FIIs were net buyers with the tune of ` 739.61 crore (prov. cash market fig).
The BSE 30-share Sensex was up 169.38 points or 0.89% to 19,290.18, its highest closing since 12 January 2011. The Sensex gained 236.30 points at the day's high of 19,357.10 in afternoon trade. The index rose 57.97 points at the day's low of 19,178.77 in early trade. The S&P CNX Nifty was up 51.30 points or 0.89% to 5,787.65, its highest closing since 12 January 2011. The Nifty made a high of 5,803.15 in intraday trade. The BSE Mid-Cap index rose 1.51% and the BSE Small-Cap index rose 2.20%. Both these indices outperformed the Sensex. Among the 30-member Sensex pack, 27 gained while only three of them declined.
The market breadth was strong. On BSE, 2081 shares advanced while 813 shares declined and a total of 95 shares remained unchanged.
The total turnover on BSE amounted to ` 3023 crore, lower than Tuesday's ` 3,744.99 crore.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5885-5950 and take Support at 5770-5700”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty extended the positive momentum to seventh consecutive day and closed the session on positive note. Today, Nifty again exhibited its strength and escalated to touch 5800 level before closing at 5787. In today’s session also there was buying aided with short covering and as per the ongoing trends, Nifty witnessed good buying volumes across all levels. This may provide good support to bulls in coming sessions. Nifty breached the sanctity of 100 day’s SMA placed at 5735 levels; and maintained its closing above the sentimental levels of 9, 14 & 50 day’s SMA 5558, 5529 & 5498 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 22.04%, thus indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 66.42 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: “In the next session, Nifty may be in the range of 5743-5829 and on the upper side the Nifty may get the resistance after breaching the level of 5829 may be 5853-5869. Bank Nifty may trade in the range 11750-11910 in the next session. Above
this range it may get strong resistance at 12060. However, 11625 might be another support level for bank Nifty”.
BONANZA ONLINE: “Trend deciding level is 5800. If Nifty shows strength above 5800 level, then rally to 5850/5900/5940 levels may be seen. If Nifty does not show strength above 5800 levels then profit booking till 5750/5700/5650 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Market is likely to be volatile as settlement of March derivative contracts is due on March 31. Nifty is likely to get support around 5,600”.
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 5750 with stop loss placed below 5730 targeting 5800 and 5830 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is showing absolute strength even though it has entered the overbought region. It is having resistance at 5,825 and 5,860 while the support is there at 5,744. A consolidation around these levels is expected before a profit booking happens after the March expiry”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “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 market traded and closed positive for the day… technically the market is up and the next logical target is 5826 but I would not rule out profit booking on the last day of the F&O expiry. The support for the Nifty is at 5730 and resistance at 5826. BSE Sensex: (19290) the crucial support on the Sensex on the downside is 19120 and resistance at 19404”.
ANGEL BROKING (Mileen Vasudeo): “Market opened higher and traded in a narrow range to close in green. On the daily chart we are observing that prices are away from the short term averages viz 5 & 20day EMA. Hence a consolidation of previous gains cannot be ruled out. On the downside indices have support at 19,100-18,968/5,730-5,687 levels. Any move beyond 19,360/5,805 levels would lead indices to test 19,500-19,560/5,850-5,874 levels”.
IIFL (Amar Ambani): “After a series of strong days, the Indian market may witness some cooling at some point and consolidate around 5700 levels. A breach of 5800 on a sustainable basis might confirm a short-term trend reversal. Global risk appetite also seems to be improving slowly but surely”.
MICROSEC SECURITIES: “On an intra-day basis Nifty has a support at 5740 and is likely to face a stiff resistance near 5805. If Nifty breaks 5740, it may further go down to 5690 and then 5640. However, if it is able to sustain above 5805, the level of 5830–5865 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19,275/5,782 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,372–19,454/5,809–5,831 levels. However, if NIFTY trades below 19,275/5,782 levels for the first half-an-hour of trade then it may correct up to 19,194–19,097/5,760–5,732 levels.
From Technical side, on the daily chart we are observing that prices are away from the short term averages viz 5&20day EMA. Hence a consolidation of previous gains cannot be ruled out. On the downside indices have support at 19100-18968/5730–5687 levels. Any move beyond 19360/5805 levels would lead indices to test 19500–19560/5850–5874 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Traders should be cautious due to March expiry. The trend deciding level is at 5,800. If Nifty shows strength above 5,800 level, then rally to 5,850/5,900/5,940 levels may be seen. If Nifty does not show strength above 5,800 levels then profit booking till 5,750/5,700/5,650 may also be seen”.
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