FIIs were net buyers with the tune of ` 1291.54 crore (prov. cash market fig).
The BSE 30-share Sensex jumped 177.60 points or 0.94% to 19,120.80, its highest closing since 24 January 2011. The Sensex gained 283.07 points at the day's high of 19,226.21 in late trade. The index rose 1.68 points at the day's low of 18,944.82 in early trade. The S&P CNX Nifty was up 49.10 points or 0.86% to 5,736.35, its highest closing since 24 January 2011. The Nifty made a high of 5,770.35 in intraday trade. The BSE Mid-Cap index rose 0.03% and the BSE Small-Cap index slipped 0.36%. Both these indices underperformed the Sensex.
The market breadth was negative. On BSE, 1864 shares declined while 1151 shares advanced and a total of 85 shares remained unchanged. The breadth was strong earlier in the day. Among the 30-member Sensex pack, 27 gained while only three of them declined.
The total turnover on BSE amounted to ` 3704 crore, higher than Monday's turnover of ` 3219 crore.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5800-5885 and take Support at 5700-5620”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty extended the positive momentum to sixth consecutive day and closed the session on positive note. In last session, Nifty confirmed a positive short term trend. Today, Nifty again exhibited its strength and closed after making a positive candle. In today’s session, there was buying aided with short covering, which finally closed with good gains and surged to new two month’s high. This may provide good support to bulls in coming sessions. Though Nifty breached the sanctity of 100 day’s SMA but closed below this level placed at 5740 levels; but maintained its closing above the sentimental levels of 9,14 & 50 day’s SMA5570,5508 & 5495 these levels may act as new supports, in coming sessions. In today’s session, VIX moved a little and closed at a little higher level of 21.53%, thus indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 64.18 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness positive movement in coming session”.
FAIRWEALTH SECURITIES: “We had predicted that the session would be on the bullish note and it is there with the completion of the first phase of the FLAG PATTERN and the formation of the 1st phase of the TERMINAL PATTERN has also been completed which we had predicted in our weekly view. So, one should lighten their long position at CMP or at every rise. The next session’s range of the Nifty may be in between 5691-5778 and the Nifty may face resistance at 5801 on the upper side and may get support at around 5654 if it breaks the level of 5691.Bank Nifty is expected to trade in the range 11450-11660. In the next session Bank Nifty is expected to face selling pressure at higher levels with 11800 and 11910 as high resistance levels. However, 11340 and 11210 are other support levels”.
BONANZA ONLINE: “Nifty may remain volatile in 5800-5600 range till Thursday. Therefore, traders should be cautious. For Daily Purpose, Trend deciding level is 5730. If Nifty shows strength above 5730 level, then rally to 5750/5800/5850 levels may be seen. If Nifty does not show strength above 5730 levels then profit booking till 5680/5650/5600 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “The rally has turned the market sentiments positive. Market is likely to be volatile as settlement of March derivative contracts is due on March 31. The cash flow trend in equity market is also expected to be influenced by financial year ending on March 31”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive on Wednesday. Trade long in Nifty from current levels else from 5700 with stop loss placed below 5680 targeting 5750 levels”.
PINC RESEARCH: “We maintain our bullish stance and the next immediate target for Nifty is around 5800”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “Nifty (5736) we said ‘though the market looks technically up but may find some hiccups around 5724’ the market climbed up and has finally closed closer to 5724…technically the market is still up but the first sign of profit booking will come in when the market opens higher and trades below 5725. The support for the Nifty is at 5680 and resistance at 5757-5826. BSE Sensex: (19121) the crucial support on the Sensex on the downside is 19000 and resistance at 19202-19403”.
ANGEL BROKING: “The trend deciding level for the day is 19,097/5,729 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,250–19,379/5,778–5,819 levels. However, if Nifty trades below 19,097/5,729 levels for the first half-an-hour of trade then it may correct up to 18,968–18,816/5,688–5,639 levels”.
IIFL (Amar Ambani): “The Indian markets could witness wild gyrations in view of the derivative settlement on Thursday and year-end tax adjustments. On the whole, the undertone for the Indian market is likely to remain upbeat as long as the Nifty sustains above 5,650. The next big obstacle is seen around 5,800. Also, the lack of participation by the non-index stocks in the current rally is a cause for concern”.
MICROSEC SECURITIES: “Technically, Nifty has made six green candles in last six trading sessions. We expect the positive rally of Nifty would be continuing to 5830. However it made a gap between 5530 and 5560 on last Friday. The leading indicators (like Stochastic & RSI) are also giving over bought signal of Nifty. So a short term correction to 5530 can not be ruled out.
On an intra-day basis Nifty has a support at 5690 and is likely to face a stiff resistance near 5770. If Nifty breaks 5690, it may further go down to 5650 and then 5600. However, if it is able to sustain above 5770, the level of 5800–5830 would become the next target”.
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