Nifty closed at 5,486.15, down by 78.90 points or 1.42 percent over the previous day closing of 5,565.05, after witnessing a low of 5,476.30 and a high of 5,572.50. Sensex closed at 18,335.79, down by 249.17 points or 1.34 percent over the previous day closing of 18,584.96. It touched an intraday low of 18,314.34 and high of 18,610.02.
The markets’ breadth was negative. Out of 2,924 stocks traded, 943 stocks advanced, 1,848 stocks declined and 133 stocks remained unchanged. In Sensex, 3 stocks advanced and 27 stocks declined.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak trading session, today. After last session’s positive momentum, in today’s session, Nifty formed one big bearish candle that reflects the tug of war between bulls and bears, witnessed in last three sessions, shifted with advantage to bears. In today’s session, Nifty lost the vital supports of 5,550 and 5,500, which may have serious dampening effects on buyers’ sentiments. Due to a severe selling spree, Nifty closed below its 9, 14, 50 and 100 day’s SMA placed at 5551, 5647, 5644 & 5667. These levels may act as new resistances in the coming sessions. Owing to selling in the broader indices, bears once again got the dominance over bulls and market breadth again went to negative. In today’s session, VIX closed at higher than average level of 21.23%, indicating lesser volatility in market in the forthcoming sessions. RSI (14) for the session was at 37.09 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may witness range bound movements with negative bias in coming sessions”.
FAIRWEALTH SECURITIES: “In the next session, Again Nifty is expected to trade in the range 5460-5530. If sustained below the range 5366 and 5348 might act as other support levels, while 5552 and 5585 are other resistance levels beyond the given range. Bank Nifty, if sustains below 10850, may test 10750 and 10700 levels. However, 10930 and 11000 may act as strong resistance levels for next session”.
BONANZA ONLINE: “Nifty showed selling pressure and closed below 5500 levels with bearish market breadth. Majority of large caps closed in red, which shows weakness in market. Selling pressure may be continuing and 5400-5350 levels may be seen in coming trading sessions. For Daily Purpose, Trend deciding level is 5490. If Nifty shows strength above 5490 levels, then rally to 5540/5575 levels may be seen. If Nifty does not show strength above 5490 levels then selling pressure till 5440/5400/5350 may also be seen”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short below 5,500 level with stop loss placed at 5,525, targeting 5,450-5,470 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed below the 5,500 mark and is looking at support levels of 5,425 and 5,390 levels. Being the day of the election results, energy built up could be seen which will help the market to make directive move after the result announcement. Given the fact that there are no major cues to cheer the market sentiment, expect the market to cling on to whatever small bit it can find”.
PINC RESEARCH: “Nifty looks positive as long as it holds the base of 5350”. Based on today’s and last few days move there are some interesting facts opening up. Last few days move have been slow, dragging and have lacked any iota of momentum as far as the broader direction is concerned. Both buyers/sellers have not been able to dictate terms which is translated in their dismal market volumes. For now, it is clear that the bears are holding the sway and may attempt to push the index down some more. Technical indicators still remain oversold and any attempt to breach the high of 5600 may get the support of the momentum indicators. The above facts promise a see saw battle for the bulls and bears around the current levels”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened lower and traded with negative bias throughout the day which led the indices to close in red. On the daily chart, the immediate support for the indices is the upward slopping trendline joining the two significant lows of 17,792-18,160/5,348 and 5,444. Hence in coming trading session if 18,160/5,444 levels are breached then there is a possibility that indices may test 18,000-17,792/5,400-5 ,348 levels. On the upside, 18,507-18,610/5,540-5,570 may act as resistance for the day”.
IIFL (Amar Ambani): “Technically, the Nifty must cross 5,610 and sustain above 5,650 to signal a partial breakout from the current range bound trade. The Nifty could face resistance though in the 5,700 to 5,750 zone. Near-term support is likely around 5,430. Today’s deep cuts could largely be attributed to a worldwide selling in risky assets. Otherwise, the macro-economic data that came in was pretty positive. Going forward, the Indian market will have to contend with the results of the assembly elections on Friday and the inflation report for April. At the same time, any further softening in crude and other commodities will be positive for India. Any encouraging policy move from the Centre may also help boost sagging investor sentiment”.
BONANZA PORTFOLIO (Shanu Goel): “Intraday support zone for the Nifty Fut is 5420-5380. On upside resistance zone is 5550-5600. Sell position in Nifty May fut maybe taken in the zone of 5480-5500 with the SL of 5520 for the target of 5420. The outcome of the state elections on Friday is likely to influence the market sentiments”.
MICROSEC SECURITIES: “Yesterday the bears dominated the market. Now Nifty is expected to get a strong support near 5470. If it breaks 5470, it may further go down to 5440 and then 5375 in the short term. However, a successive breach of 5610 would open the gate for 5760 in the extreme short term. On an intra-day basis Nifty has a support at 5470 and is likely to face a stiff resistance near 5530. If Nifty breaks 5470, it may further go down to 5440 and then 5400. However, if it is able to sustain above 5530, the level of 5575–5610 would become the next target”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5380-5400 level, the level (5400) which consists of the highest OI (i.e. 73.46 lacs shares) among the Nifty put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5550-5580 level, the level (5600 which consists of the second highest OI (i.e. 72.46 lacs shares) among the Nifty Call Options”.
PADMAKSHI FINANCIAL SERVICES (Anand Kuchelan): “Nifty is likely to find support around 5,400 in the form of value buying. However, the trading range would still be 5,400-5,650. Low stock ownership and lesser leverage in the derivatives market would help the cause”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18420/5512 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18526–18716/5547-5608 levels. However, if Nifty trades below 18420/5512 levels for the first half-an-hour of trade then it may correct up to 18230–18124/5451–5415 levels”.
NIRMAL BANG SECURITIES: “The trend is weak as Nifty closed below its lower trading band of 5500-5600 after a long time of choppy trade. The oscillators on the daily chart is indicating that markets are in the over sold zone but we are not witnessing any sharp buying happening on the index front at lower levels. One needs to be very selective in buying stocks around these levels and maintain strict stop-losses. Tomorrow we have the announcement of assembly results in West Bengal, Tamil Nadu and Assam and there will be short-term volatility in the market. Important Support for Nifty future seen at 5448-5411 and Resistance at 5516”.
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