Nifty closed at 5,740.75, up by 11.65 points or 0.20 percent over the previous day closing of 5,729.10, after witnessing a low of 5,693.25 and a high of 5,762.95. Sensex closed at 19,121.83, up by 30.66 points or 0.16 percent over the previous day closing of 19,091.17. It touched an intraday low of 18,976.19 and high of 19,201.92. The markets’ breadth was negative. Out of 2,981 stocks traded, 1,389 stocks advanced, 1,476 stocks declined and 116 stocks remained unchanged. In Sensex, 18 stocks advanced and 12 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5800-5885 and take Support at 5700-5630”.
CHARTPUNDIT.COM (Hemen Kapadia): “As long as the Nifty remains above a technically important support level of 5699, the market will be stable. At present, the market is too flat and we should soon be seeing a decent turnaround. However, the Nifty futures won’t go beyond 5680”.
CANARA BANK SECURITIES (CanMoney): “Technically, after last session’s poor performance, today, Nifty exhibited a very volatile show and managed to close in positive. On the back of a severe selling spree, Nifty lost the vital supports of 5700 but on account of recovery regained it, which may a crucial resurrecting point for the bulls. Today, Nifty witnessed optimum buying in the indices heavyweights but couldn’t mange to surpass 9 & 15 day’s SMA placed at 5836 & 5830 this may spur cautious feeling among the buyers. Today, once again bears outnumbered the bulls but margin has declined. Despite limited buying, Nifty successfully maintained its closing above 50 & 100 day’s SMA 5555 & 5703. These levels may act as new supports , in coming sessions. In today’s session, VIX corrected a little and recorded at 22.07%, indicating higher volatility in market in the forthcoming sessions. RSI (14) for the session was at 52.13 levels and MACD was BELOW the signal line, thus combined together they are giving the signals, that market may witness range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “Nifty may trade in the range 5690-5763. Below 5690 nifty may take support at 5663 and 5624 levels while 5801 may act as a strong resistance. Trend of the market would be bearish; Traders are suggested to follow the strategy of selling at rise. Bank Nifty is expected to trade in the range 11440-11740. However, 11330 and 11180 are other support levels that bank nifty may test if sustained below the given range. 11810 might be a strong resistance level. Traders are suggested to sell at rise, especially in banking heavyweights”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Nifty is expected to be in the range of 5700 to 5800 levels. Trade short from 5780 to 5800 levels with targets of 5730 and 5700, with stop loss placed above 5820 levels”.
PINC RESEARCH: “After the hammering that the Nifty received for the last two trading sessions, today was relatively better. The key take away was the refusal of the Nifty to slip further which was evident with buying emerging closer to 5700 levels. This is an encouraging sign. There is a high likelihood that the Nifty may be consolidating at current levels and a reversal may occur sooner or later. We prefer following the trend at this point rather than anticipating it but suspect that the trend may have bottomed out. Hence, we retain our neutral view in the short term. In the medium term, we maintain our positive view and that the current move could well be a part of its consolidation phase”
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ … ‘Technically the market is sitting on a strong support of 5717 and so a reaction is not ruled but technically the market is still weak and the next logical target on the way down is 5646’ the market unfolded as expected with a reaction and has closed positive for the day… technically the market is in a pause mode and so I would say that so far 5700 is a strong support to deal with as long as it hold. The support for the Nifty is at 5717-5658-5646 and resistance at 5800. The crucial support on the Sensex on the downside is 19040-18802 and resistance at 19337”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ … ‘Technically the market is sitting on a strong support of 5717 and so a reaction is not ruled but technically the market is still weak and the next logical target on the way down is 5646’ the market unfolded as expected with a reaction and has closed positive for the day… technically the market is in a pause mode and so I would say that so far 5700 is a strong support to deal with as long as it hold. The support for the Nifty is at 5717-5658-5646 and resistance at 5800. The crucial support on the Sensex on the downside is 19040-18802 and resistance at 19337”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened flat and traded in a narrow range with extreme volatility to close marginally in green. On the daily chart we are observing a candlestick pattern that resembles a Spinning top which gives a minor clue that the preceding down move is losing momentum. Also the prices have managed to close above the 200 day SMA after trading below it for a significant part of the trading session. Hence, in coming trading session if indices trade above 19,201/5,763 levels then they are likely to test 19,309-19,390/5,800-5,822 levels. On the downside, 19,040-18,800/ 5,700-5,650 may act as support for the day”.
IIFL (Amar Ambani): “The market has turned rather choppy and range bound for the short term amid lack of fresh catalysts. At the same time, we do not see a major downside from the current levels. FII flows have slowed, which is a cause for concern. Inflation by far is the biggest bugbear for India. Earnings may not have any material impact on stocks. But, global developments need to be watched closely”.
MICROSEC SECURITIES: “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 5660 and then 5620. However, if it is able to sustain above 5770, the level of 5810-5840 would become the next target”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed volatile session and closed on flat note. FY`11 Q4 companies results are showing effect on sentiment preparation and Nifty’s trend to a large extent will depend upon these results, till than volatility may be seen. We may see false breakout and false breakdown kind of moves. For daily purpose, trend deciding level is at 5,740. If Nifty shows strength above 5,740 level, then rally to 5,780/5,850/5,900 levels may be seen. If Nifty does not show strength above 5,740 levels then profit booking till 5,695/5,650/5,600 may also be seen”.
ATMA (Sushil Kedia): “I am not able to find things within Nifty or around it that give me gumption to say that 5,930 is going to be taken out in a hurry. There is a much higher chance that the Nifty will only bounce back to 5,800-5,820 and thereafter grind lower to 5,600. I am mentally ready to see this market grinding as low as 4,800 over a period of time. 5,900-5,930 area is very key number and a powerful resistance”.
ATMA (Sushil Kedia): “I am not able to find things within Nifty or around it that give me gumption to say that 5,930 is going to be taken out in a hurry. There is a much higher chance that the Nifty will only bounce back to 5,800-5,820 and thereafter grind lower to 5,600. I am mentally ready to see this market grinding as low as 4,800 over a period of time. 5,900-5,930 area is very key number and a powerful resistance”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19,100/5,732 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,224–19,326/5,771–5,802 levels. However, if Nifty trades below 19,100/5,732 levels for the first half-an-hour of trade then it may correct up to 18,998–18,874/5,702–5,663 levels”.
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