Nifty closed at 5,526.60, up by 55.35 points or 1.01 percent over the previous day closing of 5,471.25, after witnessing a low of 5,434.25 and a high of 5,552.65. Sensex closed at 18,412.41, up by 171.73 points or 0.94 percent over the previous day closing of 18,240.68. It touched an intraday low of 18,132.70 and high of 18,494.11.
The markets’ breadth was positive. Out of 2,945 stocks traded, 1,636 stocks advanced, 1,193 stocks declined and 116 stocks remained unchanged. In Sensex, 23 stocks advanced and 7 stocks declined.
FIIs were net buyers with the tune of ` 1447.42 crore (prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed an excellent session, wherein, bulls were in command throughout the session and Nifty breached its vital resistance of 5550 level decisively. On account of firm buying support aided with short covering, Nifty managed to close after consolidating all gains. A smooth upward movement was the hallmark of today’s trade, wherein good buying across all levels was witnessed by benchmark indices. Nifty regained the vital support level of 5500, 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 5317, 5418, 5535 & 5539. These levels may act as new supports in the coming sessions. In today’s session, VIX closed at a modest level of 19.99%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 56.10 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: “Next session’s range for the Nifty may be at in between 5501-5550 and the resistance may be at 5570 it breaks the level of 5550 and the crucial resistance will be treated as 5608. The support for the Nifty may be at 5480 if breaches the level of 5501 and the key support may be at 5458 for the day. Bank Nifty is expected to trade in the range 10910-11200. If sustained above this range it may test 11360 while 10810 and 10760 may act as strong support levels below the given range.”.
BONANZA ONLINE: “Nifty showed good strength for 3rd consecutive day and closed in green. Majority of large-caps stocks participated in rally. Nifty June future expiry due in this week and Nifty may show some volatility. Traders may take long position in selective stocks. On upside, Nifty has some resistance at 5600 levels and on downside support is at 5440-5400 levels. For daily purpose, trend deciding level is 5530 If Nifty shows strength above 5530 levels, then rally to 5600/5650/5700 levels may be seen. If Nifty does not show strength above 5530 levels then selling pressure till 5480/5440/5400 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Market is expected to be volatile due to June derivative series expiry on June 30. Since market sentiments remain affected by oversees developments, a cautious stance is recommended”.
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 5500 levels with stop loss placed at 5480, targeting 5550-5580 levels”.
PINC RESEARCH: “Our prognosis of a trend reversal occurred with precision. The journey to the target of 6050-6075 could be currently underway. This entire up-move may have some halts at around 5600 (200 Day EMA), and thereafter around the zone of 5700-5750 which will be another stiff resistance. These two zones should be the pit stop for this up-move, which in all probabilities should reach a minimum of 6050-6075. Technical indicators and oscillators are exhibiting positive structure and indicating that there may be some more steam left for this rally in the short term”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded weak but climbed up to register a high at 5553 and closed positive for the day. Technically the market has run up too fast, too soon and so I would not be surprised if it reacts. 5570 is a strong resistance. I would watch 5500 and trade long. The support for the Nifty is at 5500 and resistance at 5570-5659. The crucial support on the Sensex on the downside is 18300 and resistance at 18563-18857”.
ANGEL BROKING (Mileen Vasudeo): “On the daily chart, prices have closed convincingly above the downward sloping trendline as shown in the exhibit. This suggests continuation of upside momentum. In view of the above formation, if indices trade above 18,494/5,553 levels then they are likely to 18,673-18,730/5,600-5,620 level. However we have seen a vertical three day rally, hence a consolidation of the gains cannot be ruled out. On the downside indices have support at 18,270-18,111/5,482-5,438 levels may act support for the day”.
IIFL (Amar Ambani): “The three-day rally was mostly powered by short covering ahead of this Thursday’s F&O expiry. Its anybody’s guess whether this upswing is just a relief rally or there is still some more steam left in it. One must be careful and be vigilant as volatility is on the rise”.
MICROSEC SECURITIES: “After making a low of 5195.90 on 20th June, 2011, Nifty has given a pull back rally of almost 6.9% in a time span of just six trading sessions. We expect this rally would be continuing to 5610. If Nifty is able to maintain above 5610, it may test the level of 5730 in the extreme short term. However a breach of 5440 would indicate the end of current rally and in that case Nifty may go down further and take support near 5320. Traders are advised to hold long positions with a stop loss of 5440. On an intra-day basis Nifty has a support at 5490 and is likely to face a stiff resistance near 5560. If Nifty breaks 5490, it may further go down to 5440 and then 5400. However, if it is able to sustain above 5560, the level of 5585–5610 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,346/5,405 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,560–18,708/ 5,375–5,523 levels. However, if Nifty trades below 18,346/5,405 levels for the first half-an-hour of trade then it may correct up to 18,199–17,985/5,256–5,286 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed good strength for third consecutive day and closed in green. Majority of large caps stocks participated in rally. Nifty June future expiry due in this week and Nifty may show some volatility. Traders may take long position in selective stocks. On upside, Nifty has some resistance at 5,600 levels and on downside support is at 5,440-5,400 levels. For daily purpose, the trend deciding level is at 5,530. If Nifty shows strength above 5,530 levels, then rally to 5,600/5,650/5,700 levels may be seen. If Nifty does not show strength above 5,530 levels then selling pressure till 5,480/5,440/5,400 may also be seen”.
NIRMAL BANG SECURITIES: “Structurally the long trend remains weak but from a short term trading perspective the bulls are in total charge and going forward once we get passed 5610-5620 there is going to be a huge breakout structurally. This current uptrend which emerged could turn negative only if nifty future starts trading below 5375 on the closing basis. On the lower side intraday strong support placed at 5443/5365 levels. Any decline in the market should be used as a buying opportunity”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open higher in line with Asian cues and experience some resistance at higher levels. Among the sectors, Bank and Capital Good stocks could do well while Oil & Gas could underperform”.
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