FIIs net buy Rs 5.85 bn, DIIs net sell Rs 2.3 bn in the eqity segment for both in NSE and BSE Sensex on March 4, 2011. (prov. fig.)
The BSE 30-share Sensex was down 3.31 points or 0.02% to 18,486.45. The index jumped 247.21 points at the day's high of 18,736.97 in early trade, its highest level since 27 January 2011. The Sensex fell 41.07 points at the day's low of 18,448.69 in late trade. The S&P CNX Nifty was up 2.25 points or 0.05% to 5,538.75, its highest closing level since 17 February 2011. The Nifty hit high of 5608.20 in early trade, its highest level since 28 January 2011. The BSE Mid-Cap index fell 0.1% and the BSE Small-Cap index declined 0.26%. Both these indices underperformed the Sensex.
The market breadth turned negative from positive breadth earlier in the day. On BSE, 1,493 shares declined while 1,387 shares advanced and a total of 118 shares remained unchanged. Among the 30-member Sensex pack, 16 fell while the rest rose.
BSE clocked turnover of Rs 3150 crore, lower than Rs 3833.73 crore on Thursday, 3 March 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5630-5750 and take Support at 5470-5400”.
DANI SECURITIES: “Nifty may face resistance around 5600–5630 whereas It may take support around 5430–5390”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “For Nifty, the major resistance is at 5627 and 5640. Support at 5,453 and 5,424. Nifty has corrected after testing a low on February 25 at 5,232, and we may see more consolidation at these supporting levels, before marking a high above 5,640”.
IIFL (Amar Ambani): “Technical indicators are positive. The Nifty has managed to stay above 5,500, and if all goes well it might re-test 5,655 shortly, which corresponds to 200 DMA. On the other hand, crude oil remains fairly elevated and won’t cool substantially unless there is material easing of tensions in the Middle-East. With the US markets in rally mode, investors are closely keeping track of developments there. In that context, the monthly jobs data will be an important data point to consider”.
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 long in Nifty from 5550, else from 5520 levels with stop loss placed above 5500 targeting 5600 and 5620 levels. Alternatively, trade short below 5600 levels with a stop loss placed above 5620 levels.”.
KOTAK SECURITIES (Shrikant Chouhan): “For the coming week, technical indicators are in fairly positive zone. Nifty has critical resistance at 5,650 which is ‘200DMA’. Closing above this level can take index to the higher levels of 5,775. Support for the market is at 5,510. Trading below this level can invite significant unwinding of longs which can drag index to the levels of 5,340 with minor support at 5,440. One should not venture in aggressive longs at the levels of 5,620; instead call options should be traded. Traders should look for initiating level based trading in Nifty. Long around 5,340 for target of 5,550 with stop placed at 5,240. Short below 5,510 for target of 5,340 with stop placed at 5,560”.
PINC RESEARCH: “The Nifty has had an extremely volatile week, quite contrary to the view we had been taking. However, this does not yet indicate strength in the trend. The trend remains in a two way volatile mood with no clear directional thrust as yet. We expect the market to continue with this characteristic and send confusing signals for some more time. In the near term the trend is therefore likely to remain indecisive. From an overall perspective the Nifty can be considered positive as long as it stays above 5,400. The NSE Midcap index too is attempting a bounce back and can gain technical strength. However, it is a wait & watch until clarity emerges”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “Technically the market looks fine but is still not out of the woods and strong resistance exists at 5,654, strong support at 5,400. The market unfolded as expected and has stayed strong. Technically 5,654 still is the logical target and strong support is around 5,450. For Sensex, the crucial support on the Sensex on the downside is at 18,300 and resistance at 18,865”.
ICICI DIRECT: “The Nifty has important resistance in the zone of 5610-5630 while immediate support lies around 5450 levels. The market is expected to exhibit range-bound consolidated movement. Directional movement can be experienced in the index if it is able to breach these levels convincingly. The Bank Nifty has immediate supports around 10750/10650 while resistance lies at 12200/12300 levels”.
TODAY WATCH FOR IFCI.
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