FIIs were net sellers with the tune of ` 161.35 crore.
The BSE 30-share Sensex was up 195.49 points or 1.07% to 18,531.28. The Sensex surged 388.75 points at the day's high of 18,724.54 in mid-afternoon trade. The index lost 55.09 points at the day's low of 18,280.70 in morning trade. The S&P CNX Nifty was up 58.60 points or 1.07% to 5,544.75 after gyrating between 5,605 and 5,472.15 during the day.
The market breadth was positive. On BSE, 1619 shares gained while 1201 shares declined and a total of 137 shares remained unchanged. The BSE Mid-Cap index rose 0.85% and the BSE Small-Cap index rose 0.39%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to ` 2567 crore, lower than Thursday's ` 2596 crore.
FOR DETAILS, “READ HERE”. VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “For the next week if Nifty spot manages to close above 5580 then we can see some more recovery in coming days and close below 5580 will result in some sluggish movement in the market. Due to positive rally witnessed on the last day of the week we can see 5,650 but it act as a strong resistance for the market next week. Suppose Nifty breaks 5,650 with high volume than only we can see up-move towards 5,700 plus. However we expect for the coming week market to trade in the range of 5,450 and 5,650. Sectors to watch out for next week would be FMCG and banking”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is expected to trade in the range 5495-5575. If sustained below the range it may test 5465 and 5411. Above the given range 5605 and 5638 might be the other resistance levels. Bank Nifty is expected to trade in the range 10930-11200. If sustained below the range it may test 10840 and 10750. Above the given range 11340 and 11480 are other resistance levels. As stated in the previous news letters, market is bearish; traders are suggested to follow the strategy of selling at rise”.
BONANZA ONLINE: “Nifty is trading in 5450-5600 range for 8 trading days, until Nifty manages to breakout or breakdown of range, volatility may be continuing. Decisive price move may be seen only if Nifty manages to maintain above 5600 or below 5450 levels. For trading during the coming sessions, trend deciding level is 5550. If Nifty shows strength above 5550 levels then we may see rally to 5625/5750/5800 levels. If Nifty doesn’t sustain above 5550 levels then profit booking till 5480/5450/5350/5260 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Sell | 5580-5600 | 5520 | 5620 |
For the Week | Sell | 5600-5640 | 5500-5420 | 5680 |
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note on Monday. Trade on long above 5,530 level else above 5,550 level, with stop loss placed at 5,470, targeting 5,550-5,580 levels. Trade short if Nifty fails to cross 5,580 else below 5,470 targeting lower supports”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ ... ‘The market has not displayed any signs of strength so far…looks like 5443 is under threat now’ the market unfolded very volatile… first weak and then bouncing back and then selling off towards the end and closing flat for the week. Technically the market is in a typically sideways zone with 5500 as a strong support zone to work with and 5635 as a strong resistance zone to work with. The support for the Nifty is at 5500 and resistance at 5635. The crucial support on the Sensex on the downside is 18250 and resistance at 18850”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ ... ‘The market has not displayed any signs of strength so far…looks like 5443 is under threat now’ the market unfolded very volatile… first weak and then bouncing back and then selling off towards the end and closing flat for the week. Technically the market is in a typically sideways zone with 5500 as a strong support zone to work with and 5635 as a strong resistance zone to work with. The support for the Nifty is at 5500 and resistance at 5635. The crucial support on the Sensex on the downside is 18250 and resistance at 18850”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,512/5,541 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,744–18,956/ 5,609-5,673 levels. However, if Nifty trades below 18,512/5,541levels for the first half-an-hour of trade then it may correct up to 18,300–18,068/5,476-5,408 levels”.
IIFL (Amar Ambani): “Sentiment was buoyed by a growing feeling that with the ouster of the scam-tainted DMK in Tamil Nadu, UPA II could just be able to pursue long-pending reforms and will be able to deal with the 2G scam culprits much more effectively. Friday the 13th is generally associated with bad luck. But, the Indian market didn't suffer any misfortune and closed the week on a positive note. Going forward, the market will take its cue from any sort of positive overtures from the centre on the policy front. Global trends, FII flows and earnings would continue to have a bearing as well. The market will welcome any further moderation in crude oil and other global commodities. Watch out for the April inflation data on Monday”.
MICROSEC SECURITIES: “Technically, Nifty is facing strong support in the band of 5440 and 5470. If it breaches 5440, it may further go down to 5375 and then 5250 in the short term. However, the short term crucial resistance of Nifty lies at 5610. If it breaches 5610, an upward rally might carry it to 5760. Traders are advised to maintain a strict stop loss at 5440 of the long positions. For the coming week, first support of Nifty lies at 5470 and the resistance is 5610. If Nifty breaks 5470, it may further go down to 5440 and then 5375. However, if Nifty is able to sustain above 5610, the level of 5680-5770 would become the next target”.
INDIRA SECURITIES: “It was flat week for the markets and selective buying was seen across all sectors. Rate sensitive sectors like banking and auto took sharp cuts but despite being a rate sensitive sector, realty made significant gains. This week, Nifty likely to trade in the range between 5750 in the upper side and 5350 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The initial sluggishness developed into extreme volatility towards the last couple of days. Despite of the last day recovery, the scope of downside is not ruled out completely. The range of 5630-5440 for Nifty will remain critical for the week ahead. The market will possibly maintain the movement in this range. But a break beyond this can possibly stretch the direction further more. The upside resistance in such a case will be 5700. The support below the lower band is expected at 5370. Most of the technical indicators are continuing the negative outlook. Even though MACD is still in the bearish mode, the recovering momentum is giving indications for some more upside. The turnaround in the money flow is giving glimpses of hope. RSI is pulling back above the oversold territory”.
SHAREKHAN (Dharmesh Pancholi): “We feel that today's rally was due to positive rub off of result outcome of state elections and short covering. We see 5,650 as resistance for the market. If Nifty breaks 5,650 with high volume then only we can see upmove towards 5,700. However we feel for the coming week market to trade in the range of 5,450 and 5,650. Sectors to watch out for next week would be FMCG and banking. In FMCG space we prefer ITC, while in banking ICICI Bank is our preferred pick”.
PADMAKSHI FINANCIAL SERVICES (Anand Kuchelan): “Nifty is in a phase of accumulation with 5,400 remaining a strong base level. The upside currently seems to be capped around 5,600. We expect the Nifty to trade in similar fashion as it is really lacking any leader to take it to higher level”.
MOTILAL OSWAL FINANCIAL SERVICE: “The market was very receptive to the election results. It gained momentum with congress wining Assam, Kerala and its ally TMC in West Bengal. We think it would strengthen the ruling coalition and would provide stability at the centre. After a long time the congress got a big booster. The market is oversold and hence we feel it would look up in the short term”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Market gave a thumbs up to the UPA victory in West Bengal, Kerala and Assam helping benchmark to close the week almost on a flat note. Feeling is that victory for the government in some of the key states will help government to step up on policy reforms. Globally, investors are concerned that inflation may slow the global growth. Slide in the global commodities seen last week is positive for the developing economies in general. As IEA cut the global crude demand by 190,000 bpd, Crude fell by over 15% from the recent highs. Market is also looking forward to a possible cabinet reshuffle. However, concerns over growth, global uncertainty and high inflation remain. Last week saw better-than-expected IIP numbers get short shrift from the market. Reduction in political uncertainty is not likely to spur the markets. In absence of any major trigger, we expect another range bound week. Markets are likely to oscillate between a low of 5480 and a high of 5640”.
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