FIIs were net buyers with the tune of ` 253.48 crore (prov. cash market fig.).
Nifty closed at 5,473.10, down by 3.00 points or 0.05 percent over the previous day closing of 5,476.10, after witnessing a low of 5,458.60 and a high of 5,509.30. Sensex closed at 18,232.06, down by 34.04 points or 0.19 percent over the previous day closing of 18,266.10. It touched an intraday low of 18,199.52 and high of 18,380.17.
The markets’ breadth was positive. Out of 2,901 stocks traded, 1,629 stocks advanced, 1,150 stocks declined and 122 stocks remained unchanged. In Sensex, 13 stocks advanced,16 stocks declined and 1 remained unchanged.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a dull session, today. After last sessions’ bullish candle, Nifty witnessed huge selling at upper levels and gave up all the earned gains to close in red. Profit booking on account of poor results posted by Auto & Oil & Gas bellwethers such as M&M and ONGC unnerved the buyers’ sentiments. In today’s session, Nifty breached the vital resistance of 5480 and 5500, but eventually lost both these levels and closed below 5480. This may cause some apprehension in the bulls, in the forthcoming sessions. Despite, some weakness, Nifty successfully withstood the pressure and maintained the sanctity of vital supports of 9 day’s & 14 day’s SMA placed at 5425 & 5454. In today’s session, Nifty, closed below its 50 and 100 day’s SMA placed at 5633 & 5597. These levels may act as new ranges in the coming sessions. Owing to good buying in mid-cap & small-cap space, for the second consecutive session, market breadth rose to positive. In today’s session, VIX closed at a little lower level of 17.93%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.51 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “We had given the range of in between 5,465-5,517 for today and it traded in the tight range in between 5,559-5,510 and maximum of the time it traded in between 5,465-5,488 and closed at 5,476 at ,the same level where it closed on 27/05/2011.Next session’s range of Nifty may be 5,465-5,517 and it may resist 5,539 and 5,552.The key resistance level for the day will 5,570-5,575.The support may be at 5,445/5,411 and the crucial support for the day will be 5,373”.
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 above 5,450 levels else around 5,430 levels with stop loss placed at 5,400, targeting 5,500-5,530 levels. Alternatively, trade short if Nifty fails to cross 5,530 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today remained flat but we saw mid-caps and small-caps witnessing value buying. As there won’t be any cues from US tomorrow, minor buying can be seen in the morning session, other things remaining normal. Nifty is having resistance at 5,523 and 5,553 while the support is there at 5,420 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded strong but closed flat and that’s the problem…technically the market is likely to find some selling pressure in the upper regions and so some ways move with consolidation is not ruled out. The support for the Nifty is at 5400 and resistance at 5564. The crucial support on the Sensex on the downside is 18100 and resistance at 18560”.
ANGEL BROKING (Mileen Vasudeo): “At present prices have tested the 20-day SMA and have face resistance at that level. Positioning of the momentum oscillators suggests a possible upside after a consolidation. For coming trading session we maintain our view that if indices trade above 18,440/5,520 levels, then there is high probability that indices may test 18,560-18,798/5,563-5,636 levels. On the downside, 18,151-18,012/ 5,440-5,400 levels may act as support for the day”.
IIFL (Amar Ambani): “Technically, 5,520 levels on the NSE Nifty might act as a critical resistance on the breach of which the Nifty would surge towards the 5,600 levels in the coming day’s, all eyes would be on the GDP numbers to be released tomorrow. Investors would keep eye on China’s manufacturing PMI and US jobs data. Movement in the dollar and commodities will also be watched”.
MICROSEC SECURITIES: “After making a low of 5328.70 on 25th May, 2011, Nifty has given a pull back rally of 3.4% in three days. Now we expect Nifty to move in the range of 5530 and 5310 in the short term. If Nifty breaks 5310, it may further go down and take support near 5230. However if it breach 5530, an upward rally might carry it to 5610 and then 5760 in the extreme short term. On an intra-day basis Nifty has a support at 5425 and is likely to face a stiff resistance near 5505. If Nifty breaks 5425, it may further go down to 5400 and then 5370. However, if it is able to sustain above 5505, the level of 5530–5565 would become the next target”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty traded in a narrow range and remained below 5,490 level for most of the session. If in coming sessions, Nifty sustains above 5,500 level, further recovery may be seen. However, medium term trend still remains weak and profit-booking may be witnessed at higher levels. Investors should continue to book profits in rallies or can also take short positions in Nifty in rallies. For daily purpose, the trend deciding level is at 5,490. If Nifty shows strength above 5,490 levels, then rally to 5,525/5,565/5,610 levels may be seen. If Nifty does not show strength above 5,490 levels then selling pressure till 5,450/5,415/5,370 may also be seen”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5400-5420 level, the level (5400) which consists of the third highest OI (i.e. 52.04 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 5500-5520 level, the level (5600 which consists of the second highest OI (i.e. 42.84 lacs shares) among the Nifty Call Options”.
SWASTIKA INVESTMENT: “In nifty chart a retracement drawn from the high of 6338.80 to the low of 5177.70 suggests we are near 78.6% level which is 5450 level. A Black Candle was formed with equal upper and lower shadows after two positive sessions suggesting some indecision at current levels. For today, if Nifty is able to sustain decisively above the 5520 mark than we may see further up move to continue and Nifty can test the 5550/5580 levels whereas on the downside support for the day is seen at 5430/5390”.
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