FIIs were net buyers with the tune of ` 402.30 crore (prov. cash market fig).
The BSE 30-share Sensex was up 131.25 points or 0.67% to 19,602.23, its highest closing level since 13 April 2011. The Sensex rose 59.52 points at the day's low of 19,530.50 in afternoon trade. The index gained 225 points at the day's high of 19,695.98 in mid-morning trade. The S&P CNX Nifty was up 33.05 points or 0.56% to 5,884.70, its highest closing level since 13 April 2011. The Nifty hit high of 5,912.90 in mid-morning trade. The BSE Mid-Cap index rose 0.13%. The BSE Small-Cap index rose 0.03%. Both these indices underperformed the Sensex.
The market breadth was negative. On BSE, 1498 shares declined while 1424 shares advanced. A total of 99 shares remained unchanged. The breadth was strong earlier in the day. Among the 30-member Sensex pack, 21 advanced while the rest declined.
BSE clocked turnover of ` 3620 crore, lower than ` 3770.11 crore on Wednesday, 20 April 2011.
FOR DETAILS, “READ HERE”.
VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5950-6000 and take Support at 5820-5750”.
KOTAK SECURITIES (Sanjeev Zarbade): “Next week, the US Fed is scheduled to meet and its comments on the QE2 would be closely watched. Apart from this, there are no major triggers for the markets for next week. With the markets at elevated levels, there is not much room for earnings disappointment. We see a range-bound market for the next week”.
CANARA BANK SECURITIES (CanMoney): “Technically, after last session’s positive closing, today, Nifty exhibited a positive but volatile show and closed the session in positive straight for the third session. Chart wise after yesterday’s bullish candle, today Nifty made one bullish candle to continue its positive tempo. On the back of a good buying spree, Nifty maintained the vital support of 5850, which may be a crucial resurrecting point for the bulls. Today, Nifty witnessed huge sell off in the second half of the session, but for the second day managed to surpass 9 & 15 day’s SMA placed at 5828& 5845 this may spur positive feeling among the buyers. Today, once again bears outnumbered the bulls, which is a weakening trend for market. At closing, Nifty successfully maintained its closing above 50 & 100 day’s SMA 5574& 5703. These levels may act as new supports, in coming sessions. In today’s session, VIX corrected a little and recorded at 20.55%, indicating lower volatility in market in the forthcoming sessions. RSI (14) for the session was at 60.29 levels and MACD was below the signal line, thus combined together they are giving the signals, that market may witness range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “In the next session Nifty is expected to trade in a range 5852-5923. If sustained below this range 5810 might act as another support level. Further5944 may act as strong resistance level. As stated in the previous newsletters, traders are suggested to remain bearish as long as Nifty is trading below 5944. Bank Nifty is expected to trade in the range 11960-11710. If moved beyond the range 12060 may act as a strong resistance level while 11550 may act as strong support levels”.
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 if it holds above 5850 with a stop loss placed at 5820, for targets of 5920 and 5950 levels”.
ICICI SECURITIES: We expect the Nifty to remain volatile during the expiry week. On the lower side, 5800 is expected to provide crucial support to the Nifty. At the same time, a close above 5950 can open up fresh upsides up to 6030/6100. The Bank Nifty may trade with a positive bias if it sustains above 11960. On upsides, 12070/12200 can be tested. On the downside, immediate support is placed around 11700 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “.....‘Technically 5900 levels is still possible’ and the market unfolded as expected registering a high of 5913…technically the market is but looks stretched now and so I would not be surprised if a reaction sets in this F&O expiry week…however in all probability the market has a stiff resistance at 5971 until F&O expiry…crucial support to watch would be 5800. The support for the Nifty is at 5800 and resistance at 5971. The crucial support on the Sensex on the downside is 19450 and resistance at 19713”.
IIFL (Amar Ambani): “Markets may turn volatile in the coming days amid F&O expiry next week. Traders and investors would also look forward for results to be announced by the Corporate Inc. Technically, near-term support is likely at 5700 for the Nifty. If the momentum sustains, there are possibilities that the Nifty may touch 5950”.
JRG EQUITY RESEARCH (IndiTrade): “Market retracted considerably from the initial slump, taking support from the 200-days moving average in the process. The recovery was quite spontaneous. Even though the narrow gap between the open and close of the last trading day is alarming, the position of the some of the momentum indicators is imparting optimism. Nifty and Sensex, despite of a gap-up opening of the last trading day, ended up with a narrow open-close range, resulting in a formation called “doji”, as per the Candlestick Patterns analysis. This can turnout to be disastrous (atleast) for the short-term, if Nifty fails to comply with the critical range of 5850-5925. The market can be expected to stretch the upside further if (and only if) breaks and sustains above the upper band. In such a scenario the first resistance for the week ahead will be 6000, followed by 6070. But if the index fails to hold the lower band on of 5850 on a closing basis (especially in the opening day), the market will possibly test the lower supports in the week to come. The first support for the days ahead will be 5750, followed by the 100-days Exponential Moving Average of 5685. The Stochastic Oscillator is an indicator showing scope for possible upside. The fact that RSI is hovering in the bullish territory is adding to the relief. But the negative cross-over of MACD is a concern. The momentum has to pick up further to support any sustained upside. Adding to the concerns is the dip in the money flow indices”.
EDELWEISS FINANCIAL ADVISORS: “The trend line adjoining 6338 and 6181, the tops made in November 2010 and January 2011, which resisted Nifty's mammoth rally earlier at 5944, continues to be an important hurdle. The same trend line again resisted the benchmark at 5923 last week and 5913 this week. A decisive crossover of this hurdle can take Nifty to around 6181, which is the year 2011 high made on 4th January. On the downside, 5693, the bottom made during the week, is the important support to watch out in the near term”.
MICROSEC SECURITIES: “NIFTY IS LIKELY TO TRADE IN THE RANGE OF 5690 AND 5970. Technically, Nifty is facing a crucial resistance in the band of 5950 and 5970. If Nifty is able to maintain above 5970, an upward rally might take it to 6050 and then 6180 in the short term. However, a breach of 5690 would be treated as the end of current rally and in that case Nifty may take support near 5530. Traders are advised to maintain a strict stop loss at 5690 of the long positions.
MICROSEC SECURITIES: “NIFTY IS LIKELY TO TRADE IN THE RANGE OF 5690 AND 5970. Technically, Nifty is facing a crucial resistance in the band of 5950 and 5970. If Nifty is able to maintain above 5970, an upward rally might take it to 6050 and then 6180 in the short term. However, a breach of 5690 would be treated as the end of current rally and in that case Nifty may take support near 5530. Traders are advised to maintain a strict stop loss at 5690 of the long positions.
For the coming week, first support of Nifty lies at 5805 and the resistance is 5915. If Nifty breaks 5805, it may further go down to 5750 and then 5690. However, if Nifty is able to sustain above 5915, the level of 5970-6050 would become the next target”.
INDIRATRADE SECURITIES: “This week Nifty likely to trade in the range between 5950-6100 in the upper side and 5710-5650 in the lower side”.
BONANZA ONLINE: “Nifty is trading in 5950-5700 range for 3 weeks. Directional move may be seen if Nifty maintains above 5950 or below 5700 levels. Within 5950-5700 range volatility may be seen. For trading during the coming sessions, trend deciding level is 5900-5950. If Nifty shows strength above 5950 levels then we may see rally to 6050/ 6180/6250 levels. If Nifty doesn’t sustain above 5950 levels then profit booking till 5850/5780/5700 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Buy | 5880-5900 | 5960 | 5850 |
For Week | Sell | 5970-6020 | 5850-5800 | 6050 |
ADITYA BIRLA MONEY (MONEY WEEKLY): “Corporate results announced this week was reasonably good and there were no surprises post Infosys’ poor guidance, which helped the markets a bit. Internationally geopolitical situation has not improved and crude oil has not given up as yet. We are likely to see general manufacturing inflation setting in, with diesel price increase being a foregone conclusion now. Nevertheless our markets moved contrary to the common expectation and the icing on the cake was commodity stocks outperformance despite tightening from China. Internationally, Intel and Apple beating street expectations and good US housing starts, existing home sales brought some confidence back in the US markets. Markets, we believe, are likely to consolidate in the 300 point range and are not likely to break out on either side in a hurry and hence a trader’s delight. Technically, market is likely to find support at 5857 & 5810 levels and would face resistance at 5900 & 5950 levels”.
RAJATKBOSE.COM (Rajat Bose): Our market continues to show strength though there is little bit of indecision amongst the bulls about taking it higher from here on. However, options activity clearly suggests that the kind of long positions that these people have already taken, the market may continue to scale up though the possibility of a knee jerk reaction can’t be totally ruled out. If the index manages to stay above that then expect it to retest the last Thursday high of 5913. Above 5913, it can move up further to 5926, 5944 and 5957. However, staying above 5888 with lot of gumption remains a critical issue. On the downside, in case the index fails to stay above 5885–5888 range then 5863–5858 range would be the key support level to monitor since falling below this key support area would mean the beginning of large scale profit booking and eventual weak bull liquidation. In that case, a retest of 5822–5809 could well be a possibility. Whatever be that unless 5680 is broken in any corrective throwback downswing now, the chances are bright that the Nifty might well test 6050–6100 range during this month. However, this outlook would be negated if the Nifty falls below 5680 by any chance in the near future.
RAJATKBOSE.COM (Rajat Bose): Our market continues to show strength though there is little bit of indecision amongst the bulls about taking it higher from here on. However, options activity clearly suggests that the kind of long positions that these people have already taken, the market may continue to scale up though the possibility of a knee jerk reaction can’t be totally ruled out. If the index manages to stay above that then expect it to retest the last Thursday high of 5913. Above 5913, it can move up further to 5926, 5944 and 5957. However, staying above 5888 with lot of gumption remains a critical issue. On the downside, in case the index fails to stay above 5885–5888 range then 5863–5858 range would be the key support level to monitor since falling below this key support area would mean the beginning of large scale profit booking and eventual weak bull liquidation. In that case, a retest of 5822–5809 could well be a possibility. Whatever be that unless 5680 is broken in any corrective throwback downswing now, the chances are bright that the Nifty might well test 6050–6100 range during this month. However, this outlook would be negated if the Nifty falls below 5680 by any chance in the near future.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19,610/5,887 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,689–19,775/5,910-5,936 levels. However, if Nifty trades below 19,610/5,887 levels for the first half-an-hour of trade then it may correct up to 19,523–19,444/5,862–5,839 levels”.
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