TRADING IDEA FOR THURSDAY (03.03.2011)"

FIIs were net buyers with buying worth Rs. 418.51 cr (prov. cash market fig).

The BSE 30-share Sensex was up 623.10 points or 3.5% to 18,446.50, its highest closing since 17 February 2011. The index gained 655.28 points at the day's high of 18,478.68 in late trade. The Sensex rose 40.99 points at the day's low of 17,964.39 in early trade. The S&P CNX Nifty was up 189.05 points or 3.54% to 5,522.30, its highest closing level since 17 February 2011. The Nifty hit high of 5,533.05 in late trade. The BSE Mid-Cap index rose 3.2% and the BSE Small-Cap index gained 2.38%. Both these indices underperformed the Sensex.

The market breadth was strong. On BSE, 2,130 shares advanced while 760 shares declined and a total of 76 shares remained unchanged. All the stocks from 30-member Sensex pack gained.

BSE clocked turnover of Rs 3360 crore, lower than Rs 4071.67 crore on Monday, 28 February 2011.

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VIEWS FROM DIFFERENT BROKING HOUSES:

SKP SECURITIES: “Nifty may face resistance at 5630-5750 and take Support at 5440-5300”.

DANI SECURITIES: “Nifty may face resistance around 5600–5630 whereas It may take support around 5430–5390”.

ANGEL BROKING (Mileen Vasudeo): “Market opened higher and momentum on the upside intensified as the day progressed which lead the indices to close near day high. On the daily chart, we are observing that the momentum indicators are positively poised which indicates further upside momentum. In coming trading session, if indices trade convincingly above 18,479/5,533 levels then they are likely to test 18,690/5,600 levels and the 200 day SMA of 18,800/5,626 levels. On the downside, 18,200-18,100/5,450-5,422 levels may act as support for the day”.

BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed excellent strength from 5,375 levels and made long white morubozu candlestick pattern on daily charts, which shows bulls are in control at the moment. Rally till 5,550-5,625 range may be continuing on participation of large stocks in it. For daily purpose, trend deciding level is 5,520. If Nifty shows strength above 5,520 level, then rally to 5,550/5,625/5,700 levels may be seen. If Nifty does not show strength above 5,520 levels then profit booking till 5,475/5,430/5,400 may also be seen”.

GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty has short term target of 5,602 and 5,647 (200 DMA) while the support is there at 5,476 and 5,455 levels. Nifty must consolidate above 5,500 for a movement towards 5,647 levels”.

FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 5,458-5,603. Below 5,458, 5,413 may be another strong support while sustaining above 5,603, Nifty may test 5,624 and 5,669 levels. Banking and Metals may attract more buying while cements and Real-estate may appear comparatively weak”.
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