Nifty closed at 5,541.25, down by 9.85 points or 0.18 percent over the previous day closing of 5,551.10, after witnessing a low of 5,514.55 and a high of 5,592.90. Sensex closed at 18,512.77, down by 16.19 points or 0.09 percent over the previous day closing of 18,528.96. It touched an intraday low of 18,429.06 and high of 18,689.37.
The markets’ breadth was negative. Out of 2,931 stocks traded, 1,370 stocks advanced, 1,410 stocks declined and 151 stocks remained unchanged. In Sensex, 17 stocks advanced and 13 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 5530-5586 beyond the range 5610 and 5638 may act as strong resistance levels while 5506 and 5460 might be the support level. 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 10950-11160. Beyond the given range 10900 may act as strong support level while 11260 and 11340 may be other resistance levels”.
FAIRWEALTH SECURITIES: “In the next session Nifty is expected to trade in the range 5530-5586 beyond the range 5610 and 5638 may act as strong resistance levels while 5506 and 5460 might be the support level. 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 10950-11160. Beyond the given range 10900 may act as strong support level while 11260 and 11340 may be other resistance levels”.
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 levels, else from 5530 level, for targets of 5580-5600 levels with stop loss at 5500 levels. Alternatively, trade short if Nifty fails to cross 5600 levels, else below 5500 targeting lower supports”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “As the Nifty is trading below its crucial support levels of 5,750 and 5,635 one can expect sharp volatile movements in the days to come. A major one sided movement can be expected only if Nifty moves above 5,750 or moves below 5,490, until then the market may remain subdued”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “ ... now any dips until 5500 can be bought as the market is still sideways. The market opened with a bear gap and gave trading opportunity on the long side but finally closed flat as the market is typically in sideways zone. I would be cautious in the market as I am not very comfortable with the unfolding structure. The support for the Nifty is at 5500-5402 and resistance at 5623-5635. The crucial support on the Sensex on the downside is 18250-18032 and resistance at 18748”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened flat, witnessed a rally in the first half of the session which was short lived that lead the indices to close marginally in red. On the daily chart, we are observing that prices are unable to close above the short term 5-day EMA which indicates the bias is on the negative side. In coming trading session if indices sustain above 18,570/5,560 levels then they are likely to test 18,689-18,758/5,595-5,625 levels. However, on the downside if 18,429/5,515 level is breached then indices may test 18,271/5,470 levels”.
IIFL (Amar Ambani): “Today’s selling was seen despite firm cues from the international equity markets. The US stocks ended in the green. Asian markets mostly finished in the positive terrain and even the European markets were trading with smart gains. Technically, the Nifty would see some buying momentum around 5,550 levels which is a strong trend line support for the index. The Indian market will largely remain range-bound and choppy in the near term without any clear bias. Investors ought to focus on stock centric action as the main indices are unlikely to go anywhere in a hurry. The near term outlook is uncertain with a range-bound trade likely between 5,400 and 5,700. The IIP data (on Thursday) and the outcome of the assembly polls (on Friday) may have some sentimental impact on the market”.
MICROSEC SECURITIES: “Market is moving in a tight range. The scheduled meeting of the EGoM on fuel price hike has been deferred and is expected to take place on 17-18th of May 2011. Till then we expect market to remain range bound. However, If Global market continues to remain firm, as it is now, we may see Nifty trending higher as it has already corrected ~10% this year compared to developed global markets which are positive this year”.
JRG SECURITIES: (10.05.11) “Domestic stock averages are expected to replicate the trend in the Asian markets in the morning. The NSE Nifty shall witness a narrow opening and trade side-ways between the first support 5,520 and the critical level 5,582. It should stabilize above its critical level for any kind of sustainable Intra-day up-move wherein it might target the first resistance at 5,608. Above this, Nifty will face stiff resistance around the 5,635 mark. However, if Nifty continuously trade below 5,520 we can see market drifting towards the major support at 5,485”.
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. 60.97 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 5600-5650 level, the level (5700 which consists of the second highest OI (i.e. 64.26 lacs shares) among the Nifty Call Options”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18544/5550 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18658–18804/5585–5628 levels. However, if Nifty trades below 18544/5550 levels for the first half-an-hour of trade then it may correct up to 18398–18283/5506–5471 levels”.
BONANZA ONLINE: “Nifty showed volatile session and Nifty could not sustain at higher levels. However, Bulls also hold 5525-5515 levels. Selling pressure may resume if Nifty decline below 5515 levels and in this case we may see selling pressure till 5450/5400. On upside Nifty may continue to have resistance in 5590-5650 zone. For Daily Purpose, Trend deciding level is 5540. If Nifty shows strength above 5540 levels, then rally to 5590/5650/5700 levels may be seen. If Nifty does not show strength above 5540 levels then selling pressure till 5515/5450/5400may also be seen”.
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