FIIs were net buyers with the tune of Rs 312.10 cr (prov. cash market fig).
The BSE 30-share Sensex was up 217.86 points or 1.21% to 18,206.16. The index gained 229.98 points at the day's high of 18,218.28 at the fag end of the trading session. The Sensex lost 38.13 points at the day's low of 17,950.17 at the onset of the trading session. The S&P CNX Nifty was up 66.40 points or 1.23% to 5,480.25 after gyrating between 5,484.95 and 5,401.95 so far during the day. The BSE Mid-Cap index rose 0.92% and the BSE Small-Cap index rose 0.65%. Both these indices underperformed the Sensex.
The market breadth was positive. On BSE, 1664 shares advanced while 1239 shares declined and a total of 116 shares remained unchanged. The breadth was much stronger earlier in the day. Among the 30-member Sensex pack, 26 gained while only four of them declined. Cipla (up 4.66%), ITC (up 1.44%) and Bharti Airtel (up 1.21%) edged higher from the Sensex pack.
The total turnover on BSE amounted to Rs 2873 crore, lower than Rs 3204.02 crore on Tuesday, 22 March 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5580-5630 and take Support at 5380-5320”.
CANARA BANK SECURITIES (CanMoney): “Technically, after last session’s surge, today Nifty formed one bullish candle and confirms the positive movement of Tuesday. As per candlestick pattern, Nifty has formed two bullish candles in two successive sessions; it has to close on bullish note in next trading session to confirm the up bound trend (Three bullish soldiers). In today’s session, there was buying aided with short covering, which finally adjusts with good gains. Owing to higher buying and lesser volatility, Nifty breached 5,480 levels and closed above this. Though, Nifty maintained a good closing, yet it closed below the vital level of 50 and 100 day’s SMA placed at 5,503 and 5,758 levels; although it closed above the sentimental levels of 9 and 14 day’s SMA 5,446 and 5,468 these levels may act as ranges, in coming sessions. In today’s session, VIX corrected a little and closed at a modest level of 20.97%, thus indicating lesser than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 50.67 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in coming session”.
FAIRWEALTH SECURITIES: “As the Nifty had made a terminal pattern internally, which is confirmed by the formation of the falling wedge. Its confirmation on today’s session indicates that the Nifty may touch the level of 5608 in the coming days. In the next session, Nifty may trade in the range 5435-5531 and if the Index surpasses 5531 level, Nifty will get the resistance at around 5563-5570 and on the downside with the breaching of 5435 it may get a support at around 5408-5411. Bank Nifty is expected to trade in the range 10860-11050. Now, 10740 and 10660 may act as strong support levels while11151 and 11280 might be considered as other resistance levels”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive. Trade long in Nifty from current levels else from 5470 with stop loss placed at 5450 targeting 5500 and 5520”.
ANGEL BROKING (Mileen Vasudeo): “Market opened on a flat note but gradually picked up momentum on the upside which led the indices to close in green. On the daily chart prices have convincingly closed above the 20-day EMA and suggest further up move. In coming trading session if indices trade above 18260/5500 levels then they are likely to test 18,546-18,736/5,550-5,608 levels. On the downside, 18,058-17,958/ 5,450-5,400 levels are support for the day”.
IIFL (Amar Ambani): “The start today was rather lacklustre but the momentum received a fillip in the afternoon trade, sending the two indices to the highest point of the day. The big question is whether this momentum can be sustained and the indices are able to take out their 200-DMA in the coming days. Fresh upswing from here on won’t be without hiccups amid sensitive overseas situation. Market sentiment will continue to be driven by a combination of domestic and offshore factors”.
MICROSEC SECURITIES: “Nifty has a support at 5440 and is likely to face a stiff resistance near 5520. If Nifty breaks 5440, it may further go down to 5400 and then 5370. However, if it is able to sustain above 5520, the level of 5560–5610 would become the next target”.
IIFL PRIVATE WEALTH (Prashastha Seth): “If crude remains at current level then the market is unlikely to cross 5600. He says that only if crude price need to come down for the market to sustain above that level”.
CASHTHECHAOS.COM (Jai Bala): “Nifty has key resistance at 5690. But market is nowhere coming near it. The short term resistances are about 5550 and once market tries to take that out then we can talk about bigger levels”.
PRABHUDAS LILADHER (Dilip Bhat): “I still feel that maybe in next 10-15 days perhaps market may still try to touch around 5200, largely because of the year-end factor and also on global cues”.
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