At the close, the 30-share benchmark index, BSE Sensex ended flat with a rise of 10.77 points or 0.07% at 16,175.86, 16 components registering rise. Meanwhile, the broad based NSE Nifty went up by 11.40 points or 0.24% at 4,860.95 with 28 components posting rise.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the markets inching up further today accompanied with healthy market breadth, the sentiments remain positive. We continue with our immediate upside targets for the Nifty at 4910. Downside supports are at 4829”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty today, respected the resistance levels of 4,870-4,880, just about managing to touch the intraday high of 4,877.20. Tomorrow is expected to be highly volatile market session as heavyweight Infosys and HDFC will announce their results. Moreover IIP numbers will be declared during the trading session further influencing the sentiments. Above 4,880, next resistance is at 4,910 and then 4,940-4,950. Important support exists at 4,750”.
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 at 4,820 levels with a stop loss at 4,800 for targets of 4,870 and 4,900 levels”.
VENTURA SECURITIES LIMITED: “On Thursday 4863—4878 would be sell levels. Weak Markets won’t cross 4870. Above 4870, nifty could test 4878 (Wednesday’s high) further it could open for 4883-4978-5068-5215. Nifty has support at 4841 (Wednesday’s low). Below it could open for 4795-4744-4704-4633-4605”.
GEPL CAPITAL: “In tomorrow’s session if Nifty manages to cross the level of 4,865 then we may see it test 4,900. However, we advise a cautious approach till the time it is unable to register a break out above 5,100. There is a high possibility that Nifty may correct in the next couple of sessions if the level of 4,840 is breached. In such a scenario Nifty may slide down to 4,770. Over the course of next few sessions, the level of 4,680 will assume high significance. Till the time it trades below 4,680 the trend remains up but if that level is breached decisively then we may see the resumption of downtrend which may take it till the recent swing low of 4,530 and even lower”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically market is still up and the next logical target in the days to come is 4930. Strong support is at 4800. Incidentally the market has closed right on our resistance like a dot. The support for the Nifty is at 4800 and resistance at 4863-4930-4946”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,183/4,860 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,238–16,300/4,878–4,896 levels. However, if Nifty trades below 16,183/4,860 levels for the first half-an-hour of trade then it may correct up to 16,121–16,066/4,843–4,824 levels”.
ANGEL BROKING (Technical): “After a marginal gap up opening indices moved towards the mentioned resistance level of 16286/4881, which also coincides with the 61.8% Fibonacci retracement level of the fall from 17004 to 15135/5100 to 4531. Further, looking at yesterday’s ‘Narrow Range’” body formation, the possibility of a minor pull back or profit booking cannot be ruled out if indices break 16127/4841 level. In this case, indices can correct to test 16070–16030/4820–4800 levels. On the upside, the positive momentum may resume only if indices sustain above 16286/4881 level. Then indices are likely to rally towards 16421–16600/4920–4976 levels. The undertone remains positive as the daily trend line breakout and Higher Top Higher Bottom formation confirmed on Tuesday is intact”.
INDIRATRADE SECURITIES: “Wednesday was a range-bound trade in the markets with realty, metal and banking closing with significant gains. Other sectors that closed positive include capital goods and oil & gas. FMCG and IT remained the only two sectors that closed negative. For today’s trade, market likely to trade in the range between 4890 & 4915 in the upper side and 4830 & 4800 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty observed a ranging action yesterday in spite of a bullish breakout witnessed recently which has reduced the current momentum. Nifty faces crucial hurdles at 4,880 levels on the upside unless this is breached index is likely to face selling pressure at higher levels and on decisive break above the resistance zone expect rise to 4,910 & 4,930 levels. The support resides at 4,840-4,830 levels on the downside”.
BONANZA ONLINE: “Nifty showed volatility in 40 points range and closed on flat note. Nifty made spinning top candlestick pattern on daily charts, which shows indecision among bulls and bears. Further buying interest may be seen above 4900 levels. If Nifty do not maintain above 4900 levels then profit booking may also be seen. For daily purpose, Trend deciding level is 4850. If Nifty shows strength above 4850 levels, then rally to 4900/4950/5000 may be seen. If Nifty does not show strength above 4850 levels then selling pressure till 4810/4770/4730 may also be seen”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to open slightly lower and may try to take a support around the Critical level of 4835.The market after the initial volatility, will wait for the IIP data to portray a clear trend. The index may show a trading range between the first support at 4798 and the resistance at 4896 based on the IIP figures. However if the benchmark loses its support at 4798, fresh selling can trigger the market to pace towards the next support at 4764 and if index trades above 4896, aided by any positive surprise from IIP, then it can head towards 4922”.
FOR TECHNICALS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the markets inching up further today accompanied with healthy market breadth, the sentiments remain positive. We continue with our immediate upside targets for the Nifty at 4910. Downside supports are at 4829”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty today, respected the resistance levels of 4,870-4,880, just about managing to touch the intraday high of 4,877.20. Tomorrow is expected to be highly volatile market session as heavyweight Infosys and HDFC will announce their results. Moreover IIP numbers will be declared during the trading session further influencing the sentiments. Above 4,880, next resistance is at 4,910 and then 4,940-4,950. Important support exists at 4,750”.
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 at 4,820 levels with a stop loss at 4,800 for targets of 4,870 and 4,900 levels”.
VENTURA SECURITIES LIMITED: “On Thursday 4863—4878 would be sell levels. Weak Markets won’t cross 4870. Above 4870, nifty could test 4878 (Wednesday’s high) further it could open for 4883-4978-5068-5215. Nifty has support at 4841 (Wednesday’s low). Below it could open for 4795-4744-4704-4633-4605”.
GEPL CAPITAL: “In tomorrow’s session if Nifty manages to cross the level of 4,865 then we may see it test 4,900. However, we advise a cautious approach till the time it is unable to register a break out above 5,100. There is a high possibility that Nifty may correct in the next couple of sessions if the level of 4,840 is breached. In such a scenario Nifty may slide down to 4,770. Over the course of next few sessions, the level of 4,680 will assume high significance. Till the time it trades below 4,680 the trend remains up but if that level is breached decisively then we may see the resumption of downtrend which may take it till the recent swing low of 4,530 and even lower”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically market is still up and the next logical target in the days to come is 4930. Strong support is at 4800. Incidentally the market has closed right on our resistance like a dot. The support for the Nifty is at 4800 and resistance at 4863-4930-4946”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,183/4,860 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,238–16,300/4,878–4,896 levels. However, if Nifty trades below 16,183/4,860 levels for the first half-an-hour of trade then it may correct up to 16,121–16,066/4,843–4,824 levels”.
ANGEL BROKING (Technical): “After a marginal gap up opening indices moved towards the mentioned resistance level of 16286/4881, which also coincides with the 61.8% Fibonacci retracement level of the fall from 17004 to 15135/5100 to 4531. Further, looking at yesterday’s ‘Narrow Range’” body formation, the possibility of a minor pull back or profit booking cannot be ruled out if indices break 16127/4841 level. In this case, indices can correct to test 16070–16030/4820–4800 levels. On the upside, the positive momentum may resume only if indices sustain above 16286/4881 level. Then indices are likely to rally towards 16421–16600/4920–4976 levels. The undertone remains positive as the daily trend line breakout and Higher Top Higher Bottom formation confirmed on Tuesday is intact”.
INDIRATRADE SECURITIES: “Wednesday was a range-bound trade in the markets with realty, metal and banking closing with significant gains. Other sectors that closed positive include capital goods and oil & gas. FMCG and IT remained the only two sectors that closed negative. For today’s trade, market likely to trade in the range between 4890 & 4915 in the upper side and 4830 & 4800 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty observed a ranging action yesterday in spite of a bullish breakout witnessed recently which has reduced the current momentum. Nifty faces crucial hurdles at 4,880 levels on the upside unless this is breached index is likely to face selling pressure at higher levels and on decisive break above the resistance zone expect rise to 4,910 & 4,930 levels. The support resides at 4,840-4,830 levels on the downside”.
BONANZA ONLINE: “Nifty showed volatility in 40 points range and closed on flat note. Nifty made spinning top candlestick pattern on daily charts, which shows indecision among bulls and bears. Further buying interest may be seen above 4900 levels. If Nifty do not maintain above 4900 levels then profit booking may also be seen. For daily purpose, Trend deciding level is 4850. If Nifty shows strength above 4850 levels, then rally to 4900/4950/5000 may be seen. If Nifty does not show strength above 4850 levels then selling pressure till 4810/4770/4730 may also be seen”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to open slightly lower and may try to take a support around the Critical level of 4835.The market after the initial volatility, will wait for the IIP data to portray a clear trend. The index may show a trading range between the first support at 4798 and the resistance at 4896 based on the IIP figures. However if the benchmark loses its support at 4798, fresh selling can trigger the market to pace towards the next support at 4764 and if index trades above 4896, aided by any positive surprise from IIP, then it can head towards 4922”.
FOR TECHNICALS, “READ HERE”
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