 lacs shares) among the Nifty put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5,980-6,000 level, the level (6,000) which consists of the highest in OI (i.e. 60.76 lacs shares) among the Nifty Call Options”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5,800-5,820 level, the level (5,800) which consists of the second highest OI (i.e. 49.37 lacs shares) among the Nifty put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5,980-6,000 level, the level (6,000) which consists of the highest in OI (i.e. 60.76 lacs shares) among the Nifty Call Options”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19658/5902 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19765–19919/5935-5977 levels. However, if Nifty trades below 19658/5902 levels for the first half-an-hour of trade then it may correct up to 19505-19397/5859-5826 levels”.
BONANZA ONLINE: “After making hanging man candlestick pattern, Nifty showed weakness on Wednesday. However, Nifty also showed some strength from 5860-5880 zone. Nifty may trade in 6050-5750 range for next few days and volatility may be seen in this range. Traders should be cautious. For Daily Purpose, Trend deciding level is 5910. If Nifty shows strength above 5910 level, then rally to 5950/6000/6050 levels may be seen. If Nifty does not show strength above 5910 levels then profit booking till 5850/5800/5750 may also be seen”.
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