FIIs were net sellers with the tune of ` 24.73 crore (prov. cash market fig.)
Nifty closed at 5,521.05, down by 5.80 points or 0.10 percent over the previous day closing of 5,526.85, after witnessing a low of 5,502.05 and a high of 5,540.10. Sensex closed at 18,384.90, down by 9.39 points or 0.05 percent over the previous day closing of 18,394.29. It touched an intraday low of 18,327.01 and high of 18,449.64.
The markets’ breadth was negative. Out of 2,927 stocks traded, 1,388 stocks advanced, 1,402 stocks declined and 137 stocks remained unchanged. In Sensex, 11 stocks advanced and 19 stocks declined.
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CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a flat session, today, wherein our indices witnessed a range bound trading session with higher volatility. After last sessions’ negative closing, Nifty witnessed a decline today also and closed with small cut. Nifty not able to break the vital resistance level of 5550 and maintained the sanctity of 9 day’s SMA placed at 5536.This may strengthen the bears, in the forthcoming sessions. Nifty also maintained the vital support of 14 day’s SMA placed at 5489 but closed below its 50 and 100 day’s SMA placed at 5642 & 5568. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at the same level of 18.58%, indicating some volatility in market in the forthcoming sessions. RSI (14) for the session was at 48.76 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some range bound movements in coming sessions with higher volatility”.
FAIRWEALTH SECURITIES: “Nifty breaks the lower band, touched the level of 5502 and closed at 5521 showing the weakness in the index with the formation of bearish harami pattern which has been confirmed today. Next session’s range for the Nifty may be 5495-5552 and the resistance for the Nifty may be at 5571 and the crucial resistance will be at 5608.The support for the Nifty if breaks below 5495 may be at 5479.The crucial support level will be at 5458 for the day. Bank Nifty is again expected to trade in the range 10660-10860. If sustains above this range it may face resistance at 10960-11160 while 11575 may act another strong support level”.
NIRMAL BANG SECURITIES: “The market has completely been directionless in the absence of any big trigger. The sluggish movements will continue for some more time unless we see the break of this tight trading band of 5450-5600. The undertone of market still remains positive as buying interest is visible at lower levels in defensive and index heavyweight stocks like Bhel, LT, Reliance Ind, Sail, TCS and Hdfc Bank which is supporting the current down-trend. Strong support for nifty future seen at 5467-5440 and resistance at 5566, big buying could be seen only above 5566”.
SWASTIKA INVESTMENT: “The Nifty showed a muted opening. It moved in the tight range of 38 points with a high of 5540 and low of 5502, finally settled at 5521(just below 20-day EMA). The market has completely been directionless for the past few sessions and waiting for some trigger to get direction on either side - i.e. 5400 on the downside while 5600 on the upside. 5500 level is acting as a strong support for Nifty. In the Daily chart, Nifty has formed an indecisive Candlestick with higher upper and lower shadow. For the coming trading session, IIP data could be a major trigger for the market direction. Resistance for Nifty is seen at 5540/5560 and Support for the day is seen at 5500/5480”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5480-5500 level, the level (5400) which consists of the highest OI (i.e. 92.68 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 5600-5620 level, the level (5600) which consists of the highest addition in OI (i.e. 6.15 lacs shares) among the Nifty Call Options”.
PINC RESEARCH: “The current move from the highs of 5600 could only be a retracement of an uptrend. The short term trend still clearly remains up. For the next few days however, the highs of 5610 and the lows of around 5450 will be the broad range of this corrective phase. This phase will only be deemed to be over after the level of 5610 is surpassed on the upside. A move above 5610 should lead to further advances towards the level of 5750 or more. Till the upside breakout happens, the Nifty may dilly dally in a trading range of 5600 and 5450. The short term technical indicators still look healthy and are in the buy mode. Any upside breakout will have the support of these technical indicators”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market just took support at 5502 and has closed flat for the day. Now looks like the market should surprise us and the market needs to get out of the 5500- 5600 zone is a necessity. The support for the Nifty is at 5500 and resistance at 5564-5600. The crucial support on the Sensex on the downside is 18100 and resistance at 18560”.
ANGEL BROKING (Mileen Vasudeo): “On the Daily chart, we are observing two narrow body formations which indicate indecisiveness prevailing at current levels and no clear direction of trend. We once again maintain our previous day view that if indices trade above 18,546/5,570 levels then it is likely to test 18,673-18,823/5,605-5,650 levels. Any daily close above 18,673/5,605 would confirm a higher top higher bottom on the daily chart and we may witness an accelerated move. On the downside 18,227-18,124/5,462-5,430 may act as a support for the day”.
IIFL (Amar Ambani): “Another area of concern is tepid FII inflows, which have eased off in the past few days. One must avoid taking large bets and market-wide call at this juncture and wait for the market to break out of the current range. Stick to a stock specific action but beware of companies with dodgy background”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been moving in the narrow band of 5470 and 5610 for last eight trading sessions. We expect, this range bound movement would be continuing for another few days. If Nifty is able to maintain above 5610, an upward rally might carry it to 5760 in extreme short term. However, if it breaches 5470, in may come down and take support near 5300. On an intra-day basis Nifty has a support at 5500 and is likely to face a stiff resistance near 5575. If Nifty breaks 5500, it may further go down to 5470 and then 5440. However, if it is able to sustain above 5575, the level of 5610–5665 would become the next target”.
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 5500 levels, with stop loss placed at 5,480, targeting 5,560-5,580 levels. Alternatively trade short in Nifty if it trades below 5,480, targeting lower supports”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today moved in a small range and closed with minor losses. Nifty is having resistance at 5,579 and 5,616 while the support is there at 5483 and 5450 levels. Overall trend still remains sideways. One major concern regarding the global markets is the fact that DOW Jones has moved below its 100 DMA and is likely to move towards its 200 DMA which is around 11,950 levels. Low level hiccups may be seen in between and Asian as well as the European markets which track US markets will feel the heat as well. Japanese markets, which had fallen recent past after the catastrophe, are cheaper on valuation side and so major downside may not be seen there as funds are moving to make an early entry into the Japanese markets which are having more growth prospects”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,387/5,521 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,447–18,510/ 5,540–5,559 levels. However, if Nifty trades below 18,387/5,521 levels for the first half-an-hour of trade then it may correct up to 18,325–18,264/5,502–5,483 levels”.
INDIRA SECURITIES: “The market closed a dull and sluggish day of trade on a flat note and marginally in the red on Thursday. Support was provided by capital goods which was the only sector to show substantial gains. For today’s trade market all eyes will be on IIP data and Nifty likely to trade in the range between 5545 & 5595 in the upper side and 5500 & 5480 in the upper side”.
BONANZA ONLINE: “Nifty showed volatile sessions. Nifty is still trading in 5480-5615 zones, for 8 consecutive days. Until, Nifty manages to show strength above 5615 or below 5480 levels, volatility and range bound scenario may be continuing. Traders should be cautious within this range. For daily Purpose, Trend deciding level is 5520-5530. If Nifty shows strength above 5520-5530 levels, then rally to 5560/5615/5650 levels may be seen. If Nifty does not show strength above 5520-5530 levels then selling pressure till 5480-5450/5400 may also be seen”.
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