The BSE Sensex advanced 146.83 points or 0.79% to settle at 18,653.87, its highest level since 11 July 2011. The Sensex jumped 183.38 points at the day's high of 18,690.42 in late trade. The index fell 25.21 points at the day's low of 18,481.83 in mid-morning trade. The S&P CNX Nifty rose 46.50 points or 0.84% at 5,613.55, its highest closing level since 11 July 2011. The Nifty hit a high of 5,627.65 in intraday trade. The BSE Mid-Cap index rose 0.41% and underperformed the Sensex. The BSE Small-Cap index gained 0.82% and outperformed the Sensex.
The market breadth was positive. On BSE, 1,657 shares advanced and 1,226 shares declined and a total of 127 shares remained unchanged. Among the 30-member Sensex pack, 24 stocks rose while the rest of them rose.
FIIs were net buyers with the tune of ` 293.29 crore on Tuesday, the 19h July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, the Indian Market is likely to open on a strong note following positive global cues & consolidate at higher levels during the day. Immediate resistance on Nifty is at 5,655, while strong support is at 5550 levels. Among the indices, Consumer Durables, IT & Metals look good and could outperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a good show and after remaining sideways for past two sessions, finds a trigger in northward direction. Nifty witnessed big gyrations in positive side owing to which it capably breached the higher resistance of 5600 & 5610 levels. Near month future of Nifty closed at premium w.r.t. spot that may support buying in coming session. Bulls decisively gained the control of the market from bears and indices closed with positive market breadth. This may offer buoyancy to the buying sentiments in coming sessions. Nifty managed to close above the vital supports of 9, 50 & 100 Day’s SMA placed at 5509, 5507 & 5571, but still closed below the vital 14 day’s SMA levels placed at 5619 respectively. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 19.25%, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 54.76 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may maintain today’s positive movement with higher volatility”.
FAIRWEALTH SECURITIES: “As the Nifty traded in the range of 5,557-5,627 and settled at 5,613 with positive bias and also making the bullish candle with the engulfing of previous days small black candle showing the bullishness in the market. The Nifty is struggling to cross the level of 200 DEMA and today again it succeeded along with the gaining in strength with the 50 DEMA. Next session’s range for the Nifty may at 5,575-5,655 and the resistance for the Nifty may be at in between 5,693-5,705 if it breaks the level of 5,655 on the upper side and the support for the Nifty may be 5,526 and at last the key support level of the Nifty may be at 5,495-5,501”.
BONANZA ONLINE: “On Wednesday, Nifty may open on positive note. On Tuesday, Nifty showed strength above 5600 level and closed on a strong note. However, short term resistance is at 5630-5655 level. Nifty is trading in 5500-5650 range for last few days. Volatility may be continuing in this range. For Daily Purpose, Trend deciding level is 5650 .If Nifty shows strength above 5650 levels, then rally to 5700/5750 levels may be seen. If Nifty does not show strength above 5650 levels then selling pressure till 5550/5500/5450 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “After five consecutive trading sessions, Nifty managed to close above 5600 level, turning the sentiments to positive. Tomorrow, results of some heavyweights like Wipro and Dr Reddy are expected-which are likely to shape the general trend of the market. Global developments continue to play pivotal role in the preparation of market sentiments”.
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, with stoploss at 5,580 for targets of 5,630-5,650 levels. Alternatively, trade short if Nifty slips below 5,580 with stop loss of 5,605 targeting 5,550-5,530 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed above the 5,600 mark and is showing a short term pull back. For Nifty the resistance is seen at 5,650 above 5,700 levels while the support is at 5,557 and 5,541 levels”.
PINC RESEARCH: “Today's stupendous surge post lunch could only be a preview of what lies ahead in the future. A continuation of this advance could have stronger repercussions in the days ahead. There is a fair probability that a temporary low could have been tested at around 5550 in the short term. If we work on such a foundation, Nifty has then completed its corrective phase which had started from the high of around 5740. The confirmation of this corrective phase should occur post its breach past 5650 - 5700 zone. A breach beyond that should impel it towards higher target of 6050-6075 which is our medium term target. The short-term technical indicators are either close to being oversold or in the neutral zone which should effortlessly assist its voyage till 6050-6075. However, Nifty’s short-term move could remain under the corrective phase as long as it stays below the resistance zone of 5650-5700”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market reacted as expected and has closed in the green but closer to our resistance. Technically I would say that the market is now in a typically sideways mode with a range of 5540-5670. The support for the Nifty is at 5540-5488 and resistance at 5618-5670-5700. The crucial support on the Sensex on the downside is 18465-18223 and resistance at 18813”.
ANGEL BROKING (Sameet Chavan): “After a range bound movement of nearly 3-4 trading sessions, Nifty has managed to give a close marginally above its psychological level of 5,600. Looking at the positive crossover in RSI oscillator, we expect indices to trade with a positive bias if they manage to cross today’s high of 18,690/5,628 level. In this case indices may test 18,800-18,930/5,650-5,680 levels. On the downside, 18,470/5,550 levels may act as a support for coming trading session”.
IIFL (Amar Ambani): “A bounce in European markets helped lift the sagging spirits on the Indian bourses. The results from the domestic companies were nothing to shout about. In fact, barring HDFC Bank, most other results missed market expectations. So, it remains to be seen how the rest of the India Inc. earnings unfold over the next few weeks. FII inflows also need to be watched carefully to see if the recent traction persists or not. The RBI policy meeting and the F&O expiry are the two notable events to keep an eye on apart from the overseas cues”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,609/5,599 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,736–18,817/ 5,642–5,670 levels. However, if Nifty trades below 18,609/5,599 levels for the first half-an-hour of trade then it may correct up to 18,527–18,400/5,571–5,529 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “On Wednesday, Nifty may open on positive note. On Tuesday, Nifty showed strength above 5,600 level and closed on a strong note. However, short term resistance is at 5,630-5,655 level. Nifty is trading in 5,500-5,650 range for last few days. Volatility may be continuing in this range. For daily purpose, trend deciding level is at 5,650 .If Nifty shows strength above 5,650 levels, then rally to 5,700/5,750 levels may be seen. If Nifty does not show strength above 5,650 levels then selling pressure till 5,550/5,500/5,450 may also be see”.
INDIRATRADE SECURITIES: “On Tuesday after a lackluster performance in the morning, the markets showed robust movement, taking cues from Europe and both benchmark indices closed with significant gains. The Nifty also managed to close above its psychologically important level of 5600. IT, metal and realty remained the best performing sectors while auto traded negative. For today’s trade market likely to trade in the range between 5630 & 5670 in the upper side and 5590 & 5550 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 highest OI (i.e. 115.23 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 5640-5680 level, the level (5700) which consists of the second highest OI (i.e 91.05 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “The ongoing trend still continues to be in the range of 5500-5700 and major trend could develop only if nifty breaches on either side. The short term trend for Nifty still remains under vision to see if we manage to break above 5660 on the higher side for a big move to trigger. This current uptrend could damage only if nifty future starts trading below the short term 45-day EMA of 5559 in the near term. For the Sensex strong support exits at 18535 levels and resistance seen at 18700 levels and rally could be seen only above 18850 levels”.
SWASTIKA INVESTMART: “On daily charts, from the past three sessions we have seen that the Nifty was able to hold its support of 5540 and in last trading session it managed to head higher above 5600 mark. Immediate resistance for Nifty is seen at 5660 and if it decisively manages to hold above this level, upward momentum may continue towards 5705 whereas support for the day is seen at 5570/5540”.
HEM SECURITIES: “Key benchmark indices edged higher in a volatile trading session, snapping losses in the preceding two trading sessions, as European stocks and US index futures rose. For tomorrow markets are expected to be upward”.
INVENTURE GROWTH & SECURITIES: “Nifty opened flat to positive and was steady for the first half of the day. Later it saw some buying activity and made a high of 5,627 and finally closed at 5,613, up 0.84% over the previous day. We saw Nifty taking supports at 5,557 in intraday. Going forward, Nifty has resistance at 5,680-5,750 and supports at 5,550-5,460. Overall, view on the markets stays neutral as there is no definite trend in the market. Nifty is seen consolidating between 5,550 and 5,650 since last five trading session”.
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