Nifty closed at 5,600.45, up by 55.15 points or 0.99 percent over the previous day closing of 5,545.30, after witnessing a low of 5,566.50 and a high of 5,608.65. Sensex closed at 18,693.86, up by 201.41 points or 1.09 percent over the previous day closing of 18,492.45. It touched an intraday low of 18,552.19 and high of 18,715.39.
The markets’ breadth was positive. Out of 2,980 stocks traded, 1,795 stocks advanced, 1,056 stocks declined and 129 stocks remained unchanged. In Sensex, 23 stocks advanced and 7 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good session, wherein, firm upward movements were being witnessed. Despite the selling at higher levels, Nifty holds on to its gains and breached the vital 5600 level. On account of excellent buying support aided with short covering, Nifty managed to close after consolidating all gains over 5600 level. Nifty regained the vital support level of 5600, which will support the buying momentum in coming sessions. Nifty successfully overcame the resistances of 9, 14, 50 and 100 day’s SMA placed at 5404, 5426, 5528 & 5542 and below the 200 day’s SMA placed at 5751. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a modest level of 19.49%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 19.47 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some upward movements in coming sessions with higher volatility”.
FAIRWEALTH SECURITIES: “The next session’s range for the Nifty may be in between 5,570-5,654 and the resistance may face the level of 5,693 if it crosses the level of 5,654 and the support of the Nifty may be at 5,552 and the foremost support for the Nifty may be at 5,501. Bank Nifty is expected to trade in the range 11,000-11,250. If sustained above this range it may test 11,380 while 10,980 and 10,860 may act as strong support levels below the given range”.KOTAK SECURITIES (Srikant Chouhan): “Tomorrow it may remain crucial for the Nifty to break the level of 5,610 and failure to do so may result into quick weakness to psychological level 5,500/5,470. However, on the dismissal of 5,610 we may expect quick jump to 5,650 and will signal at buy on declines for the final target of 5,800 on Nifty. Give due respect to 5,610 level on Nifty”.
BONANZA PORTFOLIO (Shanu Goel): “Market is expected to be volatile due to June derivative series expiry on Thursday. Market is likely to consolidate within 5,300-5,600 range”.
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 5,605 levels, with stop loss placed at 5,580, targeting 5,630-5,650 levels”.
PINC RESEARCH: “The trip of Nifty to 6,050-6,075 could have started however; this entire journey can be expected to have some pit stops. Since, the up move from the lows has consumed four to five trading days; there may be a possibility of a minor halt in the near future. The overall trend however remains firmly positive. A decisive breach above 5,600 will open the doors for the Nifty to target 5,750. The Midcap Index could have reversed from the lows of around 7,550. We are positively biased in the medium term. On the upside, it should face initial resistance at around 8,100, which is its 200-Day EMA”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded strong and crossed the 5570 mark with ease indicating strength. Technically the next technical target now is 5659. The support for the Nifty is at 5570 and resistance at 5659. The crucial support on the Sensex on the downside is 18560 and resistance at 18857”.
IIFL (Amar Ambani): “The mood in the Indian market has taken a sudden ‘U’ turn in the past few days, notwithstanding the pressure points like high inflation, spiralling interest rates, drop in capital investments and policy impasse at the Centre. FII inflows have been a major driver of this rally. The fuel price hike last week added to the optimism, as did the pick-up in the offshore markets. World markets will closely watch developments in Greece over the next couple of days as the debt-strapped nation awaits a crucial parliament vote on new budget cuts”.
MICROSEC SECURITIES: “After making a low of 5195.90 on 20th June, 2011, Nifty has gained almost 7.95% in a time span of just seven trading sessions. Yesterday the bulls were also able to manage Nifty above 5600. If it is able to maintain above 5610 an upward rally might carry it to 5730 in the extreme short term. However, the short term crucial support of Nifty lies at 5470. If Nifty breaches 5470 it may further go down and take support at 5350. On an intra-day basis Nifty has a support at 5570 and is likely to face a stiff resistance near 5610. If Nifty breaks 5570, it may further go down to 5520 and then 5470. However, if it is able to sustain above 5610, the level of 5665–5700 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,654/5,592 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,755 –18,817/5,617–5,634 levels. However, if Nifty trades below 18,654/5,592 levels for the first half-an-hour of trade then it may correct up to 18,592–18,491/5,575–5,550 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): Nifty showed some strength at closed in green with good volumes. Nifty June future expiry on Thursday, therefore volatile movement may be seen. On upside, Nifty may face resistance at 5,650-5,700 levels and on downside support is at 5,560-5,500 levels. For daily purpose, trend deciding level is 5,600. If Nifty shows strength above 5,600 levels, then rally to 5,650/5,700/5,750 levels may be seen. If Nifty does not show strength above 5,600 levels then selling pressure till 5,550/5,500 may also be seen”.
INDIRATRADE SECURITIES: “A day ahead of F&O expiry, the Indian market traded strong and extended gains of the previous sessions to end higher on the back of positive global cues. The Nifty managed to cross and then close at 5600. Metals, FMCG and banks were the leaders of the rally on Wednesday and the sugar sector, too, saw broad gains. For today’s trade market likely to trade in the range between 5630 & 5670 in the upper side and 5570 & 5540 in the lower side”.
EDELWEISS FINANCIAL ADVISORS (DERIVATIVE): “On the lower side Nifty is likely to face strong support in the vicinity of 5540-5570 level, the level (5500) which consists of the second highest OI (i.e. 87.48 lacs shares) among the Nifty Jun put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5640-5680 level, the level (5700) which consists of the highest OI (i.e. 86.16 lacs shares) among the Nifty Jun Call Options”.
PADMAKSHI FINANCIAL SERVICES (Anand Kuchelan): “Nifty is likely to take breather as the focus would shift to the second run and midcap stock. Midcap IT stocks are likely to do well”.
NIRMAL BANG SECURITIES: “After a long time of consolidation nifty managed to close above the long term 200-day EMA of 5585 with positive market breadth. Not only short covering but also value buying by (FIIs) pushed the nifty about 420 points higher in seven trading sessions. FIIs have bought more than ` 4,000 cr. worth of equity shares in last four trading sessions. The short term trend has turned very strong and positive as huge buying is seen in heavy weight sectors like FMCG, Metals and Banking which are currently driving the momentum. This rally can further extend once we get passed 5620-5630 on the closing basis. On the lower side intra-day strong support placed at 5505. Any decline in the market should be used as a buying opportunity”.
SWASTIKA INVESTMART: “On daily charts, Nifty made a Rising Window Candlestick. This candle signifies some more bullishness as per prior trend of last few sessions. But, the candle is formed at the major resistance level of 5,600. Hence, it is important that market should hold at these levels to remain in upside move. For the coming session, immense volatility will be observed due to F&O expiry for June contracts. Nifty can face stiff resistance at 5,630/5,660 while support for the day is seen at 5,575/5,550”.ANGEL BROKING (Mileen Vasudeo): “On the daily chart indices has immediate resistance at 18725/5610 level. In view of the above formation and the current price action, if indices trade above this level then they are likely to test 18875-19025/5650-5700 levels. On the downside 18556-18406/5566-5500 levels may act support for the day”.
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