Nifty closed at 5,585.45, up by 59.30 points or 1.07 percent over the previous day closing of 5,526.15, after witnessing a low of 5,541.40 and a high of 5,596.15. Sensex closed at 18,596.02, up by 184.40 points or 1.00 percent over the previous day closing of 18,411.62. It touched an intraday low of 18,465.40 and high of 18,626.41.
The markets’ breadth was positive. Out of 3,010 stocks traded, 1,859 stocks advanced, 1,012 stocks declined and 139 stocks remained unchanged. In Sensex, 26 stocks advanced and 4 stocks declined.
FIIs were net buyers with the tune of ` 315.95 crore on Wednesday, the 13h July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green following positive global cues. Support on Nifty is at 5,550-5,500 while resistance is at 5,630-5,650. Among the sectoral indices, Metal and Oil & Gas stocks could do well while IT stocks could underperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good recovery after yesterday’s fall. A buying aided with short covering supported the recovery with volumes at all levels. After overcoming the vital resistance of 5580, Nifty managed to close above that, thus 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. After a lull of past three sessions, Bulls determinedly controlled the market and indices closed with positive market breadth with illustrious margins. This may support the buying sentiments in coming sessions. Nifty managed to overcome the vital resistances of 14 & 100 day’s SMA placed at 5501 & 5566 but still closed below the vital levels of 9 & 14 day’s SMA placed at 5628 & 5603 respectively. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little lower level of 19.52%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 52.74 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 in between 5570-5625 and the resistance may occur at around 5655 if the Nifty breaks the upper range and the key resistance for the Nifty may be at 5693 and support for the Nifty may be at 5546 and the important support level for the Nifty may be at 5495 if Nifty moves below 5570”. 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 5,600 levels, with stoploss placed at 5,580, targeting 5,630-5,650 levels. Alternatively, trade short below 5,580, with stoploss place at 5,600, targeting lower supports”.
PINC RESEARCH: “Today's encouraging move resulted in a V shaped recovery of sorts. Even though today's up-move lacked any significant volume, the key take away was the gap up created in the opening, sustained for the remainder of the trading session. It still appears that the bears could have more control to the trend than the bulls at this stage. As long as the Nifty remains below 5650-5700, the short-term trend can remain weak to subdue for a while. It will be interesting to see how the developments unfold in the next few days. From a broader time frame, we had mentioned that the Nifty had faced ceiling at the red trend line (around 5750) and has retraced since. Considering the present structure, upside targets closer to 6050-6075 should now open up only on a breach of 5700. The medium term oscillator is still in the buy mode which should support the undertone of the Nifty in the case of an upside breakout”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market yet again unfolded as expected as we got a reaction and the market has closed positive for the day and has closed right near our resistance. Technically the market is still weak and in pause mode but 5618 seems to be a strong resistance. 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”.
IIFL (Amar Ambani): “The NSE Nifty attempted to fill yesterday’s falling gap on the daily charts, however was unable to fill it completely. The index also managed to end above the 100DMA (5566 levels) indicating some strength in today’s move. However, the Nifty continues to trade below the 200DMA, so one cannot rule out selling pressure”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,563/5,574 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,660–18,724/5,607–5,629 levels. However, if Nifty trades below 18,563/5,574 levels for the first half-an-hour of trade then it may correct up to 18,499–18,402/5,553–5,520 levels”.
MANSUKH BROKING HOUSE: “Exactly to our expectation, spot index shown some consolidation around 5,670-5,680 level in the last session though we feel it’s merely a sign of tiredness and still spot index have the potential to reach 5,750-5,760 level (200 DMA) where we might see momentum shifting. Therefore possibility of range bound scenario between 5,500-5,800 could be more visible at this stage. Any closing above 5800-5810 with substantial volumes may reap indices towards 5,960-6,000 where traders are advised to create short positions. On the flip side any break down below 5,500-5,480 may further spoils the sentiment and we might see some sharp sell off near to 5,300-5,330 where suggestive buying opportunities may arise”.
INDIRATRADE SECURITIES: “The markets registered strong upward movement on Wednesday and barring IT, all sectoral indices closed in the green. Auto, realty, consumer durables and oil & gas were the best performing sectors with RIL being among the lead gainers. ADAG stocks also performed well. For today’s trade market likely to trade in the range between 5610 & 5650 in the upper side and 5570 & 5520 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. 99.20 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 5620-5650 level, the level (5700) which consists of the highest addition in OI (i.e., 4.82 lacs shares) among the Nifty Call Options”.
SWASTIKA INVESTMART: “On daily charts, we can see that the candlestick so formed is just below the trend line joining multiple tops (5605) which is now acting as resistance for the index, if it is able to sustain above these levels then some buying could be seen and it may head towards 5630-5660. Support for the index is seen at 5550-5520 levels”.
HEM SECURITIES: “Indian equity benchmarks saw nice pull back on Wednesday and broke three-day losing streak, with rising 1%. Recovery was led by short covering in banking, metal, telecom, auto and select infrastructure companies' shares. Oil & gas stocks too supported the market. For tomorrow markets are expected to be upward”.
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