Nifty closed at 5,482.80, down by 3.00 points or 0.05 percent over the previous day closing of 5,485.80, after witnessing a low of 5,436.95 and a high of 5,496.70. Sensex closed at 18,266.03, down by 2.51 points or 0.01 percent over the previous day closing of 18,268.54. It touched an intraday low of 18,120.76 and high of 18,313.21.
The markets’ breadth was positive. Out of 2,939 stocks traded, 1,438 stocks advanced, 1,379 stocks declined and 122 stocks remained unchanged. In Sensex, 17 stocks advanced and 13 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES :
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak session, today, wherein our indices witnessed a range bound trading session with higher volatility. After last sessions’ negative closing, Nifty witnessed a decline today and recovered and closed with a small cut. Nifty breached the vital support level of 5440 and trading below the 9 day’s SMA placed at 5529.This may strengthen the bears, in the forthcoming sessions. Nifty not able to break the vital resistance of 14 day’s SMA placed at 5502 but closed below its 50 and 100 day’s SMA placed at 5630 & 5564. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 18.91% compared to the previous session value of 18.54%, indicating higher than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.34 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: “The next session’s range for the Nifty may be at 5450-5517 and the resistance may be at 5538 and the crucial resistance for the day may be at 5568.The support for the Nifty may be at 5434 and then 5410-5412 should be treated as the key support for the day. Bank Nifty is expected to trade in the range 10660-10810 If sustains above this range it may face resistance at 10960 while 10575 may act another strong support level”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in Nifty below 5480 levels, with stop loss placed at 5500, targeting 5450-5430 levels. Alternatively trade long in Nifty if it holds 5500 levels, with stop loss placed at 5480, targeting 5530-5550 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty is still trading in 5,600-5,450 range. Until, Nifty manages to show decisive strength above 5,600 or below 5,450 levels, volatility and range bound scenario may be continuing. Traders should be cautious within this range. For daily purpose, Trend deciding level is at 5,480-5,500. If Nifty shows strength above 5,500 levels, then rally to 5,540/5,570/5,600 levels may be seen. If Nifty does not show strength above 5,480-5,500 levels then selling pressure till 5,450/5,400/5,350 may also be seen”.
IIFL (Amar Ambani): “Policy making has been in a limbo for quite a while. So, it remains to be seen if Manmohan Singh & Co. can still resurrect the situation. Given this rather bleak backdrop and lack of participation among market players, it would be prudent to stay quiet for a while. Wait for a clear breakout signal and stick to a selective approach”.
MICROSEC SECURITIES: “Nifty has been moving in the range of 5300 and 5610 for last one and half month. 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 5300, in may come down and take support near 5120. Traders are advised to maintain a strict stop loss at 5300 of all long positions. On an intra-day basis Nifty has a support at 5435 and is likely to face a stiff resistance near 5520. If Nifty breaks 5435, it may further go down to 5400 and then 5370. However, if it is able to sustain above 5520, the level of 5565 – 5610 would become the next target”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded volatile and flat… technically nothing has changed and the market cannot be considered up until 5600 get taken out with force. The support for the Nifty is at 5350 and resistance at 5564-5600. The crucial support on the Sensex on the downside is 18000 and resistance at 18360”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5420-5450 level, the level (5400) which consists of the highest OI (i.e. 97.10 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 5500-5540 level, the level (5600) which consists of the second highest OI (i.e. 70.48 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “Nifty ended flat after a strong pullback witnessed from the important support level of 5440, which was being said for so long days. The global scenario doesn’t look good but from an Indian perspective it seems that markets have discounted the negativism and going forward if nifty manages to hold 5440 on the closing basis then we believe that for the time being markets have seen the bottom and chances are that we could see a pullback rally up to 5560 levels. Strong support for nifty future seen at 5440-5390 and resistance at 5520, big buying could be seen only above 5566”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,233/5,472 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,346–18,426/ 5,507–5,532 levels. However, if Nifty trades below 18,233/5,472 levels for the first half-an-hour of trade then it may correct up to 18,153–18,041/5,448–5,412 levels”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a flat to positive note. The inflation data to be announced today would be keenly watched. Among the indices, Metals and Oil & Gas stocks could under-perform while Auto stocks could do well”.
ANGEL BROKING (Technical): “On the Hourly chart we are observing that indices have taken support at the 61.8% Fibonacci retracement level. This suggests probable upside in coming trading session. Indices are likely to trade with positive bias in coming trading session. On the upside, if indices trade above 18320/5500 levels then they are likely to test 18445-18545/5540-5470 levels. On the downside, 18120-17940/5436-5400 may act as support for the day”.
BONANZA ONLINE: “Nifty is still trading in 5600-5450 range. Until, Nifty manages to show decisive strength above 5600 or below 5450 levels, volatility and range bound scenario may be continuing. Traders should be cautious within this range. For daily Purpose, Trend deciding level is 5480-5500. If Nifty shows strength above 5500 levels, then rally to 5540/5570/5600 levels may be seen. If Nifty does not show strength above 5480-5500 levels then selling pressure till 5450/5400/5350 may also be seen”.
ADITYA BIRLA MONEY: “With the kind of recovery the index has seen from the day’s lows yesterday, a bounce higher which could test the resistance near 5520-5540 appears likely in the coming 1-2 sessions. However daily RSI (14) has started to turn down from the neutral zone while the Stochastic (14, 3, 3) is easing out of the overbought territory indicating that short-term bias is still weak. Hence prices are likely to attract selling pressure on such gains and remain subdued towards 5436 and lower eventually. On the downside, 5460 and then 5436 act as immediate support. Early close below the latter will extend the prevailing weakness towards 5363 levels negating the expected bounce back. Bounce higher towards 5520-5540 appears likely before the index resumes its prevailing weakness. Buy on dips to 5470-5460 levels with a stop loss of 5445, for possible target of 5520-5540”.
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