FIIs were net buyers with the tune of ` 124.38 crore (prov. cash market fig.).
India’s Food Inflation rose to 8.55 percent in the week ended May 14, 2011 from 7.47 percent in the previous week.Nifty closed at 5,412.35, up by 63.40 points or 1.19 percent over the previous day closing of 5,348.95, after witnessing a low of 5,356.35 and a high of 5,422.20. Sensex closed at 18,044.64, up by 197.40 points or 1.11 percent over the previous day closing of 17,847.24. It touched an intraday low of 17,862.88 and high of 18,072.61.
The markets’ breadth was positive. Out of 2,896 stocks traded, 1,496 stocks advanced, 1,275 stocks declined and 125 stocks remained unchanged. In Sensex, 24 stocks advanced and 6 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a busy session, today. After last sessions’ big bearish candle, Nifty witnessed a positive rush today and closed with good gains. In today’s session, Nifty breached the vital resistance of 5400 and closed above that. This may provide some relief to the bulls. On account of the F&O expiry, volatility was on higher side. Despite a good buying session, Nifty closed the session below its 9, 14, 50 and 100 day’s SMA placed at 5424, 5465, 5634 & 5611. These levels may act as new resistances in the coming sessions. Owing to net selling in mid-cap & small-cap space, bears overcame the bulls and market breadth declined to negative. In today’s session, VIX closed at a little lower level of 19.18%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 40.23 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may witness some range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “As we had predicted in our previous news letter the range of Nifty in between 5333-5373 and resistance level were 5386/5408.After breaching the upper band the market had given respect Ist at 5386 and then 5408.On both the time we had given the call and got success and moreover being the last day of the expiry there is usually volatility created in the last half an hour. In spite of that our levels had worked and as and when after 3:p.m.the Nifty crosses the level of 5386 there was a high voltage drama and touched the high of 5422 and settled at 5412 which is again near to our IInd resistance level i.e.5408.despit high volatility our levels worked. Next session’s range for the Nifty may be at in between 5373-5428 and the resistance may be at @5450 and the key resistance will be 5495 for the day and the support may be at 5365/5348 and ultimately the key support will be at 5333”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long in Nifty if it holds above 5,400 levels or else from 5,380 levels targeting 5,450-5,500 levels, with stop loss placed at 5,500”.
SMC GLOBAL: “A breach of the 5,350 mark could see the Index declining sharply to 5,200 levels. On the other hand sustenance of these levels is likely to induce buying interest and guide the Index towards its immediate resistance of 5,500 levels. However in our view, in the current scenario the Index is expected to see stiff resistance around 5500- 5550 levels while a breach of 5,350 levels should guide the Nifty towards 5,200 levels”.
PINC RESEARCH: “Since, the Nifty has breached the level of 5400 and has closed slightly above this trendline; our view in the short has turned positive. There is a fair chance that this positive sentiment will sustain. This should be supported by the oversold technical indicators coupled with its positive divergence. The correlation between the Nifty and the Mid-cap Index still holds. Even though the Nifty has made a double bottom, Mid-cap Index has exhibited a higher bottom in the same time frame. This only confirms our theory of the Mid-cap Index's out-performance in the medium term. Considering the nature of the market at this stage, we remain optimistic in the short term”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market traded volatile the entire trading session and finally in the last hour climbed up and found resistance right on our resistance of 5420 and stopped. Technically the market is still weak but I would like to trade long as long as 5370 holds and the target on the upside could be 5445-5477. The support for the Nifty is at 5350-5296 and resistance at 5445-5477. The crucial support on the Sensex on the downside is 17705 and resistance at 18195-18306”.
IIFL (Amar Ambani): “In the coming days, crude oil prices will be watched closely with crude oil back above USD 100 per barrel rising to a two-week high in New York. The dollar index would also be in focus which hovers around 76 levels. In addition, concerns prevail over the fiscal health of peripheral euro-zone nations. Technically, Nifty has attempted to test Tuesdays peak of 5,422 which was the upper shadow of the spinning top and as spinning top is considered to be an indecisive pattern a close above 5,430 should confirm a trend reversal”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has given a correction of almost 300 points in a time span of one month. Now Nifty is likely to move in the range of 5530 and 5310 in the short term. If Nifty breaks 5310, it may further go down and take support near 5230. However if it breach 5530, an upward rally might carry it to 5610 and then 5760 in the extreme short term. Traders are advised to maintain a stop loss at 5310 of the long positions. On an intra-day basis Nifty has a support at 5380 and is likely to face a stiff resistance near 5540. If Nifty breaks 5380, it may further go down to 5350 and then 5310. However, if it is able to sustain above 5440, the level of 5480–5530 would become the next target”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty closed above immediate resistance of 5,400 and if Nifty sustains above this level in coming sessions, further recovery is likely. As mentioned in our last reports that ‘Near term trend is weak, however, some recovery may be seen from support levels’.. Investors should continue to book profits in rallies or can also take short positions in Nifty in rallies. For daily Purpose, the trend deciding level is at 5,425. If Nifty shows strength above 5,425 levels, then rally to 5,450/5,490 levels may be seen. If Nifty does not show strength above 5,425 levels then selling pressure till 5,365/5,300/5,230 may also be seen”.
BONANZA ONLINE: “Nifty closed above immediate resistance of 5400 and if Nifty sustains above this level in coming sessions, further recovery is likely. As mentioned in our last reports that “Near term trend is weak, however, some recovery may be seen from support levels”. Investors should continue to book profits in rallies or can also take short positions in Nifty in rallies. For daily Purpose, Trend deciding level is 5425. If Nifty shows strength above 5425 levels, then rally to 5450/5490 levels may be seen. If Nifty does not show strength above 5425 levels then selling pressure till 5365/5300/5230 may also be seen”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 17,993/5,397 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,124–18,203/5,438-5,463 levels. However, if Nifty trades below 17,993/5,397 levels for the first half-an-hour of trade then it may correct up to 17,914–17,784/5,372–5,331 levels”.
INDIRA SECURITIES: “The markets made robust gains on Thursday with both benchmark indices closed with the gains of more than 1%. Oil & gas, metal and auto were the best performing sectors while infrastructure and sugar sector took some beating. For today’s trade market likely to trade in the range between 5440 & 5490 in the upper side and 5390 & 5310 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “The support of 5340 has been held for the time being, but it will have to be seen whether Nifty is able to break the vicious lower-top lower-bottom formation, which it has been stuck since 18th April”.
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