Nifty closed at 5,275.85, up by 17.95 points or 0.34 percent over the previous day closing of 5,257.90, after witnessing a low of 5,257.00 and a high of 5,322.45. Sensex closed at 17,560.30, up by 53.67 points or 0.31 percent over the previous day closing of 17,506.63. It touched an intraday low of 17,504.27 and high of 17,714.88.
The markets’ breadth was negative. Out of 2,898 stocks traded, 1,125 stocks advanced, 1,667 stocks declined and 106 stocks remained unchanged. In Sensex, 15 stocks advanced, 14 stocks declined and 1 remained unchanged.
FIIs were net sellers with the tune of ` 287.40 crore (prov. cash market fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a flat to negative note and remain range-bound with a negative bias. Support on Nifty is at 5,235 while resistance is at 5,350. Among the sectors, Telecom stocks could under-perform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a busy session, wherein after a gap up opening, bulls were in command for a while and Nifty breached its vital resistance of 5300 level. But owing to profit booking at higher levels Nifty could manage to close flat after stripping all the gains. Volatility was the characteristics of today’s trade, wherein sudden bouts of buying and selling were witnessed by benchmark indices. Nifty breached the vital support level of 5300 after regaining it but closing above 5250, which will support the buying momentum. Nifty failed to maintain the vital moving averages and closed below its 9, 14, 50 and 100 day’s SMA placed at 5388, 5438, 5559 & 5541. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 20.89%, indicating higher than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 31.95 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may witness some recovery amidst range bound movements in coming sessions with higher volatility”.
FAIRWEALTH SECURITIES: “Next session’s range for the Nifty may be 5,252-5,311 and the resistance on the upper side may be at 5348 and 5380 will be called the key resistance for the day and the support on the downward side may be at 5,232 and 5196 and the key support for the day will be 5,177.Bank Nifty is expected to trade in the range 10,360-10,580. If sustains below this range 10,335 may act as a crucial support. However, 10,660 and 10,735 may act as another strong resistance level”.
BONANZA ONLINE: “Nifty has been trading in 5325-5250 range for consecutive two trading days. Until, Nifty manages to show strength above 5325 or below 5225 levels, volatility may be continuing. Decisive price action may be seen above 5325 or below 5250 levels. For daily purpose, trend deciding level is 5270-5250. If Nifty shows strength above 5270-5250 levels, then rally to 5325/5400 levels may be seen. If Nifty does not show strength above 5250 levels then selling pressure till 5200/5150/5100 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “The undercurrent has weakened considerably. Market sentiments continue to be influenced by global cues. The outcome of FOMC meeting scheduled for Wednesday night could influence the market sentiments on Thursday. Good support exists at 5,200-5,215 levels”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat note tomorrow. Trade short in Nifty below 5,280 levels else around 5,300, with stop loss placed at 5,320, targeting 5,250-5,230 level."
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market yet again unfolded flat as expected. Technically the market is still down and all reactions until 5350 can be treated as reactions. The support for the Nifty is at 5170-5100 and resistance at 5350. The crucial support on the Sensex on the downside is 17230 and resistance at 17810”.
ANGEL BROKING (Mileen Vasudeo): “On the daily chart, if we blend the two candles then we are again observing an "Inside Day" formation where the candlestick body falls in the range of the previous candlestick. We maintain our previous day view that negative sentiments still persist and most traders are cautious at current levels. In coming trading session if indices trade below 17492/5257 then it is likely to test 17314-17295/5195-5177 levels. Although the short term trend is negative, a bounce up to 17716-17844/5321-5360 cannot be ruled out as the oscillators in the hourly chart are in an oversold zone”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 17,574/5,284 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,656-17,761/ 5,305-5,332 levels. However, if Nifty trades below 17,574/5,284 levels for the first half-an-hour of trade then it may correct up to 17,469–17,387/5,257–5,236 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty has been trading in 5,325-5,250 range for consecutive two trading days. Until, Nifty manages to show strength above 5,325 or below 5,225 levels, volatility may be continuing. Decisive price action may be seen above 5,325 or below 5,250 levels. For daily purpose, trend deciding level is 5,270-5,250. If Nifty shows strength above 5,270-5,250 levels, then rally to 5,325/5,400 levels may be seen. If Nifty does not show strength above 5,250 levels then selling pressure till 5,200/5,150/5,100 may also be seen”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5200-5220 level, the level (5200) which consists of the highest OI (i.e. 86.96 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 5300-5320 level, the level (5400) which consists of the highest addition in OI (i.e. 6.48 lacs shares) among the Nifty Call Options”.
PADMAKSHI FINANCIAL SERVICES (Kusal Kansara): “Nifty closed the day flat for second consecutive day. The index traded below the neckline of the head and shoulder pattern. The stocks which trades positive are usually the stocks which are hammered a day before. This clearly indicates that the up move is more due to short covering than on long built up. We remain negative on the index. Short term bounce back to 5,400 cannot be ruled out as markets are a bit oversold. A break below 5,177 could take nifty to 5,000. Banking could be the next weak sectors in market along with auto ancillaries. ITC can give a short term bounce back”..
NIRMAL BANG SECURITIES: “Overall trend remains weak if nifty remains below 5330 and positive development could be seen only stability above this level. On the lower side important support placed at 5225/5175/5135 levels. Bank Nifty index @ 10492 is holding above its important trend-line support of 10330 and going forward if this point gets violated then we could see a major crack-down. Downside support exits at 10200/10080 and resistance seen at 10560”.
SWASTIKA INVESTMENT: “On daily charts, Nifty made an Indecisive Black Candlestick having a real body with equal upper and lower shadows. Still, indecision is prevailing in the market but bias is on the downside as the index is not able to sustain above the levels of 5,300. Nifty can face resistance at 5,310/5,340 while on the lower side; support is seen at 5,230/5,180”.
INDIRATRADE SECURITIES: “It was flat closing for the markets on Wednesday with large cap stocks outperforming broader markets. Realty and consumer durables were the worst performers while capital goods, IT and oil & gas closed with marginal gains. For today’s trade market likely to trade in the range between 5300 & 5330 in the upper side and 5250 & 5230 in the lower side”.
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