At the close, the benchmark 30-share index, BSE Sensex gained 421.44 points or 2.72% at 15,939.36 with 28 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 128.55 points or 2.77% at 4,765.30 with 46 components registering rise.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the markets moving up strongly and erasing the losses of the last few sessions, the sentiments seem to have turned positive. Traders will now need to watch if the Nifty can cross the 4800-4840 resistances for further upsides. Downside supports are at 4636”.
KOTAK SECURITIES (Sanjeev Zarbade): “Markets would start reacting to earnings announcements. The December inflation data would be closely watched to look for any signs of a softening of manufacturing products inflation”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Level wise, closing above the threshold 4750 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed strong positive sentiments, all segments, like large-caps, small-caps and mid-caps were good positive. Owing to this firmness, bulls regained the control from bears and that’s too with good margin. Due to good buying Nifty stride significantly and re-conquered its vital 9, 14 day’s SMA placed at 4706 and 4686 but its closed below 50 & 100 day’s SMA placed at 4974 & 4962. Though, VIX, the barometer of uncertainty, corrected sharply and closed at 26+, yet it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 49.40 levels and MACD closed above the signal line. Market may continue to witness some good movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 4730-4848. However, below the given range 4700 and 4666 would be the other support levels while above the range 4915 would be a major resistance level. Bank Nifty may trade in the range 8235-8465. Also, 8178 may act as crucial support level for the session while 8616-8689 might be the strong resistance zone for Bank Nifty”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to positive note tomorrow. Trade long in the Nifty above 4,750 levels with a stop loss of 4,720 for targets of 4,800 levels. Alternatively, trade short if the Nifty fails to cross 4,800 levels with a stoploss of 4,820 for targets of 4,750”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed above the resistance of 4,755 and is now looking at 4,800 and 4,835 while the support is there at 4,703 and 4,640 levels. We may see a continuation of today’s uptrend but levels of 4,830 should be used to book short term profits”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically, the market could now climb to 4816. Now 4816 is a stiff resistance and if the market crosses that convincingly then we could see the market climb to its next logical target of 4990 in the days to come. Strong supports 4700. The support for the Nifty is at 4700 and resistance at 4815-4863”.
MICROSEC SECURITIES: “After making a low of 4588.05 on Monday, Nifty has given a strong pull back rally of almost 4%. Now the short term crucial resistance of Nifty is at 4920 and a breach of 4920 would open the gate for 5050 and then 5200. However, a breach of 4640 would indicate the end of current rally and in that case Nifty may test the level of 4530 and then 4530 in the extreme short term. Traders are advised to hold long positions with a stop loss of 4640. On an intra-day basis Nifty has a support at 4710 and is likely to face a stiff resistance near 4825. If Nifty breaks 4710, it may further go down to 4670 and then 4640. However, if it is able to sustain above 4825, the level of 4860–4920 would become the next target”.
BONANZA ONLINE: “Nifty showed good strength and closed in green above 4,700 levels with higher volumes. Nifty made long white candlestick pattern on daily charts, which shows that bulls are having control at the moment. On upside, Nifty has some resistance in 4,800-4,835 zones. For daily purpose, Trend deciding level is 4750. If Nifty shows strength above 4750 levels, then rally to 4800/4835/4900 may be seen. If Nifty does not show strength above 4750 levels then selling pressure till 4700/4650/4600 may also be seen”.
NIRMAL BANG SECURITIES: “We have seen a short covering from the support of 4630 level and kept a good closing above the 4740 level. All major indicators RSI & MACD have provided upside rally towards 4840/4870 levels. Nifty has support 4600/4540”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,850/4,738 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,060–16,180/4,800–4,835 levels. However, if Nifty trades below 15,850/4,738 levels for the first half-an-hour of trade then it may correct up to 15,730–15,520/4,703–4,641 levels”.
ANGEL BROKING (Technical): “Indices opened firmly above the high of the ‘Dragon Fly Doji’ candlestick pattern and the bullish implication was clearly seen. As a result, indices closed well above the 20 day EMA which is now placed at 15839/4743 level. We are now observing a positive crossover in few technical indicators, such as, RSI, Stochastic, 3 & 8 EMA and ADX (9). Looking at these technical tools and yesterday’s strong closing above 20 day EMA, the possibility of breaking strong resistance zone of 16020–16070/4800–4820 is significantly high. The closing above 16070/4820 would also lead to a confirmation of ‘Higher Top Higher Bottom’ formation on the daily chart. Therefore, we advise traders to trade with a positive bias if indices manage to sustain above 16070/4820 level. In this case, indices are likely to rally towards 16286–16421/4881–4920 levels. On the downside, 15640-15542/4675–4645 levels may act as support in coming trading sessions”.
INDIRATRADE SECURITIES: “On Tuesday it was a good day for the Indian market which opened gap-up and thereafter, moved from strength to strength following a pullback in beaten-down sectors. Gainers in trade were led by banks, IT, capital goods and metals. For today’s trade, market likely to trade in the range between 4790 & 4840 in the upper side and 4740 & 4710 in the lower side”.
RAJATKBOSE.COM (Rajat Bose): “Technically, the index needs to cross 4786-resistance level before it hits 4800-mark. Above that 4818–4830 would be another minor supply zone; however, the acid test for the bulls would come between 4850 and 4900-range for the Nifty. Only when this range is decisively taken out, we are headed for we are headed for an intermediate upswing. On the downside, the range between 4720 and 4745 is the first support area in any downswing. Below that 4705 through 4693 would be another support area; major support now would be between 4622 and 4653 with minor support coming at 4667”.
GEPL CAPITAL: “This rally was accompanied with higher volumes and the strong bullish candle on daily chart suggests testing of 4900 in near future. A strong reversal after timing cycle day is indicating higher probability of higher bottom formation at 4592 in comparison with earlier bottom of 4530. The immediate resistance zone is placed near 4850-4900 where Nifty Futures is expected to take temporary halt in the current ongoing uptrend. The short term RSI has turned in the upward direction and the divergence seen as shown in the chart is suggesting bottoming out formation in the process. Any intraday correction is expected to see support at 4740 & 4690 levels respectively. The intermediate trend of Nifty Futures will remain in downward direction till the weekly close is below 5275 mark. The intraday resistance levels for Nifty Futures are placed at 4800 & 4840 and support levels are placed at 4740 & 4690 respectively”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to open soft today tracking muted Asia markets. The trading range in the morning session can be between the first support at 4744 and the Critical level at 4802. From the mid-session, if Nifty able to sustain above 4802, with the aid of positive global cues if any, then a strong momentum can be expected which may lift the index towards the first target at 4828. Above this level, the rally can extend towards 4846. During any fall below 4744, the index may get a lower support at 4718”.
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the markets moving up strongly and erasing the losses of the last few sessions, the sentiments seem to have turned positive. Traders will now need to watch if the Nifty can cross the 4800-4840 resistances for further upsides. Downside supports are at 4636”.
KOTAK SECURITIES (Sanjeev Zarbade): “Markets would start reacting to earnings announcements. The December inflation data would be closely watched to look for any signs of a softening of manufacturing products inflation”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Level wise, closing above the threshold 4750 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed strong positive sentiments, all segments, like large-caps, small-caps and mid-caps were good positive. Owing to this firmness, bulls regained the control from bears and that’s too with good margin. Due to good buying Nifty stride significantly and re-conquered its vital 9, 14 day’s SMA placed at 4706 and 4686 but its closed below 50 & 100 day’s SMA placed at 4974 & 4962. Though, VIX, the barometer of uncertainty, corrected sharply and closed at 26+, yet it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 49.40 levels and MACD closed above the signal line. Market may continue to witness some good movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 4730-4848. However, below the given range 4700 and 4666 would be the other support levels while above the range 4915 would be a major resistance level. Bank Nifty may trade in the range 8235-8465. Also, 8178 may act as crucial support level for the session while 8616-8689 might be the strong resistance zone for Bank Nifty”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to positive note tomorrow. Trade long in the Nifty above 4,750 levels with a stop loss of 4,720 for targets of 4,800 levels. Alternatively, trade short if the Nifty fails to cross 4,800 levels with a stoploss of 4,820 for targets of 4,750”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed above the resistance of 4,755 and is now looking at 4,800 and 4,835 while the support is there at 4,703 and 4,640 levels. We may see a continuation of today’s uptrend but levels of 4,830 should be used to book short term profits”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically, the market could now climb to 4816. Now 4816 is a stiff resistance and if the market crosses that convincingly then we could see the market climb to its next logical target of 4990 in the days to come. Strong supports 4700. The support for the Nifty is at 4700 and resistance at 4815-4863”.
MICROSEC SECURITIES: “After making a low of 4588.05 on Monday, Nifty has given a strong pull back rally of almost 4%. Now the short term crucial resistance of Nifty is at 4920 and a breach of 4920 would open the gate for 5050 and then 5200. However, a breach of 4640 would indicate the end of current rally and in that case Nifty may test the level of 4530 and then 4530 in the extreme short term. Traders are advised to hold long positions with a stop loss of 4640. On an intra-day basis Nifty has a support at 4710 and is likely to face a stiff resistance near 4825. If Nifty breaks 4710, it may further go down to 4670 and then 4640. However, if it is able to sustain above 4825, the level of 4860–4920 would become the next target”.
BONANZA ONLINE: “Nifty showed good strength and closed in green above 4,700 levels with higher volumes. Nifty made long white candlestick pattern on daily charts, which shows that bulls are having control at the moment. On upside, Nifty has some resistance in 4,800-4,835 zones. For daily purpose, Trend deciding level is 4750. If Nifty shows strength above 4750 levels, then rally to 4800/4835/4900 may be seen. If Nifty does not show strength above 4750 levels then selling pressure till 4700/4650/4600 may also be seen”.
NIRMAL BANG SECURITIES: “We have seen a short covering from the support of 4630 level and kept a good closing above the 4740 level. All major indicators RSI & MACD have provided upside rally towards 4840/4870 levels. Nifty has support 4600/4540”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,850/4,738 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,060–16,180/4,800–4,835 levels. However, if Nifty trades below 15,850/4,738 levels for the first half-an-hour of trade then it may correct up to 15,730–15,520/4,703–4,641 levels”.
ANGEL BROKING (Technical): “Indices opened firmly above the high of the ‘Dragon Fly Doji’ candlestick pattern and the bullish implication was clearly seen. As a result, indices closed well above the 20 day EMA which is now placed at 15839/4743 level. We are now observing a positive crossover in few technical indicators, such as, RSI, Stochastic, 3 & 8 EMA and ADX (9). Looking at these technical tools and yesterday’s strong closing above 20 day EMA, the possibility of breaking strong resistance zone of 16020–16070/4800–4820 is significantly high. The closing above 16070/4820 would also lead to a confirmation of ‘Higher Top Higher Bottom’ formation on the daily chart. Therefore, we advise traders to trade with a positive bias if indices manage to sustain above 16070/4820 level. In this case, indices are likely to rally towards 16286–16421/4881–4920 levels. On the downside, 15640-15542/4675–4645 levels may act as support in coming trading sessions”.
INDIRATRADE SECURITIES: “On Tuesday it was a good day for the Indian market which opened gap-up and thereafter, moved from strength to strength following a pullback in beaten-down sectors. Gainers in trade were led by banks, IT, capital goods and metals. For today’s trade, market likely to trade in the range between 4790 & 4840 in the upper side and 4740 & 4710 in the lower side”.
RAJATKBOSE.COM (Rajat Bose): “Technically, the index needs to cross 4786-resistance level before it hits 4800-mark. Above that 4818–4830 would be another minor supply zone; however, the acid test for the bulls would come between 4850 and 4900-range for the Nifty. Only when this range is decisively taken out, we are headed for we are headed for an intermediate upswing. On the downside, the range between 4720 and 4745 is the first support area in any downswing. Below that 4705 through 4693 would be another support area; major support now would be between 4622 and 4653 with minor support coming at 4667”.
GEPL CAPITAL: “This rally was accompanied with higher volumes and the strong bullish candle on daily chart suggests testing of 4900 in near future. A strong reversal after timing cycle day is indicating higher probability of higher bottom formation at 4592 in comparison with earlier bottom of 4530. The immediate resistance zone is placed near 4850-4900 where Nifty Futures is expected to take temporary halt in the current ongoing uptrend. The short term RSI has turned in the upward direction and the divergence seen as shown in the chart is suggesting bottoming out formation in the process. Any intraday correction is expected to see support at 4740 & 4690 levels respectively. The intermediate trend of Nifty Futures will remain in downward direction till the weekly close is below 5275 mark. The intraday resistance levels for Nifty Futures are placed at 4800 & 4840 and support levels are placed at 4740 & 4690 respectively”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to open soft today tracking muted Asia markets. The trading range in the morning session can be between the first support at 4744 and the Critical level at 4802. From the mid-session, if Nifty able to sustain above 4802, with the aid of positive global cues if any, then a strong momentum can be expected which may lift the index towards the first target at 4828. Above this level, the rally can extend towards 4846. During any fall below 4744, the index may get a lower support at 4718”.
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