FIIs were net buyers with the tune of ` 112.70 crore (prov. cash market fig.)
The BSE Sensex was up 75.51 points or 0.41% to 18,495.62, its highest closing level since 1 June 2011. The Sensex rose 125.84 points at the day's high of 18,545.95 in mid-afternoon trade. The index fell 68.87 points at the day's low of 18,351.24 in early trade. The S&P CNX Nifty was up 24.10 points or 0.44% to 5,556.15, its highest closing level since 1 June 2011. The Nifty hit a high of 5,570.10 in intraday trade.
The market breadth was positive. On BSE, 1540 shares advanced while 1263 shares declined and a total of 111 shares remained unchanged. Among the 30-member Sensex pack, 18 stocks rose while the rest of them declined
BSE clocked turnover of ` 2493 crore, higher than ` 2434.61 crore on Monday, 6 June 2011.
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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’ flat closing, Nifty witnessed a positive closing after regaining the vital support of 5550 level. This may strengthen the bears, in the forthcoming sessions. Nifty maintained the vital support of 9 & 14 day’s SMA and managed to close above those levels placed at 5519 & 5480. Despite a good attempt, nifty closed below its 50 and 100 day’s SMA placed at 5648 & 5573. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 18.03%, indicating higher than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 51.67 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: “As the Nifty was in the range of 5509-5570 and closed at 5556 above the 30 day exponential moving average which stands at 5542 where the Nifty was taking the resistance from the last two days and it surpassed the level of 5542 easily where it is to be called the first sign of bullish signal in the market and if the Nifty is able to cross the level 5575 and closed above 5608 on the weekly basis then there will be a clear reversal pattern on the bullish note. Next session’s range for the Nifty may be 5540-5575 with the crucial resistance at 5608 if it breached the upper band of the range i.e.5575 and the support of the Nifty may at 5510/5475. Bank Nifty is expected to trade in the range 10750-10960. If sustains above this range it may face resistance at 11160 while 10660 may act as a strong support level”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty is likely to consolidate within 5,500-5,725 range. Any global event or RBI policy in next week may act as a trigger for market to break this range on either side”.
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 from current levels or else on dips from 5,520 levels, targeting 5,600-5,650 levels; with stop loss placed below 5,500”.
PINC RESEARCH: “Despite a positive close, our broader view remains the same as earlier. We had previously mentioned that Nifty may initially counter some resistance at its 200 Day EMA of 5600 and a pull back may occur from this level. It has accordingly retraced and made a low around 5480. It will be difficult at this stage to infer if this pullback phase is over. The end to this pull back phase will only be confirmed if the Nifty decisively closes above 5600. As we have stated before, a move above 5600 should lead to a sustainable rise towards the level of 5750 or more. Till that happens, the Nifty may dilly dallies in a trading range. The short term technical indicators are still on a strong wicket and any upside breakout will have the support of these indicators”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market has traded on a positive bias and closed in the green. Technically 5600 is a strong resistance and needs to be taken out with force and possibly 5640 can be achieved. The support for the Nifty is at 5495-5463 and resistance at 5560-5600-5640. The crucial support on the Sensex on the downside is 18334-18229 and resistance at 18525-18740”.
IIFL (Amar Ambani): “Markets seem to be showing some smart recovery amid improved FII flows. Though, the influx is still not strong enough to lift the key indices substantially. This week will see April IIP data announcement. The progress of monsoon will be watched closely which could have a bearing on sentiment of the Indian markets”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,464/5,545 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,577–18,659/ 5,582–5,607 levels. However, if Nifty trades below 18,464/5,545 levels for the first half-an-hour of trade then it may correct up to 18,383–18,270/5,519–5,482 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty is likely to open on a flat note. On Tuesday, Nifty showed good strength and closed in green. Nifty is trading in 5,380-5,615 zones, until Nifty manages to show strength above 5,615 or below 5,380 levels, volatility and range bound scenario may be continuing. Traders should be cautious within this range. For daily purpose, Trend deciding level is 5,550. If Nifty shows strength above 5,550 levels, then rally to 5,615/5,650/5,690 levels may be seen. If Nifty does not show strength above 5,550 levels then selling pressure till 5,520/5,480-5,450 may also be seen”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5500-5520 level, the level (5500) which consists of the second highest OI (i.e. 69.34 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 third highest OI (i.e. 54.02 lacs shares) among the Nifty Call Options”.
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. Immediate resistance for Nifty future seen at 5590 and if this level is sustained then we could see a rally up to 5685. This current up-trend could damage only if nifty future starts trading below 5490 in the near term”.
BONANZA ONLINE: “Nifty is likely to open on a flat note. On Tuesday, Nifty showed good strength and closed in green. Nifty is trading in 5380-5615 zone, until Nifty manages to show strength above 5615 or below 5380 levels, volatility and range bound scenario may be continuing. Traders should be cautious within this range. For daily Purpose, Trend deciding level is 5550. If Nifty shows strength above 5550 levels, then rally to 5615/5650/5690 levels may be seen. If Nifty does not show strength above 5550 levels then selling pressure till 5520/5480-5450 may also be seen”.
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