Nifty closed at 4,919.60, up by 171.80 points or 3.62 percent over the previous day closing of 4,747.80, after witnessing a low of 4,806.05 and a high of 4,934.40. Sensex closed at 16,416.33, up by 567.50 points or 3.58 percent over the previous day closing of 15,848.83. It touched an intraday low of 16,068.73 and high of 16,462.03.
The markets’ breadth was positive. Out of 2,940 stocks traded, 2,121 stocks advanced, 716 stocks declined and 103 stocks remained unchanged. In Sensex, 28 stocks advanced and 2 stocks remained unchanged.
FIIs were net buyers with the tune of ` 366.19 crore whereas DII were net sellers of ` 325.50 crore on Friday, the 26th August 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after a poor show of last session, today Nifty witnessed a very buoyant session and overcame some of its vital resistances. This helped indices not only to close on a firm note near day’s high but also to end the bearishness of past few sessions. Today’s speedy upward acceleration supported Nifty to close above its vital supports of 4900, which may be a motivating factor for bulls. Today Nifty – near month future turned to trade at good premium w.r.t. spot, which is a point of rejoice for bulls. Technically, today’s a firm bull candle required to be confirmed by tomorrow’s session, else it may be a spike of ongoing lower highs and higher lows pattern continued in our market. By today’s excellent upmove, Nifty regained the coveted support of 9 day’s SMA placed at 4899 but closed below the vital support levels of 14, 50 and 100 day’s SMA placed at 4969, 5361 & 5478 levels; this may rekindle bulls’ sentiments in forthcoming sessions. Buying spree in large caps, small cap & mid cap supported Bulls to snatch control from bears, because of which, Indices closed with firm market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a corrected level of 26.07, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 38.18 levels and MACD remained below the signal line, thus combined together they are giving the signals that market may continue to witness occasional upward spikes”.
KOTAK SECURITIES (Sanjeev Zarbade): “The third biggest rally of 2011 took place on the first day of the week. Global cues were positive with no major negative emerging from the Bernanke speech. This along with the resolution of political logjam between the Team Anna and Government also aided a rally. The markets got sold off in the previous week and investors would have done so value buying”.
BONANZA ONLINE: “Nifty showed good strength and closed in green above 4900 levels. Majority of sectors and largecap stocks participated in rally. Buying interest may be continuing, if Nifty manages to sustain above 4930-4950 zone else profit booking may be seen. For daily purpose, trend deciding level is 4900. If Nifty shows strength above 4900 levels, then rally to 4930-4950/5000/5050 may be seen. If Nifty does not show strength above 4900 levels then selling pressure till 4850/4800/4750 may also be seen”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today gained almost near to 4% and closed retaining most of it. On the first day of the September series most of the investors had taken short positions on stocks as it was the day of the Federal Reserve meeting. Today as the markets around the globe gained, those who had taken short position were forced to cover their short leading to short covering. Apart from that the retail investors who were keeping away from the markets, have started to pick fundamentally strong stocks which are at attractive valuations. For Nifty the major hurdle will be 4,969 above it can test 5,015 levels while the support is there at 4,863 and 4,814 levels. Tomorrow we are expecting Indian GDP (YoY) numbers which will decide further course of the market”.
GEPL CAPITAL: “Nifty made a low of 4720 on Friday and witnessed a sharp reversal today to end with a gain of 3.62 %. The present bounce back may extend further till 4965 to 5018 range over the course of next two to three sessions. There may be some minor correction which may not break the recent low of 4720. On the downside the level of 4850 would now act as an immediate support for Nifty”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,316 / 4,887 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,563–16,709/4,967–5,015 levels. However, if Nifty trades below 16,316/4,887 levels for the first half-an-hour of trade then it may correct up to 16,169–15,922/4,839–4,758 levels”.
SWASTIKA INVESTMART: “For the coming session, 4,880 is the immediate support for Nifty and if this is broken, next support is seen at 4,840/4,800. On higher levels, 4,960 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5,015/5,050”.
MOTILAL OSWAL SECURITIES: “Market gained 568 points on back of short covering and positive sentiments emerging from US FED on using alternate tools of monetary easing, also on domestic front passing of Lokpal Bill and RBI releasing draft guidelines for new banking licenses”.
IIFL (Amar Ambani): “With the resolution of the Lokpal logjam, the sentiment today improved dramatically. The key indices opened with a gap, tracking a firm trend across Asian markets and gains in the US markets on Friday. There was no looking back after that; in fact, the market kept on scaling new intraday highs. Banks, IT, Realty and Metal stocks had been battered badly in the recent sell-off and therefore were among the leading gainers today. Defensives such as Pharma, PSU and FMCG stocks under-performed today”.
HEM SECURITIES: “An optimistic assessment of the US economy from Federal Reserve Chairman Ben Bernanke on Friday, 26 August 2011, boosted stocks across the globe and Indian shares were no exception. The US is the world's biggest economy. The end of a standoff between the government and anti-corruption activist Anna Hazare during the weekend over anti-corruption bill, also aided the rally on the domestic bourses as the barometer index BSE Sensex regained the psychological 16,000 mark. For tomorrow, markets are expected to be upward”.
INVENTURE GROWTH & SECURITIES: “Good bounce back was witnessed today after Nifty tested the lower support level of 4,720-4,700 during Friday’s trading. This week is a truncated week following two trading holidays on Wednesday and Thursday; hence volumes are expected to be low. Tomorrow India’s Q1FY12 GDP figures will be announced and the short term trend will be influenced by the same. Govt. has pegged the growth rate to be around 8% despite many international agencies cutting down the target to sub 8% levels”.
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