FIIs were net buyers with the tune of ` 868.71 crore on Thursday, the 7th July 2011(prov. fig.)
Nifty closed at 5,728.95, up by 103.50 points or 1.84 percent over the previous day closing of 5,625.45, after witnessing a low of 5,632.95 and a high of 5,737.15. Sensex closed at 19,078.30, up by 351.33 points or 1.88 percent over the previous day closing of 18,726.97. It touched an intraday low of 18,767.25 and high of 19,097.78.
The markets’ breadth was positive. Out of 2,998 stocks traded, 1,898 stocks advanced, 968 stocks declined and 132 stocks remained unchanged. In Sensex, 29 stocks advanced and 1 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open higher on the back of positive global cues. However, it could later face resistance at 5,743-5,768 levels on Nifty. Among the sectors, Banking and IT stocks could outperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed an excellent movement, wherein, upside was supported by buying at all levels. After forming a triangle pattern for last three session, today Nifty decisively breached it in upward direction. First month future was continuously at premium w.r.t. spot, thus ensured the bullishness of our market. Nifty breached the sentimental resistances of 5700 & 5710 levels and closed above these, thus depicting a firmness. After a range bound movement for most part of the session, Nifty settled with a modest cut. Bulls resolutely controlled the market and indices closed with positive market breadth with illustrious margins. This may support the buying momentum in coming sessions. Nifty successfully closed above the resistances of 9, 14, 50 and 100 day’s SMA placed at 5620, 5513, 5505 & 5562 and below the 200 day’s SMA placed at 5744. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a modest level of 18.62%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 67.36 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some range bound movement with higher volatility”.
FAIRWEALTH SECURITIES: “Next session’s range for the Nifty may be 5693-5752 and the resistance may occur at 5801 if it breaks the upper band i.e. 5752 and the support level for the Nifty may be 5645 and the key support level may be 5608. Bank Nifty is expected to trade in the range 11555-11350. Above the given range 11680 may act as a resistance while 11270 may act as strong support level for Bank Nifty”.
BONANZA ONLINE: “Nifty showed good strength and breakout above 5700 levels with good volumes and positive market breadth. Majority of large caps participated in rally, which shows that Bulls are having ball in their hand. Buying momentum may be continuing, if Nifty manages to trade above 5750 levels during first hour of trading. For daily Purpose, Trend deciding level is 5730-5750 .If Nifty shows strength above 5750 levels, then rally to 5800/5850/5900 levels may be seen. If Nifty does not show strength above 5730 levels then selling pressure till 5700/5650/5600 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “The undercurrent has improved considerably. The recent uptrend is seeing lots of action from the FII’s. FII’s turning net buyers in cash market on sustained basis have turned the sentiments positive. Nifty has a strong resistance at 5,750-5,760 levels. HDFC and Indusind Banks results are due tomorrow”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat note tomorrow. Trade long in Nifty from current levels or else from 5,680 levels, targeting 5,750-5,800 levels, with stop loss below 5,650”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today had a major reversal towards its 200 DMA of 5,750 and it will hit its target tomorrow. If Nifty shows the strength to stay above the 5,750 mark then we may see Nifty building a base around 5,750 level and move towards its next level of 5,900. From tomorrow onwards we are entering the results season with HDFC Bank coming with its numbers. HDFC Bank is continuously making new highs this week in expectation of good results. Auto and cement sales numbers are showing good Q1 numbers, even though not the best”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market continued its journey up and interestingly has closed just at our resistance. Technically the reaction is over and the market continues its journey up to around 5792. The support for the Nifty is at 5655 and resistance at 5792. The crucial support on the Sensex on the downside is 18950 and resistance at 19240”.
ANGEL BROKING (Mileen Vasudeo): “Markets after four days of consolidation have given a strong close near the downward sloping trendline. Considering the price action, it can be inferred that the positive momentum may continue for some more time. On the upside if indices trade above 19,098/5,737 levels then they are likely to test 19,287-19,437/5,800-5,850 levels. On the downside, 18,890-18,767/5,673-5,632 may act as support for the day”.
IIFL (Amar Ambani): “A firm trend in the European markets and overnight gains in the US markets also partly aided the sentiment today. All eyes will be on the ECB’s policy meeting where it is likely to hike borrowing costs. US jobs data on Friday is another important event to keep an eye on this week”.
MICROSEC SECURITIES: “After consolidating in the range of 5600 and 5680, Nifty has given a fresh up move yesterday. Now Nifty is expected to face a crucial resistance near 5745. A breach of 5745 would indicate a bullish break out of 200 DMA and in that case Nifty may go up to the level of 5920 in the extreme short term. However if Nifty breaches 5600, it may go down further and take support near 5470. Traders are advised to hold long positions with stop loss of 5600. On an intra-day basis Nifty has a support at 5680 and is likely to face a stiff resistance near 5745. If Nifty breaks 5680, it may further go down to 5640 and then 5600. However, if it is able to sustain above 5745, the level of 5790–5830 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18981/5700 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19195–19312/5766-5804 levels. However, if Nifty trades below 18981/5700 levels for the first half-an-hour of trade then it may correct up to 18864–18651/5662-5595 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed good strength and breakout above 5,700 levels with good volumes and positive market breadth. Majority of large caps participated in rally, which shows that Bulls are having ball in their hand. Buying momentum may be continuing, if Nifty manages to trade above 5,750 levels during first hour of trading. For daily purpose, the trend deciding level is at 5,730-5,750. If Nifty shows strength above 5,750 levels, then rally to 5,800/5,850/5,900 levels may be seen. If Nifty does not show strength above 5,730 levels then selling pressure till 5,700/5,650/5,600 may also be seen”.
INDIRATRADE SECURITIES: “The markets registered strong upward movement on Thursday with all sectoral indices closing in the green. The most remarkable aspect of trade was that both benchmark indices closed above their psychologically important levels of 19,000 and 5,700, respectively. Capital goods, realty and FMCG were the biggest gainers of session. For today’s trade, market likely to trade in the range between 5740 & 5770 in the upper side and 5690 & 5650 in the lower side”.
EDELWEISS FINANCIAL ADVISORS (DERIVATIVE): “On the lower side Nifty is likely to face strong support in the vicinity of 5650-5680 level, the level (5600) which consists of the second highest OI (i.e. 66.23 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 5760-5780 level, the level (5800) which consists of the highest OI (i.e 65.65 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “The long term trend looks very healthy with a stop-loss of 5635 for an immediate target of 5770. Stability above 5770 could again bring fresh buying for a rally up to 5900 in the near term. On the lower side, strong support for nifty future is placed at 5621–5585 where buying is sensible keeping a stop-loss 5548. For the Sensex very strong resistance seen at 19200-19300 levels and fresh rally could be seen only above 19300 till then our sense is that one should book profit around these region and support placed at 18700 levels”.
SWASTIKA INVESTMART: “On daily charts, we can see that Nifty has given a break out from the long down sloping trend line which was acting as major Resistance. A decisive sustenance of Nifty above this trend line can continue upward momentum. Immediate Resistance for Nifty is seen at 5765-5800 levels for the day whereas Immediate Support for Nifty is seen at 5660 levels whereas the major support is seen at 5605-5550”.
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