The BSE 30-share Sensex was up 29.04 points or 0.16% to 18,037.19 (+29.04) today on the first trading day of the week. The Index gained 172.79 points at the day's high of 18,180.94 in late trade. The index fell 31.14 points at the day's low of 17,977.01 in late trade. The S&P CNX Nifty was almost unchanged at 5396 (+0.25). The Nifty hits a high of 5,440.35 and low of 5,376.95 in intra-day trade.
The BSE Mid-Cap index fell 0.52% and the BSE Small-Cap index declined 0.83%. Both these indices underperformed the Sensex.
The market breadth was weak. On BSE, 1720 shares declined while 1146 shares advanced. A total of 85 shares remained unchanged. The breadth was strong upto mid-morning trade. Among the 30-member Sensex pack, 21 gained while the rest fell.
VIEWS FROM DIFFERENT BROKING HOUSES:
BONANZA PORTFOLIO (Avinash Gupta): “The importance of support around 5,350 to 5,400 has increased. The market may consolidate in a range of 5,300 to 5,600”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Traders are advised to trade short from 5,400-5,420 levels for targets of 5,350 and 5,320 levels with a stop loss placed at 5,450 levels”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened higher and traded in a narrow band with choppiness and finally managed to close flat. On the daily chart we are witnessing a narrow range body formation which reflects indecisiveness prevailing at current level. In coming trading session, if indices trade convincingly above 18,181/5,441 levels then they are likely to test 18,262-18,346/5,472-5,500 levels. On the downside, 17,820/5,350 levels are the multiple supports, if breached then indices could test 17,670/5,300 levels”.
BONANZA PORTFOLIO (Puneet Kinra): "Nifty showed volatile session and closed on a flat note. However, Nifty`s short term trend is down and it is trading within 5,369-5,556 ranges for six trading days. If Nifty manages to maintain above 5,550 levels or below 5,350 levels then directional sense may be seen. Volatility within 5,350-5,650 range may be continuing".
"For daily purpose, the trend deciding level is at 5,400. If Nifty shows strength above 5,400 level, then rally to 5,440/5,500/5,550 levels may be seen. If Nifty does not show strength above 5,400 levels then selling till 5,350/5,300/5,250 may also be seen, he added".
GABA FINANCIAL ADVISORS (Prakash Gaba): "Technically the market still looks weak and has displayed no signs of strength so far; the structure is suggestive that we could see some more downside in the days to come; the market could also take support at 5,360 but it needs to cross 5,500 level with force and unless that happens we ought to assume that the market is down and the levels to look for on the downside are 5,360-5,260-5,240. From a trading point of view I would short rallies until 5,500".
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