Nifty closed at 5,599.80, up by 14.35 points or 0.26 percent over the previous day closing of 5,585.45, after witnessing a low of 5,541.70 and a high of 5,653.95. Sensex closed at 18,618.20, up by 22.18 points or 0.12 percent over the previous day closing of 18,596.02. It touched an intraday low of 18,449.23 and high of 18,803.05.
The markets’ breadth was positive. Out of 2,965 stocks traded, 1,590 stocks advanced, 1,219 stocks declined and 156 stocks remained unchanged. In Sensex, 18 stocks advanced and 12 stocks declined.
FIIs were net buyers with the tune of ` 211.46 crore on Thursday, the 14h July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, the Indian Markets are likely to open in the green following positive Asian and trade in a narrow range with positive bias. Immediate resistance for Nifty is at 5650 while the crucial support is at 5540. Among the sectoral indices, Healthcare & Metals look good, while Oil & Gas & Power look weak”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good recovery after initial fall. A buying aided with short covering supported the recovery with volumes at all levels. After overcoming the vital resistance of 5600 & 5650, Nifty suffered from profit taking and fell in to red but finally managed to close in positive. This is depicting a sentiments reversal. Near month future of Nifty closed at premium w.r.t. spot that may support buying in coming session also, by maintaining a bullish tempo. Continuing the yesterday’s stride, Bulls determinedly controlled the market and indices closed with positive market breadth with good margins. This may support the buying sentiments in coming sessions. Nifty managed to overcome the vital resistances of 50 day’s SMA placed at 5568. But still closed below the vital levels of 9, 14 & 100 day’s SMA placed at 5625, 5612 & 5733 respectively. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 19.97%, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 53.79 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some range bound movement with higher volatility”.
FAIRWEALTH SECURITIES: “Next session’s range for the Nifty may be somewhat wider being the volatility now has been increased with the increase in the beta value i.e.5552-5625 and support may be at 5501 if it breaks the level of 5552 and the key support for the Nifty will be at 5480 and again 5655 will play its role as resistance if it breaches the level of 5625 and the crucial resistance of the Nifty may be at @5693-5710. Bank Nifty is expected to trade in the range 11140-11350. Below this range 11060 may act as strong support level while 11410 may act as strong resistance level”.
BONANZA ONLINE: “Bulls showed some strength, However Bear control the game after 2 O’ Clock and closed Nifty on flat note. Nifty showed selling pressure from 5650 levels. Friday being last trading day of the week and volatility may be seen. Overall, Nifty may trades in 5500-5800 zones for next few days. For daily Purpose, Trend deciding level is 5600 .If Nifty shows strength above 5600 levels, then rally to 5650/5700/5750 levels may be seen. If Nifty does not show strength above 5600 levels then selling pressure till 5550/5520/5480 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Despite witnessing a strong uptrend during the major part of the day, Nifty was unable to close above the psychological mark of 5,600 for yet another day. Going forward Market sentiments are likely to be affected by Corporate Q1FY12 results outcome. Global developments are also likely to affect the market sentiments. Intraday support for Nifty July Future is 5540-5500 on upside resistance zone is 5640-5665. Sell position may be taken in the zone of 5630-5650 with the SL of 5665 for the target of 5590-5560”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market closed positive and closed below our 5618 level. Technically I would say that 5540 is a strong and a very crucial level to watch. Buy above it and sell below it. The support for the Nifty is at 5540 and resistance at 5618. The crucial support on the Sensex on the downside is 18465 and resistance at 18730”.
ANGEL BROKING (Mileen Vasudeo): “On the Daily chart, prices have tested the downward gap area of 18679-18589/5601-5580 levels but have not closed above it. The current price action suggests that immediate resistance for the coming trading session is at 18735/5633 level .If indices trade above this level then there is a high probability that it could resume the upward momentum and they may test 18803-18950/5654-5700 levels. On the downside, 18449/5541 remains crucial support if breached then indices could test prior low of 18326/5496 or even test 18276/5450 levels”.
IIFL (Amar Ambani): “As has happened so many times in the past, the markets managed to overcome the trauma of yet another terror strike in the heart of Mumbai. The overall sentiment is unlikely to be dented by the latest bomb blasts. Fundamentals of the economy are quite sound despite some moderation lately. Inflation for June came in below estimates. It could spike as the full impact of last month’s fuel price hike was not captured by the June data. But, inflation, especially food prices, could soften if monsoon continues to be good. For now, the focus will remain on corporate earnings and offshore markets”.
MICROSEC SECURITIES: “After opening on a shaky note, Nifty has broken its crucial resistance of 5610 yesterday. However at the end of day it was unable to maintain above 5610. Now Nifty is likely to move in the range of 5470 and 5660 in the short term. If Nifty breaches 5470, it may further go down and take support near 5300. However a breach of 5660 would open the gate for 5745 in the extreme short term. On an intra-day basis Nifty has a support at 5550 and is likely to face a stiff resistance near 5625. If Nifty breaks 5550, it may further go down to 5520 and then 5470. However, if it is able to sustain above 5625, the level of 5660–5700 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,596/5,584 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,866–19,114/5,670–5,741 levels. However, if Nifty trades below 18,596/5,584 levels for the first half-an-hour of trade then it may correct up to 18,348–18,079/5,513–5,427 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Intraday support for Nifty July Fut is 5540-5500 on upside resistance zone is 5640-5665. Sell position may be taken in the zone of 5630-5650 with the SL of 5665 for the target of 5590-5560”.
INDIRA SECURITIES: “The markets traded soft throughout the day on Thursday and slipped in the last hour of trade and closed flat. Banking and realty performed well while IT remained the worst performer. For today’s trade market likely to trade in the range between 5630 & 5670 in the upper side and 5570 & 5530 in the lower side”.
EDELWEISS FINANCIAL ADVISORS (DERIVATIVE): “On the lower side Nifty is likely to face strong support in the vicinity of 5520-5550 level, the level (5500) which consists of the highest OI (i.e. 99.60 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 5640-5670 level, the level (5700) which consists of the second highest OI (i.e 82.29 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “The short term trend for Nifty still remains under threat but in the near 5500 will act as an Important support. If this point gets violated then the next important support is seen at 5408 which is the trend-line joining from the lows of 11 Feb (5175) to 25 May low of (5328). This current uptrend could damage only if nifty starts trading below 5400 levels, till then there is a possibility that nifty could bounce back if holds above the long term 200-day moving average of 5582 for two to three trading sessions with positive market breadth. For a big positive move to trigger nifty future has to trade above 5670 levels. For the Sensex strong support exits at 18345 levels and resistance seen at 18565 levels and rally could be seen only above 18850 levels”.
SWASTIKA INVESTMART: “On daily charts, we can see that a high wave candlestick is formed with longer upper shadow indicating that selling pressure was eminent for the day but we could not hold at the higher levels and closing was made below the 5605 mark as shown by the trend line joining multiple tops. For the coming session, immediate resistance can be seen at 5630-5660 whereas support at 5570-5540 levels”.
HEM SECURITIES: “Market took a disappointing U-turn after gaining 207 points in mid-trade to close flat. The Nifty nicely held the 5600-mark in the second half of trade after a bearish trend in early part of the day. But the sell-off in TCS ahead of results & MET department comments on monsoon played a spoilsport and washed out all gains in the last half an hour of trade. For tomorrow markets are expected to be sideways”.
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