Nifty closed at 5,565.05, up by 23.80 points or 0.43 percent over the previous day closing of 5,541.25, after witnessing a low of 5,525.00 and a high of 5,574.70. Sensex closed at 18,584.96, up by 72.19 points or 0.39 percent over the previous day closing of 18,512.77. It touched an intraday low of 18,454.93 and high of 18,622.44.
The markets’ breadth was positive. Out of 2,935 stocks traded, 1,611 stocks advanced, 1,193 stocks declined and 131 stocks remained unchanged. In Sensex, 23 stocks advanced and 7 stocks declined.
The markets’ breadth was positive. Out of 2,935 stocks traded, 1,611 stocks advanced, 1,193 stocks declined and 131 stocks remained unchanged. In Sensex, 23 stocks advanced and 7 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
BONANZA PORTFOLIO (Shanu Goel): “Nifty is likely to trade within 5,450-5,680 range. The outcome of the state elections on Friday is likely to influence the market sentiments”.
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 5,550 levels, else from 5,530 level, for targets of 5,580-5,600 levels with stop loss at 5,500 levels. Alternatively, trade short if Nifty fails to cross 5,600 levels, else below 5,500 targeting lower supports”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened flat, traded with choppiness throughout the day to close marginally in green. On the daily chart, for consecutive three trading sessions we are witnessing a range bound activity which indicates indecisiveness prevailing at current level. In coming trading session if indices trade convincingly above 18,630/5,576 levels then they are likely to test 18,700-18,850/5,600-5,650 levels. However, on the downside if 18,429/5,515 level is breached then indices may test 18,271/5,470 levels”.
IIFL (Amar Ambani): “With the assembly elections in four states and one union territory over, all eyes are on the results. The real outcome will be known on Friday. The state election results may only have a temporary sentimental impact on the markets. Overall, the key indices may continue to be sideways and range-bound with a positive bias”.
MICROSEC SECURITIES: “After making a low of 5443.65 on 5th May, 2011, Nifty has given a pull back rally of 150 points in just four days. Now we expect Nifty to move in the range of 5440 and 5610 in the short term. If it is able to maintain above 5610, an upward rally might take it to 5760. However, a breach of 5440 would be treated as the end of current rally and in that case Nifty may further go down to 5330 and then 5250 in the extreme short term. On an intra-day basis Nifty has a support at 5525 and is likely to face a stiff resistance near 5610. If Nifty breaks 5525, it may further go down to 5500 and then 5470. However, if it is able to sustain above 5610, the level of 5655–5690 would become the next target”.
FAIRWEALTH SECURITIES: “In the next session, Again Nifty is expected to trade in the range 5530-5586 beyond the range 5610 and 5638 may act as strong resistance levels while 5506 and 5460 might be the support level. As stated in the previous news letters trend of the Nifty is bearish, traders are suggested to follow the strategy of selling at rise. In the next session, Bank Nifty is again expected to trade in the range 10950-11160. Beyond the given range 10900 may act as strong support level while 11260 and 11340 may be other resistance levels”.
PINC RESEARCH: “There were no major movements of the Nifty today and no levels were violated. Hence, we see no reason to re-look at our earlier view. We maintain that a bottoming out process could be underway. On the upside 5600 continues to be an important immediate term resistance. The contest between the bulls and bears persist in the range between 5400 and 5600 but volumes still remain thin. The short term technical is moving up slightly from oversold levels and this could induce a recovery in the coming sessions”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ ... ‘I would be cautious in the market as I am not very comfortable with the unfolding structure’ the market unfolded as expected giving no indication of any directional movement…technically the market seems to be gathering energy for a directional move either up or down and if a directional move does not unfold than the market would fizzle once again in a sideways mode…I would say trade long as 5500 hold. The support for the Nifty is at 5500-5402 and resistance at 5623-5635. The crucial support of the Sensex on the downside is 18250-18032 and resistance at 18748”.
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. 65.28 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 5600-5650 level, the level (5700 which consists of the third highest OI (i.e. 65.43 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “The markets traded within a narrow range amid high volatility and ended marginally in red. The trend remains choppy as nifty remains in the trading band of 5,500 and 5,650 and only a strong move on either side will decide the trend. One needs to be very cautious while building position since markets are very volatile and should trade with strict stop loss. Important Support for Nifty future seen at 5480 and Resistance at 5590”.
SWASTIKA INVESTMENT: “The Nifty had made a white candle with a little upper and longer lower shadow. In nifty chart a retracement drawn from the high of 6,338.80 to the low of 5,177.70 suggests we are in between 78.6% level and 61.8% level which is 5,620-5,420 range. For tomorrow’s session we can expect some volatility in Nifty as IIP numbers for the month of April and Inflation are going to be announced. The trend of market will be decided when the nifty will break its support of 5,510 or resistance of 5,580 in which it is trading from the last three trading session. So traders are advised to be cautious and keep their stop losses tight”.
INDIRATRADE SECURITIES: “The markets traded range-bound on Wednesday and barring capital goods and oil & gas, all sectoral indices closed positive. IT, realty and metal were the biggest gainers of trade. For today’s trade market likely to trade in the range between 5580 & 5620 in the upper side and 5540 & 5510 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18554/5555 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18653–18722/5585–5605 levels. However, if Nifty trades below 18554/5555 levels for the first half-an-hour of trade then it may correct up to 18486–18387/5535–5505 levels”.
BONANZA ONLINE: “Nifty showed volatile session for 3rd consecutive day. Nifty is trading in 5600-5500 range. Until Nifty decisively sustain above 5600 or below 5500 levels, volatility may be continuing. Traders should be cautious. Selling pressure may resume if Nifty decline below 5500 levels and some buying momentum may be seen above 5600 levels. For Daily Purpose, Trend deciding level is 5560. If Nifty shows strength above 5560 levels, then rally to 5600/5650/5700 levels may be seen. If Nifty does not show strength above 5560 levels then selling pressure till 5500/5450/5400may also be seen”.
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