Nifty closed at 5,551.10, down by 0.35 points or 0.01 percent over the previous day closing of 5,551.45, after witnessing a low of 5,502.40 and a high of 5,586.05. Sensex closed at 18,528.96, up by 10.15 points or 0.05 percent over the previous day closing of 18,518.81. It touched an intraday low of 18,367.21 and high of 18,643.58.
The markets’ breadth was negative. Out of 2,905 stocks traded, 1,284 stocks advanced, 1,512 stocks declined and 109 stocks remained unchanged. In Sensex, 12 stocks advanced and 18 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
FAIRWEALTH SECURITIES: “In the next session Nifty is expected to trade in the range 5502-5586. If moved beyond the range 5608 and 5628 may act as strong resistance levels while 5463 might be the support level below 5602. As stated in the previous newsletters trend of the Nifty is bearish, traders are suggested to follow the strategy of selling at rise. In the next session, Bank Nifty is again expected to trade in the range 10950-11260. Beyond the given range 10900 may act as strong support level while 11340 and 11480 may be other resistance levels”.
BONANZA ONLINE: “Nifty made hanging man candlestick pattern on daily charts, which shows indecision among bulls and bears. Selling pressure may resume if Nifty decline below 5525 levels, else recovery may be seen. On upside Nifty has resistance at 5580 and 5625 levels and downside support is at 5450 levels. For Daily Purpose, Trend deciding level is 5550. If Nifty shows strength above 5550 levels, then rally to 5625/5700 levels may be seen. If Nifty does not show strength above 5550 levels then selling pressure till 5480/5450/5400 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 long in Nifty above 5550 level, else from the support of 5530 level, for targets of 5580-5600 levels with stop loss placed at 5500 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “....‘we need to watch the crucial support of 5500 and trade long’ the market unfolded as expected and traded flat… and now dips until 5500 can be bought as the market is still sideways. The support for the Nifty is at 5500 and resistance at 5623-5635. The crucial support on the Sensex on the downside is 18250 and resistance at 18748”.
ANGEL BROKING (Mileen Vasudeo): “Market opened higher, traded with choppiness throughout the day to finally close on a flat note. On the daily chart, we are observing that prices have closed below the short term 5-day EMA which reflects negative sentiments in the market. In coming trading session upside momentum would resume only if indices trade above 18,645/5,587 levels. Then Indices may test 18,758-18,810/5,625-5,650 levels. On the downside 18,367-18,271/5,500-5,470 is a support zone in the short term”.
IIFL (Amar Ambani): “In the near-term, 5,630 level would act as a stiff resistance which corresponds to the 50 DMA. At the same time, the likelihood of the Nifty cracking further cannot be ruled, on the lower side, markets might find some support at 5,470 level. All eyes will also be on monsoon and Government’s policy decisions post the assembly elections. Don’t get fooled by any short-term spikes as the outlook remains murky. For the week, markets will keep a close eye on the IIP data and the outcome of the assembly polls. The Nifty has to cross 5,900 convincingly to bolster investor confidence”.
MICROSEC SECURITIES: “Indian stock market is likely trade in a broader range. Nifty is expected to trade between 5500-5600. However sharp fluctuations in the stock market cannot be ruled out as volatilities in global commodities prices usually lead global hedge funds to take active roles in equities to balance their portfolios. Buy Hindalco, Chambal Fertilizers”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18513/5547 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18659-18790/5591–5630 levels. However, if Nifty trades below 18513/5547 levels for the first half-an-hour of trade then it may correct up to 18383–18237/5507-5463 levels”.
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. 58.29 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 5640-5660 level, the level (5700 which consists of the third highest OI (i.e. 61.64 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “Nifty is expected to consolidate further in the absence of any fresh triggers and create a base before we head further. The trend remains weak as the market volumes are decreasing and follow up buying is missing. Nifty is currently in the trading band of 5450 and 5600 and only a strong move on either side will decide the trend. Important Support for Nifty future seen at 5511 and Resistance at 5575”.
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