FIIs were net buyers with the tune of ` 222.03 crore (prov. cash market fig.)
The BSE Sensex was up 221.46 points or 1.23% to 18,266.10, its highest closing level since 20 May 2011. The Sensex jumped 254 points at the day's high of 18,298.64 in mid-afternoon trade. The index rose 42.52 points at the day's low of 18,087.16 in early trade. The S&P CNX Nifty was up 63.75 points or 1.18% to 5,476.10, its highest closing level since 20 May 2011. The Nifty hit a high of 5,485.80 in intraday trade. The BSE Mid-Cap index rose 1.48% and outperformed the Sensex and the BSE Small-Cap index gained 0.89% and underperformed the Sensex.
The market breadth was strong. On BSE, 1716 shares advanced while 1085 shares declined. A total of 130 shares remained unchanged. Among the 30-member Sensex pack, 23 stocks advanced while rest of them declined.
BSE clocked turnover of ` 2564 crore, lower than ` 2679.76 crore on Thursday, 26 May 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
KOTAK SECURITIES (Sanjeev Zarbade): “Going ahead, we expect the markets to be range-bound and move sideways in the absence of any major trigger. Most of the important results have already been announced and the markets may be cautious ahead of the monsoons. Off late, commodities have seen some unwinding of speculative positions, which is resulting in soft commodity prices. If this trend continues, then it will be a positive for the Indian economy and will help contain inflation. It might also attract FII flows given valuations have turned reasonable”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good session, today. After last sessions’ bullish candle, Nifty witnessed a positive rush today and closed with good gains. In today’s session, Nifty breached the vital resistance of 5460 and closed above that. This may support bulls in coming sessions. Due to a good buying session, Nifty successfully overcame the resistance of 9 day’s & 14 day’s SMA placed at 5421, 5459 but closed the session below its 50 and 100 day’s SMA placed at 5634 & 5604. 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 17.25%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.72 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: “Next session’s range for Nifty may be in between 5465-5517 and it may resist 5539 and 5552.The key resistance level for the day will 5570-5575. The support may be at 5445/5411 and the crucial support for the day will be 5373”.
BONANZA ONLINE: “Nifty is weak in near term as Nifty is trading below it is resistance zone @ 5580-5630 also Nifty has 200-DMA @ 5612. Profit-booking near resistance levels may be seen in coming week. For trading during the coming sessions, trend deciding level is 5490. If Nifty shows strength above 5490 levels then we may see rally to 5575/5610/5650 levels. If Nifty doesn’t sustain above 5490 levels then profit booking till 5400/5350/5300 may also be seen”.
| Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
| For Monday | Buy | 5445-5430 | 5480-5520 | 5415 |
| For the Week | Sell | 5550-5625 | 5500-5400 | 5660 |
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 Nifty below 5480 levels with stop loss placed at 5500, targeting 5450-5430 levels. Alternatively, trade long if Nifty manages to cross 5500 levels, with stop loss placed at 5480”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “For the month of May till last Friday, unabated selling by FII (total MTD outflow of ` 66.7 bn) has lead to decline in Nifty by 4.8%. The decline was mainly due to unfavourable macro factors such as high crude oil prices leading to ballooning of govt deficit bill and interest rate hike by RBI to douse high inflation, which may put brake on the pace of economic growth. This coupled with whitewash of DMK party in Tamil Nadu election and arrest of key members of the party lead to the spread of fear that DMK may remove support at the Centre, which may have lead to fall of Govt. Although market has shown a bit of recovery during the tail end of this week, we believe the overhang of macro headwinds will continue to remain. Govt is expected to hike prices of diesel, kerosene and LPG in the month of June, which may further fuel the inflation rate. In addition, ongoing scam investigation and indefinite delay in key reforms will force institutional investors to remain nervous and follow wait and watch policy. For the next week, with GDP and import export data on the cards, retail investors should trade cautiously and should remain confined to quality stocks. The NIFTY will find support at 5425 and 5350 and will find resistance at 5540 and 5600”.
ICICI SECURITIES: “The Nifty is likely to remain range bound. The immediate support for the Index lies at 5420/5350. On upsides, 5520/5610 may remain as major resistances The Bank Nifty has recovered from the support of 10300. We expect the index to witness further short covering if it holds above 10700. On upsides, major supply can be seen around 10950”.
PINC RESEARCH: “We have seen the following features of the Nifty movement for the last couple of weeks. 1) Pace of rallies is faster than the pace of declines indicating a shift of sentiment. 2) Accumulation pattern which are now becoming evident in the short term. 3) Oversold technical indicators which are now exhibiting positive divergence. 4) Weekly candlestick chart shows a “Dragon Fly Doji” which is a bullish reversal pattern. A confirmation to this pattern is awaited in the coming week. These factors only reaffirm our optimism and we continue to be positively biased for an upmove. Going forward, the positive flavour is very likely to impel the Nifty to higher targets. The deeply oversold technical indicators and its positive divergence should steer the Nifty closer to 5600 in the short term”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected and has closed like a dot right on our resistance of 5477. Technically the market could see some upside in the days to come and strong supports is in the vicinity of 5400. 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”.
IIFL (Amar Ambani): “In the absence of major domestic cues, the short-term trend will hinge on overseas markets. Overall, the market will stay sideways in the near-term. The Nifty is likely to find support in the 5,300-5,400 band and resistance in the 5,500-5,600 range. A measured approach is called for to navigate through the current uncertain times”.
MICROSEC SECURITIES: “Technically, Nifty is facing a strong support near 5300. However, the short term crucial resistance of Nifty lies at 5610. We expect Nifty to move in the range of 5350 and 5610 in the short term. If Nifty breaks 5300, it may further go down to 5230. However if Nifty is able to maintain above 5610, an upward rally might carry it to 5760 in the extreme short term. For the coming week, first support of Nifty lies at 5440 and the resistance is 5520. If Nifty breaks 5440, it may further go down to 5370 and then 5300. However, if Nifty is able to sustain above 5520, the level of 5575-5610 would become the next target”.
JRG EQUITY RESEARCH (IndiTrade): “After the initial breakdown, continuing the previous week’s downtrend, the Indian market indices leapt back tremendously. The market having started the new Futures and Options series with optimism is imparting confidence in the market. Even though the current recovery has the potential to stretch further, it is not expected to sustain at higher levels, and can be expected to slip into selling. Technical indicators are retracing back from the oversold. MACD is at the edge of a bullish crossover, with supporting momentum build-up. RSI-14 has pulled back to midpoint mark – this has to cross and sustain above the 50-point mark for the upside to remain. Money flow has also recovered much. Stochastic Oscillators is picking up from the oversold zone. The recovery-run in the market is expected to continue (atleast) a little further towards the first resistance of 5570 for NSE Nifty. The upside resistance is seen at 5635, which happens to be the 100 days Exponential Moving Average. The first support for the week is expected at 5400, followed by the last week low of 5330 and lower support of 5270, even though a fall towards this is not expected in the week ahead”.
INDIRATRADE SECURITIES: “It was a mix performance for the markets this week with oil & gas and banking making some gains. Overall, the markets slipped a bit with auto being the biggest loser. This week Nifty likely to trade in the range between 5550 in the upper side and 5300 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “Smart recovery on last two trading sessions, the weekly candlestick of Nifty has formed a "hammer" pattern, which suggests that bulls are strengthening. Nevertheless, we are yet to see a resumption of higher-top higher-bottom formation on daily chart, which is the prime requirement to turn the near term view decisively bullish. The first requirement of higher top will get fulfilled if Nifty is able to cross 5518, the top made on last Friday, which will then have to be followed up by a higherbottom. Beyond 5518, 5605, the 200 day exponential moving average and the top made on 13th May will present the next resistance. On the downside 5400 is the immediate support, followed by important one at 5328”.
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