Nifty closed at 5,516.80, up by 34.80 points or 0.63 over the previous day closing of 5,482.00, after witnessing a low of 5,486.45 and a high of 5,551.90. Sensex closed at 18,314.33, up by 117.13 points or 0.64 over the previous day closing of 18,197.20. It touched an intraday low of 18,219.25 and high of 18,440.07.
The markets’ breadth was negative. Out of 2,975 stocks traded, 1,204 stocks advanced, 1,646 stocks declined and 125 stocks remained unchanged. In Sensex, 23 stocks advanced and 7 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good show and after weakening the momentum in last week, today started the new week on positive note. Today’s gain may be modest but holds high value technically as today, Nifty regained its vital support of 5500, this may be a trigger point for bulls. On account of weakness, Nifty for the fifth successive day closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5559, 5570, 5522 & 5581 levels; this may continue to spoil the buying sentiments in forthcoming sessions. On account of weakness in small-cap & Mid-cap, today Bears again dominated the market, because of which, Indices closed with weak market breadth. This may strengthen selling sentiments in coming sessions. In today’s session, VIX closed at a little higher level of 19.19%, indicating more volatility in market in the forthcoming sessions. RSI (14) for the session was at 46.59 levels and MACD remained below the signal line, thus combined together they are giving the signals that; market may be in range bound trade with some recovery in coming session”.
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 if Nifty holds 5,500 levels, with stop loss at 5480 for the targets of 5,530-5,550 levels. Alternatively, trade short below 5,480 levels, with stop loss at 5,500, targeting 5450 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty closed on a positive note today as it seems the US markets will trade in the positive region today after the well awaited decision. Still the markets have not given a buy indication and given the domestic set up where, high inflation, high interest rates, possibility of deregulating diesel and LPG, indication of further interest rate hikes etc is expected to dent the growth element. However the government can’t go on with the same tool of hiking interest rate compromising economic growth. So it has to be seen how things pan out in month and quarters to come and will have to see how the current interest rates impact the present scenario. For Nifty the major hurdle is 5,583 and 5,660 while the support is at 5,484 and 5,452 levels”.
GEPL CAPITAL: “We had indicated the range of 5460–5440 as a potential support for Nifty. Nifty bounced back after making a low of 5453 last week. It has already retraced a part of the resent sell off and in the next two to three sessions it may scale up to 5580 to 5630 range. However we recommend profit taking on upsides from here on and suggest a wait and watch approach and specifically advise refraining from making any fresh long positions near the 5600 level. Nifty still remains susceptible to downsides till it trades below the level of 5700. On the downside, the level of 5450 is now an important immediate term support, whereas 5300 is a critical support to watch out for. Traders are advised to keep a strict stop loss of 5450 for any long positions”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market opened with a bull gap and has closed closer to our resistance. Technically the market is still in a sideways zone and maximum upside is 5611. I would not be surprised if a market comes closer to 5450 now. The support for the Nifty is at 5450-5404 and resistance at 5532-5611. The crucial support on the Sensex on the downside is 18140 and resistance at 18509-18742”.
ANGEL BROKING (Technical): “Markets opened on an optimistic note and traded with extreme volatility throughout the day to give a close marginally in a positive territory. Indices have given a minor bounce back and registered a high of 18,440/5,552 which is also 38.2% Fibonacci retracement level of the corrective move from 18,945 to 18,131/5,702 to 5,453. In the coming trading session, if indices trade below today’s low of 18,219/5,486, then they are likely to test 18,132/5,453 level. Any move below this important support level, indices may test 18,000/5,400 level. On the upside, 18,440-18,538/5,552-5,577 may act as resistance levels in coming trading session”.
IIFL (Amar Ambani): “With a major cloud of uncertainty clearing out, global markets heaved a huge sigh of relief. However, it remains to be seen how long the euphoria on the US debt deal lasts. Global data today showed continued slowdown in the manufacturing space from Australia to euro-zone. Lots of global data points will be on investors’ radar later in the week as well aside from policy meeting of central banks in Japan, UK, EU and Australia. For the Indian markets, the catalysts will be corporate earnings and the parliament proceedings during the monsoon session. Any meaningful progress on any of the crucial reform-oriented bills will be sentimentally positive for the markets”.
MICROSEC SECURITIES: “Nifty has been moving in the range of 5400 and 5750 for last one and half month. We expect this range bound would be continuing for another few days. If Nifty breaches 5440, the short term trend would become negative and it may test the level of 5300. However a breach of 5750 would open the gate for 5900 in the extreme short term. On an intra-day basis Nifty has a support at 5470 and is likely to face a stiff resistance near 5545. If Nifty breaks 5470, it may further go down to 5440 and then 5400. However, if it is able to sustain above 5545, the level of 5580–5600 would become the next target”.
SWASTIKA INVESTMART: “On daily charts, it is seen that Nifty has made a close below the trend line which is acting as resistance for it since last three consecutive sessions. For the coming session, if Nifty is able to surpass the resistance level of 5550 then some positive momentum can be seen but then, it is likely to face stiff resistance at 5580/5605 levels. Immediate support for the index is seen at 5496 levels, if it slips towards lower side then 5454 is seen as next support for it whereas 5430 is acting as major support. Cautious trading is recommended concerning global cues regarding US debt deal”.
HEM SECURITIES: “Rally in world stocks triggered by US President Barack Obama's announcement over the weekend that he and Senate leaders had agreed on a "framework" debt deal to cut spending and raise the debt ceiling, helped Indian shares recover from a recent steep slide triggered by worries that higher interest rates will crimp corporate profit growth. For tomorrow, markets are expected to be up”.
INVENTURE GROWTH & SECURITIES: “Nifty’s immediate resistance on the upside comes at 5,680 levels. If that is breached on closing bases then we are surely looking at sharper rally coming in the market that can take nifty to the levels of 5,950 and 6,330 in a very short duration. However, if nifty fails to give a breakout we need to wait and stay cautious as it can again retrace back to its lower range of 5,200 and also make lower lows below major supports. Nifty’s major resistance levels are 5,680-5,944 and on the downside major supports come at 5,445-5,320”.
BONANZA ONLINE: “Nifty showed some recovery but Nifty also showed selling pressure from 5550 levels. Nifty is trading in 5550-5450 zone for three consecutive days. Decisive price action may be seen if Nifty maintains above 5550 or below 5450 levels. In 5550-5450 zone, volatility may be seen. For daily purpose, Trend deciding level is 5525 .If Nifty shows strength above 5525 levels, then rally to 5550/5600/5650levels may be seen. If Nifty does not show strength above 5525 levels then selling pressure till 5480-5450/5400 may also be seen”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,325/5,518 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,430–18,545/5,550–5,584 levels. However, if Nifty trades below 18,325/5,518 levels for the first half-an-hour of trade then it may correct up to 18,209- 8,104/5,485–5,453 levels”.
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