Nifty closed at 5,532.05, up by 15.30 points or 0.28 percent over the previous day closing of 5,516.75, after witnessing a low of 5,479.85 and a high of 5,542.65. Sensex closed at 18,420.11, up by 43.63 points or 0.24 percent over the previous day closing of 18,376.48. It touched an intraday low of 18,258.42 and high of 18,458.63.
The markets’ breadth was negative. Out of 2,903 stocks traded, 1,326 stocks advanced, 1,461 stocks declined and 116 stocks remained unchanged. In Sensex, 13 stocks advanced,16 stocks declined and 1 remained unchanged.
FIIs were net sellers with the tune of ` 201.78 crore (prov. cash market fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed an interesting session, today, wherein our indices witnessed a dull start but upward movement at last that supported the Nifty to end on positive note. After last sessions’
dull closing, Nifty witnessed a positive closing after regaining the vital support of 5500 level. This may strengthen the bears, in the forthcoming sessions. Nifty regained the vital support of 9 & 14 day’s SMA and managed to close above those levels placed at 5995 & 5469. Despite a good attempt, nifty closed below its 50 and 100 day’s SMA placed at 5646 & 5575. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 18.21%, indicating higher than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 49.86 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”.
FAIRWEALTH SECURITIES: “Nifty was in the range of 5480-5542 and closed at 5532 below the 30 day exponential moving average which stands at 5542 where the Nifty took the resistance with the gain of a15 points as compared with the previous closing but with the thin volume. Next session’s range for the Nifty may be 5495-5552 with the resistance at 5575 if it breached the upper band of the range i.e.5552 and the crucial resistance level should treated at 5608 and the support of the Nifty may at 5475/5441 and the key support will be at 5401-5411”.
NIRMAL BANG SECURITIES: “Nifty still remains in the trading band of 5450-5611 and unless we see a strong closing on either side of the range this kind of volatile move will continue for some more days. The trend is Positive and any decline is a buying opportunity. This current up-trend could damage only if nifty future starts trading below 5475, till then any decline in the market can be considered as a buying opportunity. On the higher side 5563 will act as a resistance point and stability above could bring fresh buying”.
SWASTIKA INVESTMENT: “Yesterday, on the daily charts, NIFTY made a White Candlestick with a long lower shadow indicating that the buyers pulled the Nifty up. Indecisiveness was found in the session but strength of bulls in the last hour resulted in an intraday pull. Nifty opened at 5504 levels and later dipped towards 5480.After touching the low of 5480, the nifty rebounded to end above 5500 and gave a close at 5532. For the coming trading session Resistance for Nifty is seen at 5560/5580 and to confirm bullishness in Nifty, it has to sustain above these levels firmly. On the other side, Support for Nifty is seen at 5490/5450”.
BONANZA ONLINE: “On Tuesday, Nifty is likely to open on a positive note. On Monday, Nifty got support from 5480 level and continued to show strength for rest of the day. Nifty closed above 5500 level which is positive for short term. As mentioned earlier, level of 5610 resistance is decisive level in coming sessions. If in coming sessions, Nifty sustains above 5610 level, medium term trend may turn positive. For daily Purpose, Trend deciding level is 5545. If Nifty shows strength above 5545 levels, then rally to 5575/5610/5650/5690 levels may be seen. If Nifty does not show strength above 5545 levels then selling pressure till 5510/5480/5465 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 5530 levels or else from 5500, with stop loss placed at 5480, targeting 5550-5580 levels”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,379/5,518 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,500–18,579/5,557–5,581 levels. However, if Nifty trades below 18,379/5,518 levels for the first half-an-hour of trade then it may correct up to 18,299–18,179/5,494–5,455 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded tired but recovered in the later part of the trading session and has closed flat... technically the market is still weak as long as 5600 does not get taken out with force. The support for the Nifty is at 5495-5463 and resistance at 5560-5600. The crucial support on the Sensex on the downside is 18334-18229 and resistance at 18525-18700”.
IIFL (Amar Ambani): “Technically, after breaching strong support of 5500 the NSE Nifty bounced back sharply. On the upside, 5575 would act as stiff resistance for the Nifty which is the 100 Day Moving Average. In addition, EGoM on fuel prices on June 9, unless it gets postponed again, April IIP data which will be out on June 10 would be the important market determinants in the coming days”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been moving in the range of 5440 and 5610 for last six 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 5440, 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”.
INDIRATRADE SECURITIES: “After trading range-bound and with negative bias in the morning session, the markets bounced back in the last one hour of the trade and closed with moderate gains. Though the recovery was primarily led by financial sectors, Pharma and textiles also contributed significantly. Auto and ADAG group stocks were the beaten down in Monday's trade. For today’s trade market likely to trade in the range between 5550 & 5580 in the upper side and 5510 & 5450 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “We would like to reiterate that to fulfill the higher-top higher-bottom condition, the ideal situation would be that Nifty does not fall below 5434, which is the 61.8% retracement level of the 5328-5605 up move. Those who are holding trading long positions or want to bottom fish should keep a stop loss of 5434 on closing basis. Others can wait for the crossover of 5605 before taking fresh longs”.
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