FIIs were net sellers with the tune of Rs 134.52 cr (prov. cash market fig).
The BSE 30-share Sensex was up 191.05 points or 1.05% to 18,358.69. The Sensex rose 276.83 points to 18,444.47 in mid-afternoon trade. The Sensex rose 96.04 points at the day's low of 18,263.68 in early trade. The S&P CNX Nifty was up 61.50 points or 1.13% to 5,511.15 after gyrating between 5,535.10 and 5,475.95 so far during the day. The BSE Mid-Cap index rose 1.37% and the BSE Small-Cap index gained 1.26%. Both the indices outperformed the Sensex.
The market breadth was strong. On BSE, 1821 shares advanced while 1106 shares declined and a total of 95 shares remained unchanged.
The total turnover on BSE amounted to Rs. 3328 crore, lower than Tuesday's Rs. 3658 crore.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5550-5630 and take Support at 5400-5320”.
CANARA BANK SECURITIES (CanMoney): “Technically, Today, Nifty once again broke the vital resistance level of 5480 and 5520 however later not able to maintain the 5,520 level and closed below 5,520. Nifty also break up the vital resistance levels of 9 and 14 SMA placed at 5498, 5460 and these level will act as a new support level in coming days. Nifty is trading below the 50, 100 and 200 days SMA which are placed at 5,561, 5,790 and 5,675 respectively and these levels will be acting as the resistance in the coming sessions. VIX closed at 24.89% which is lesser when compared to last trading session’s value of 26.63%, thus indicating less volatility in market in the forthcoming sessions. RSI (14) for the day was at 51.11 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in the coming session”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 5446-5563 in the next session. Sustaining below this range it may test 5408 levels. However, 5608 is another resistance level. Traders are suggested to get profit out of stock specific action. Bank nifty may trade in the range 10777-11090. However, 10150 and 10280 are other resistance levels with 10680 as strong support level. Metals and cement may attract buying while Auto and capital goods may face selling at higher levels.”.
IIFL (Amar Ambani): “Today’s advance was largely due to the worldwide rebound in equities following some relief from the constant bad news emanating from Japan. The RBI is most likely to hike rates by 25 bps when it holds its mid-quarter review on Thursday. The Indian markets will continue to be at the mercy of overseas developments in Japan, the euro-zone and the Middle East. Stay cautious and don’t get brave as yet as the offshore situation remains fragile and volatile”.
BONANZA PORTFOLIO (Avinash Gupta): “The market is expected to consolidate in a range of 5,200 to 5,650. Market is likely to be volatile as the RBI monetary policy is due”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive tomorrow. Trade long in Nifty from current levels else from 5,500 with stop loss placed below 5,480 targeting 5,530 -5,550 levels”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “Technically the market is still in a typically sideways mode with strong resistance around 5,530 and strong support around 5,300. The market unfolded as expected and saw the high of the day at 5,535; technically I would like to view the market still in a typical sideways mode and 5,620 as a strong resistance to deal with. The support for the Nifty is at 5,450-5,300 and resistance at 5,530-5,620. For Sensex, the crucial support on the downside is at 18,200-17,735 and resistance at 18,500-18,752”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened higher and traded with positive bias throughout the day to close in green. On the daily charts we are observing that prices have managed to stay close above the 20-day EMA. The immediate resistance for the indices is at 18,464/5,540 levels. In coming trading session any move above 18,464/5,540 would lead indices to test 18,642-18,737/ 5,580-5,608 levels. On the downside, support levels are at 18,224-18,120/5,473-5,435”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Markets today opened with a positive gap today and stayed at the top as the cues from the global arena was in favour of an up move. Banking space gave support to the markets as the fear of an aggressive monetary tightening eased. Stocks like TCS, Federal Bank, LIC Housing, Tata Communication, Walchandnagar, Divis Lab, HCL Tech etc can attract buying interest. Major focus will be on rate sensitive sector stocks. Nifty is having support at 5,400 and 5,475 while it is targeting towards 5,622”.
PINC RESEARCH: “Its evident looking at today’s move that supply could be emerging closer to 5550 level which is also a short term resistance. But we do not see any threat at this point. Our pivotal level from where the short term positive structure appears sustainable remains at 5600-5625. Our medium term view remains neutral as long as the level of 5600 is not taken out on the upside. We suggest a wait and watch approach for the next few days as long as the level of 5600-5625 is not breached. We see no reason yet to revise our positive bias for the market”.
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