Nifty closed at 5,592.00, up by 31.85 points or 0.57 percent over the previous day closing of 5,560.15, after witnessing a low of 5,559.45 and a high of 5,597.35. Sensex closed at 18,608.81, up by 105.53 points or 0.57 percent over the previous day closing of 18,503.28. It touched an intraday low of 18,514.66 and high of 18,636.12.
The markets’ breadth was positive. Out of 2,949 stocks traded, 1,795 stocks advanced, 1,005 stocks declined and 149 stocks remained unchanged. In Sensex, 22 stocks advanced, 7 stocks declined and 1 remained unchanged.
FIIs were net buyers with the tune of ` 445.22 crore (prov. cash market fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES :
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed an excellent session, today. After last session’s flat closing, Nifty witnessed very good buying at all levels and earned good gains before closing on positive note. Nifty has displayed a short-term positive trend and today’s closing confirms the trend. In today’s session, Nifty breached the vital resistance of 5,580 and closed near day’s high. This may strengthen the bulls, in the forthcoming sessions. Nifty successfully progressed and maintained the sanctity of vital supports of 9 day’s and 14 day’s SMA placed at 5,459 and 5,461. In today’s session, Nifty, closed below its 50 and 100 day’s SMA placed at 5,640 and 5,586. These levels may act as new ranges in the coming sessions. Owing to good buying in large cap, mid-cap and small-cap space, for the third consecutive session, market breadth rose to positive. In today’s session, VIX closed at a little lower level of 16.73%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 54.65 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some upside movements in coming sessions”.
FAIRWEALTH SECURITIES: “Nifty settled at 5592, above the 50 DEMA and below the 50 simple DMA and also it near to the crucial resistance of 5,608. Next session’s range of Nifty may be in between 5,565-5608 and it may resist at 5639 after it goes above 5,608 and the key resistance level for the day will 5,655.The support may be at 5,531-5,540 if it breached the level of 5,565 and the crucial support for the day will be 5,511.If the Nifty closes above 5,575 for three consecutive day then the intermediate trend which is still down will be reversed”.
BONANZA ONLINE: “On Thursday, Nifty is likely to open on a positive note. On Wednesday, Nifty showed continuous strength above 5450 resistance level and closed near 5600 level. Overall it was a positive trading session. Level of 5610 resistance is decisive level in coming sessions. If in coming sessions, Nifty sustains above 5610 level, medium term trend may turn positive. For daily Purpose, Trend deciding level is 5610. If Nifty shows strength above 5610 levels, then rally to 5650/5690/5715 levels may be seen. If Nifty does not show strength above 5610 levels then selling pressure till 5530/5490/5465 may also be seen”.
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 5,600 levels, else around 5580 levels; with stop loss placed at 5,550, targeting 5,630-5,650 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today moved in a small range and is having resistance at 5,615 and 5,640 while the outlook shows a minor correction with Nifty support at 5,539 and 5,478 levels. Technically the markets are a bit overbought and a profit taking is pending. Profit booking can happen in mid-caps and small-cap stocks as they have outperformed the index in the recent session”.
PINC RESEARCH: “Nifty should initially face resistance at 5600. The level of 5600 also coincides with the 200DMA of Nifty. A move above 5600 should lead to a sustainable up-move towards the level of 5750 or higher. Today's price action has created a higher high than yesterday suggesting that near term bullish sentiment can persist. The short term technical indicator has crossed its pivotal trigger line and is in a buy mode. There is some time left before this indicator exhibits any overbought signals. So, there is enough steam left in this rally and it should come as no surprise if the Nifty manages to breach 5600 without much trouble”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded strong as expected and has closed in the green ... technically the market has the next logical target of 5621-5637 and strong and crucial support is at 5560 and the breach of it should bring in some profit booking. The support for the Nifty is at 5560 and resistance at 5621-5637. The crucial support on the Sensex on the downside is 18500 and resistance at 18700-18742”.
ANGEL BROKING (Mileen Vasudeo): “The crossover in the 5 and 20-day EMA on the daily chart along with consolidation on the hourly suggests a possible continuation of upside momentum in coming trading session. On the upside if indices trade above 18,636/5,600 then indices are likely to test 18,786-18,936/5,650-5,700 levels. On the downside, 18,513-18,330/ 5,560-5,500 may act as support for the day”.
IIFL (Amar Ambani): “The road ahead will not be smooth as 5,600 has in the past been a stiff resistance zone for the Nifty. So, the upside appears capped from the current levels. The upcoming EGoM on fuel prices on June 9 and the RBI mid-quarter review on June 16 will have a bearing on the market sentiment apart from the progress of the monsoon. Keep an eye on trading volumes to gauge the overall mood in the market”.
MICROSEC SECURITIES: “After making a low of 5328.70 on 25th May, 2011, Nifty has gained almost 5% in a time span of just six trading sessions. Now the short term crucial resistance of Nifty lies at 5610. If Nifty is able to maintain above 5610, an upward rally might carry it to 5760 in extreme short term. However, some leading indicators are giving over bought signal of Nifty. So a short term correction to 5470 can not be ruled out. On an intra-day basis Nifty has a support at 5560 and is likely to face a stiff resistance near 5610. If Nifty breaks 5560, it may further go down to 5520 and then 5470. However, if it is able to sustain above 5610, the level of 5665–5690 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18587/5583 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18658–18708/5606–5621 levels. However, if Nifty trades below 18587/5583 levels for the first half-an-hour of trade then it may correct up to 18537–18465/5569–5545 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “On Thursday, Nifty is likely to open on a positive note. On Wednesday, Nifty showed continuous strength above 5,450 resistance level and closed near 5,600 level. Overall it was a positive trading session. Level of 5,610 resistance is decisive level in coming sessions. If in coming sessions, Nifty sustains above 5,610 level, medium term trend may turn positive. For daily purpose, Trend deciding level is at 5,610. If Nifty shows strength above 5,610 levels, then rally to 5,650/5,690/5,715 levels may be seen. If Nifty does not show strength above 5610 levels then selling pressure till 5,530/5,490/5,465 may also be seen”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5500-5520 level, the level (5500) which consists of the highest addition in OI (i.e. 9.55 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 second highest OI (i.e. 50.13 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “Bulls continued to hold the momentum has buying is seen among the large cap index stocks like LT, Bharti Airtel, Infosys, NTPC, Rel Capital and Rel Infra and Hind Lever which is driving the momentum. The current structure looks very strong if Nifty holds 5524 on the closing basis. On the higher side 5625-5639 will act as a stiff resistance area and stability above this point in coming days could extend this rally up to 5725 levels”.
SWASTIKA INVESTMENT: “Equity benchmarks traded with moderate gains and amid volatility. Market showed a muted opening at 5,561 levels. It moved in a range of 5,565-5,595 levels. Even the global markets were quiet in trade. The benchmark index finally was able to cross the decisive resistance level of 5,580 and finally made a close at 5,592 levels with gain of 0.57%. A White Candle is formed with negligible lower shadow indicating that the Bulls were active for the whole session. For the coming trading session resistance for Nifty is seen at 5,600 and if it continues to sustain above this level decisively then the rally may continue and it may head towards 5,630/5,650 whereas on the downside support for the day is seen at 5,550/5,530. The positively poised indicators viz. RSI and Stochastic are indicating a possibility of near term upside”.
INDIRA SECURITIES: “The markets registered good growth on Wednesday with capital goods being the biggest gainer in session. IT also made substantial gains while banking and metal closed with moderate growth. For today’s trade market likely to trade in the range between 5610 & 5640 in the upper side and 5570 & 5550 in the lower side”.
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