Nifty closed at 5,394.85, up by 8.30 points or 0.15 percent over the previous day closing of 5,386.55, after witnessing a low of 5,367.45 and a high of 5,422.60. Sensex closed at 18,011.97, up by 18.64 points or 0.10 percent over the previous day closing of 17,993.33. It touched an intraday low of 17,933.94 and high of 18,110.39.
The markets’ breadth was negative. Out of 2,900 stocks traded, 1,336 stocks advanced, 1,432 stocks declined and 132 stocks remained unchanged. In Sensex, 16 stocks advanced and 14 stocks declined.
FIIs were net buyers with the tune of ` 188.16 crore (prov. cash market fig.)
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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 consolidation today and closed with flat gains. In today’s session, Nifty breached the vital resistance of 5400 but on account of selling, Nifty closed below this. This may provide some relief to the bulls. On account of the F&O expiry ahead, volatility was on higher side. Nifty closed the session below its 9, 14, 50 and 100 day’s SMA placed at 5454, 5482, 5638 & 5632. 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 19.93%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 36.62 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: “In the previous news letter, we had given the range for the Nifty 5365-5411 and in actual the Nifty traded in the range of 5367-5422 and closed at 5395. The trend of the market is still down. Next session’s range of the Nifty may be at 5373-5428 with the resistance of 5444/5452 and the strong resistance will be 5485 and the support may be at 5365/5348 and the strong support will be at 5267 for the day”.
BONANZA PORTFOLIO (Shanu Goel): “Markets are likely to be volatile in view of expiry of May derivative series on Thursday. Global developments continue to affect the market sentiments. Results of Tata Steel and Cairn India due tomorrow, are also likely to influence the sentiments”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat note tomorrow. Trade short in Nifty below 5380 levels else around 5400 levels, with stop loss placed at 5420 targeting 5350 levels”.GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market saw the low at 5367. Technically the market is still down but I do not rule out the possibility of a short covering to maybe around 5500 if it happens. The support for the Nifty is at 5342 and resistance at 5470-5500. The crucial support on the Sensex on the downside is 17834 and resistance at 18250-18350”.
ANGEL BROKING (Mileen Vasudeo): “The ‘Doji’ body formation clearly reflects indecisiveness prevailing at current levels. However the momentum oscillators viz. RSI and stochastic are giving a positive divergence which indicates that a pullback in the downtrend may be seen. On the upside, if indices trade above 18,110/5,423 levels then it may test 18,230-19,320/5,450-5,478 levels. On the downside 17,900/5,350 remains important support if breached then indices may test sub 17,750/5,300 levels”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been moving in the range of 5340 and 5610 for last one month. We expect this range bound movement would be continuing for another few days. If it breaks 5340, it may further go down to 5230 in the short term. However, a breach of 5610 would open the gate for 5760 in the extreme short term. On an intra-day basis Nifty has a support at 5340 and is likely to face a stiff resistance near 5425. If Nifty breaks 5340, it may further go down to 5320 and then 5290. However, if it is able to sustain above 5425, the level of 5450–5480 would become the next target”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5330-5350 level, the level (5300) which consists of the highest OI (i.e. 80.09 lacs shares) among the Nifty May put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5430-5460 level, the level (5400) which consists of the second highest OI (i.e. 65.50 lacs shares) among the Nifty May Call Options”.
SWASTIKA INVESTMENT: “An indecisive white candle is formed in Nifty which had a very thin real body. Still trend is in favour of the bears till Nifty is below the level of 5450.If Nifty sustains above the 5450 mark, than we can see some strength in it and the next resistance to be watch out will be at 5540/5560. Bollinger Band is indicating Nifty trading in centre of middle band and lower band, volatility could remain high in coming days. Nifty has support around 5360 and 5300 where as resistance at 5460 and 5540”.
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