Nifty closed at 5,500.50, up by 17.70 points or 0.32 percent over the previous day closing of 5,482.80, after witnessing a low of 5,484.20 and a high of 5,520.15. Sensex closed at 18,308.66, up by 42.63 points or 0.23 percent over the previous day closing of 18,266.03. It touched an intraday low of 18,261.11 and high of 18,380.19.
The markets’ breadth was positive. Out of 2,964 stocks traded, 1,625 stocks advanced, 1,204 stocks declined and 135 stocks remained unchanged. In Sensex, 21 stocks advanced and 9 stocks declined.
FIIs were net sellers with the tune of ` 798.53 crore (prov. cash market fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good session, today, wherein our indices witnessed a range bound trading session with positive bias and higher volatility. After last sessions’ negative closing, Nifty witnessed a northward movement today and recovered and small amount. Nifty tested the vital resistance level of 5520 but not able to maintain it and closed below the 9 day’s SMA placed at 5519.This may strengthen the bears, in the forthcoming sessions. Nifty not able to break the vital resistance of 14 day’s SMA placed at 5513 and closed below its 50 and 100 day’s SMA placed at 5623 & 5562. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little lower level of 18.51% compared to the previous session value of 18.91%, indicating lesser than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 47.31 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: “As it was explained if there will be a white candle then it will called a confirmation of the hammer which also gives the bullish signal for the coming days. The Next session’s range for the Nifty may at 5465-5517 and the Nifty can take the resistance at 5538 and if it breaches the level of 5538 then the next crucial resistance will at 5568.And the support for the Nifty may be at 5450 and the key support level can be treated at 5436 for the day. Bank Nifty is expected to trade in the range 10710-10860 If sustains above this range it may face resistance at 10960 while 10660 may act another strong support level”.
BONANZA ONLINE: “After making hammer on daily charts, Nifty showed some strength but also showed some profit booking from high levels, which shows that volatility and range bound scenario may be continuing. Decisive price strength may be seen above 5600 or below 5450 levels. For daily purpose, Trend deciding level is 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 5500 levels then selling pressure till 5450/5400/5350 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 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”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market again unfolded flat as expected and like I said the market cannot be considered up unless 5600 taken out with force. The support for the Nifty is at 5350-5485 and resistance at 5564-5600. The crucial support on the Sensex on the downside is 18000-18260 and resistance at 18360”.
IIFL (Amar Ambani): “Traders and investors remain wary of the upcoming RBI policy review on June 16 after Government data revealed higher-than-expected inflation in May and March. Given the elevated inflation levels, the central bank has no choice but to boost policy rates by at least 25 bps. So, the trade-off between growth and inflation control will continue to be in favour of the latter as far as the RBI is concerned”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been moving in a narrow range of 5435 and 5610 for last twelve trading sessions. We expect, this range bound movement would be continuing for another few days. If Nifty breaches 5435, the short term trend would become negative and Nifty may further go down to 5300. However a successive breach of 5610 would open the gate for 5760 in the extreme short term. On an intra-day basis Nifty has a support at 5470 and is likely to face a stiff resistance near 5520. If Nifty breaks 5470, it may further go down to 5435 and then 5400. However, if it is able to sustain above 5520, the level of 5565–5610 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,310/5,502 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,378–18,448/ 5,519-5,538 levels. However, if Nifty trades below 18,310/5,502 levels for the first half-an-hour of trade then it may correct up to 18,241–18,172/5,483-5,465 levels”.
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. 97.40 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 5520-5560 level, the level (5600) which consists of the third highest OI (i.e. 71.71 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “Nifty ended flat after a volatile session but the undertone remained positive throughout the day. Markets could be waiting for some direction from the RBI policy, which is scheduled on June 16. For a fresh rally to emerge its very important that nifty should hold above 5520 in the near term. Strong support for nifty future seen at 5479-5440 levels and resistance at 5545”.
SWASTIKA INVESTMENT: “The Nifty Index opened muted at 5485.60 levels and consolidated in the range of 35 points between the levels of 5485.60(low) to 5520(High) and remained in the same territory for the whole trading session. It finally ended at 5500 with a gain of 0.3%. It was not able to surpass the 5530 mark. Nifty has formed a small white body Candlestick with equal body and equal upper shadow indicating selling pressure at higher level. For the coming trading session Resistance for Nifty is seen at 5530/5550 and Support for the day is seen at 5480/5450. In 4 hourly chart a trend line breakout is witnessed which is suggesting a upside in coming sessions which can let the 50 stocks benchmark Index to 5600 level which would be the first hurdle for nifty to cross acting as a strong resistance from last 1 month”.
ANGEL BROKING (Mileen Vasudeo): “The current price action on the Hourly charts suggests that on the upside, if indices cross the resistance of the downward sloping trend line and trade above 18380/5520 levels then they are likely to test 18545-18630/5570-5600 levels. On the downside, 18240-18120-17940/5470-5436-5400 are support levels for the day”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a positive note on the back of positive global cues. Later it could move downwards. Among the indices, Oil & Gas stocks could outperform while Auto stocks look weak”.
INDIRATRADE SECURITIES: “It was a range-bound session for the markets on Tuesday with both benchmark indices closing only with moderate gains. Consumer durables, oil & gas and auto were the biggest losers of trade while banking and capital goods gained substantially. For today,s trade market likely trade in the range between 5530 & 5580 in the upper side and 5470 & 5430 in the lower side”.
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