Nifty closed at 5,161.00, up by 88.15 points or 1.74 percent over the previous day closing of 5,072.85, after witnessing a low of 5,123.35 and a high of 5,197.95. Sensex closed at 17,130.51, up by 272.60 points or 1.62 percent over the previous day closing of 16,857.91. It touched an intraday low of 17,022.25 and high of 17,256.46.
The markets’ breadth was positive. Out of 2,985 stocks traded, 2,205 stocks advanced, 696 stocks declined and 84 stocks remained unchanged. In Sensex, 23 stocks advanced and 7 stocks declined.
FIIs were net buyers with the tune of ` 152.87 crore whereas DII were net buyers of ` 289.95 crore on Wednesday, the 10th August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the red following global cues and bounce back later during the day. Among the sectoral indices, Auto and Banking stocks could outperform while Oil & Gas look weak”.
CANARA BANK SECURITIES (CanMoney): “Technically, lower highs and higher lows pattern was discontinued in today’s session and Nifty formed one decisive upmove. For a definite uptrend Nifty has to close above 5450, otherwise, today’s upmove will be considered as a part of ongoing bearish trend. Good buying with optimal volumes supported Nifty and it closed on a good note. In today’s trade, Nifty regained its vital supports of 5150 and closed above this. Today’s bullish candle will have to be confirmed by tomorrow’s bullish show for extending a support to the bulls. Despite, today’s good show, Nifty for the eleventh successive session closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5306, 5406, 5492 & 5566 levels; this may continue to spoil the recovery sentiments in forthcoming sessions. On account of firmness in large cap, small cap & mid cap, today Bulls snatched the control from bears, because of which, Indices closed with positive market breadth. This may support any recovery sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed after correcting to 28.95, from the high level of 35, it formed in last session, indicating modest volatility in market in the forthcoming sessions. RSI (14) for the session was at 32.41 levels and MACD remained below the signal line, thus combined together they are giving the signals that market may witness some temporary relief”.
BONANZA ONLINE: “Nifty showed volatile session. Bulls protected support at 5130 levels and bears also protected 5200 levels. Buying momentum may be continuing of Nifty maintains above 5200 levels decisively on the other hand, if Nifty decline below 5130 levels then selling pressure may resume. For daily purpose, Trend deciding level is 5170. If Nifty shows strength above 5170 levels, then rally to 5200-5250/5350 levels may be seen. If Nifty does not show strength above 5170 levels then selling pressure till 5120/5070/5000/4950 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Fed’s decision on interest rates somewhat soothed the ongoing turmoil in global markets but the sentiments regarding the US recession fear still zooming over the heads of investors worldwide including India. The outcome of the meeting is likely to bring some relief in the short term only, however the long term outlook still remain uncertain. Below 5,100, Nifty support is placed at 5,050 and then 4,950”.
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 5,150 levels, with stop loss at 5,130, targeting 5,180-5,200 levels. Alternatively, trade short if Nifty slips below 5,130 or else if it fails to cross 5,200, targeting support levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today came close to its psychological resistance of 5,200 but could not break it and closed above 5,150. Short term resistance for Nifty is 5,200 and 5,250 and one must keep in mind that this relief rally cannot be taken as reversal in the overall trend. US remains vague in terms of steps to boost the economic recovery and we must wait to see how the Federal Reserve tackles the whole situation and whether they would go in for QE3. The Oil Ministry has hinted at reducing the petrol price if crude price remained at lower levels which will help the inflation to be brought down and it indirectly indicate that further interest rate hikes decisions will be held back”.
GEPL CAPITAL: “We had indicated that sustenance above 5050 would have short term positive implication till 5235. Today Nifty recovered some of its losses and ended the day with a gain of 88 points at 5161. It now has resistance placed at 5235 and if it manages to surpass this level we may see further upside till 5324 over the course of next few days. We recommend a strategy of exiting from pending stuck up long positions in that range rather than add fresh long positions. There is a possibility that the present bounce back may not sustain and we may witness another round of sell off which may take it down close to the low of 4946 over the course of next couple of weeks”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market needs to consolidate in the lower regions of 5000-5200 before a sustained up move could emerge. Technically there exists a strong resistance in the region of 5250-5340. The support for the Nifty is at 5000 and resistance at 5250-5340. The crucial support on the Sensex on the downside is 17000 and resistance at 17500-17737”.
ANGEL BROKING (Technical): “We are observing a Horizontal Trend line resistance at 17315/5196 on the Daily chart. The Gap area formed on the daily chart in the range of 17665–17358/5323–5230 would act as the next key resistance levels for the Indices. Markets opened on an optimistic note and showed some strength during the initial part of the day but faced resistance near 17250 / 5205 level. Going forward, if indices trade below yesterday’s low of 17022/5123 then selling pressure may intensify which may drag indices to test support levels of 16900–16640/5100–5010. On the other hand, if markets break 17256/5205 level then they are likely to test 17350/5230 level”.
IIFL (Amar Ambani): “From here on, much will hinge on the upcoming data points from the US, Euro-zone and other important parts of the world. Any policy action (local or/and global) to perk up sentiment may also come in handy. For India, the key catalysts could be sharply lower commodity prices, particularly that of crude oil. There may also be some relief on fuel prices if crude stays low. Having said that, one must navigate the next few days and weeks carefully, as markets consolidate post the recent drubbing. Fund flows will also be important for India and so will be Friday’s IIP data”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has given a pull back rally to 5197 in last two days. Now we expect Nifty to move in the range of 4940 and 5330 in the short term. If Nifty breaches 4940, the short term trend would become negative and it may further go down to 4720. However, a breach of 5330 would open the gate for 5500 in extreme short term. On an intra-day basis Nifty has a support at 5130 and is likely to face a stiff resistance near 5200. If Nifty breaks 5130, it may further go down to 5105 and then 5070. However, if it is able to sustain above 5200, the level of 5235–5280 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 17,136/5,161 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,250–17,370/5,198–5,235 levels. However, if Nifty trades below 17,136/5,161 levels for the first half-an-hour of trade then it may correct up to 17,016–16,902/5,124–5,086 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed volatile session. Bulls protected support at 5,130 levels and bears also protected 5,200 levels. Buying momentum may be continuing of Nifty maintains above 5,200 levels decisively on the other hand, if Nifty decline below 5,130 levels then selling pressure may resume. For daily purpose, trend deciding level is 5,170. If Nifty shows strength above 5,170 levels, then rally to 5,200-5,250/5,350 levels may be seen. If Nifty does not show strength above 5,170 levels then selling pressure till 5,120/5,070/5,000/4,950 may also be seen”.
INDIRATRADE SECURITIES: “US Federal Reserve's decision not to increase the rate of interest for the next two years has positive impact on the Indian markets and both benchmark indices closed with significant gains. Auto was the best performer in Wednesday’s trade and other interest rate sensitive sectors like banking and realty also did well. Fertilizer stocks, too, gained substantially and oil & gas and FMCG were the only two sectors that closed with moderate losses. For today’s trade market likely to trade in the range between 5190 & 5250 in the upper side and 5130 & 5070 in the lower side”.
INVENTURE GROWTH & SECURITIES: “Nifty’s immediate resistance comes at 5,200-5,330 levels and supports stand at 4,960 levels. Nifty has left a gap between 5,330-5,230 levels which can technically act as a resistance in coming days. Nifty can also fill the gap and again continue its down trend in coming days. Traders need to be cautious and avoid leverage position in the market”.
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