The Sensex closed at 18141, up 55 points from its previous close, and Nifty closed at 5428, up 7 points. The CNX Midcap index was down 0.4% and the BSE Smallcap index lost 0.5% in today's trade. The market breadth was negative with advances at 437 against declines of 848 on the NSE. The top Nifty gainers were L&T, IDFC, Reliance Industries and ONGC and prime losers included DLF, Hindalco, RCom and Hero Honda. FIIs were net sellers with sales worth ` 37.41 crore (prov. cash market fig).
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VIEWS FROM DIFFERENT BROKING HOUSES:
CHARTPUNDIT.COM (Hemen Kapadia): “Technically we are still in a downtrend, though it appears limited. I am not sure if there is too much of a downside below 5,300. I think maybe the next three or four trading sessions we will see some stability coming in. Once that happens, I will probably stick my neck out and say we are due for 250-300 points on the Nifty because we are deeply oversold”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in Nifty below 5,450 with stop loss placed at 5,470, targeting 5,420-5,400 levels. Alternatively, trade speculative long, if Nifty manages to find support at 5,400 levels, else above 5,470 targeting resistance levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed with a minor gain and the 7 Day RSI is showing an oversold situation holding itself on to the crucial support of 5,400. But it is too early to say whether the markets have bottomed out as we are expecting the diesel and LPG price hike decision and time soon. However consolidation is happening and investors should consider buying stocks in an averaging manner”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “We said ‘technically the market is still weak but is capable of bouncing back and if not 5348 would be the next logical target’.... the market survived the 5400 mark as expected and has closed mildly in the green. Technically the market is resting and there is a good chance that short covering may come in and the market is likely to close in the green otherwise 5348 would be the next logical target. The support for the Nifty is at 5400-5348 and resistance at 5470-5500. The crucial support on the Sensex on the downside is 18032-17834 and resistance at 18256-18450”.
ANGEL BROKING (Mileen Vasudeo): “In the coming trading session, we maintain our previous day view that a relief rally or a pullback towards the levels of 18,331-18,407/5,480-5,500 may attract selling pressure. Since the daily trend remains down, traders are advised to avoid long positions. On the downside, 17,878-17,792/5,376-5,348 levels may act as support for the day. (Sensex, Nifty Spot levels mentioned). In case of the Bank Nifty Futures, we are observing that the counter has a support at the levels of 10,500. The hourly charts are at present in oversold condition and thus a temporary bounce up to 10,780 or 10,865 may be witnessed. We expect selling pressure to emerge at these levels as the daily trend continues to be downward. A close below 10,500, may lead to a further fall up to 10,263/10,170 levels”.
IIFL (Amar Ambani): “After a three-day decline, some sort of rebound was always on the cards. One has to see whether the gains can be extended going forward. Today, L&T and RIL proved to be the saviours. Tomorrow, all eyes will be on FMCG major ITC’s results. But, any upside from here looks capped amid macroeconomic headwinds and lack of participation from large institutions. So, one must be careful and wait for some of the ongoing pains to ebb”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been moving in the range of 5400 and 5610 for last twelve trading sessions. Now the crucial support of Nifty lies at 5350. If it breaks 5350, it may further go down to 5230. However, some leading indicators (like stochastic oscillator) are giving oversold signal of Nifty. So a short term pull back rally to 5610 can not be ruled out. So traders are advised to hold long positions with a stop loss of 5350. On an intra-day basis Nifty has a support at 5400 and is likely to face a stiff resistance near 5460. If Nifty breaks 5400, it may further go down to 5375 and then 5350. However, if it is able to sustain above 5460, the level of 5490–5530 would become the next target”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5380-5400 level, the level (5400) which consists of the highest OI (i.e. 79.10 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 5520-5540 level, the level (5500 which consists of the second highest OI (i.e. 80.23 lacs shares) among the Nifty Call Options”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in Nifty below 5,450 with stop loss placed at 5,470, targeting 5,420-5,400 levels. Alternatively, trade speculative long, if Nifty manages to find support at 5,400 levels, else above 5,470 targeting resistance levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed with a minor gain and the 7 Day RSI is showing an oversold situation holding itself on to the crucial support of 5,400. But it is too early to say whether the markets have bottomed out as we are expecting the diesel and LPG price hike decision and time soon. However consolidation is happening and investors should consider buying stocks in an averaging manner”.
INDIRATRADE SECURITIES: “It was second consecutive day of range-bound trade in the markets with capital goods making the biggest up-move on Thursday’s session. Realty lost substantially and banking also traded with negative bias. For today’s trade market likely to trade in the range between 5450–5495 in the upper-side and 5400–5350 in the lower-side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,133/5,431 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,207–18,273/ 5,450–5,472 levels. However, if Nifty trades below 18,133/5,431 levels for the first half-an-hour of trade then it may correct up to 18,067–17,992/5,409–5,389 levels”.
BONANZA ONLINE: “Nifty showed consolidation in range 5410-5440. Nifty is trading near its important support level of 5400 and Sensex of 18000. If in coming sessions, Nifty is able to sustain above these levels, some recovery is likely. However, near term trend is bearish and investors should book profits in rallies or can also take short positions in Nifty around 5550-5600 level. For daily Purpose, Trend deciding level is 5475. If Nifty shows strength above 5475 levels, then rally to 5530/5565/5605 levels may be seen. If Nifty does not show strength above 5475 levels then selling pressure till 5420/5400/5350 may also be seen”.
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