Nifty closed at 4,948.90, up by 50.10 points or 1.02 percent over the previous day closing of 4,898.80, after witnessing a low of 4,863.80 and a high of 4,965.80. Sensex closed at 16,498.47, up by 156.77 points or 0.96 percent over the previous day closing of 16,341.70. It touched an intraday low of 16,213.18 and high of 16,549.21.
The markets’ breadth was positive. Out of 2,918 stocks traded, 1,824 stocks advanced, 988 stocks declined and 106 stocks remained unchanged. In Sensex, 19 stocks advanced, 10 stocks declined and remained unchanged.
FIIs were net sellers with the tune of ` 100.34 crore whereas DII were net buyers of ` 302.89 crore on Tuesday, the 23rd August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after a good show of previous session, today indices ably continued the gained momentum and mustered good buying support. This helped the indices not only in a good closing but also in overcoming vital resistances. This helped Nifty in closing above vital support of 4900, which may be a encouraging factor for bulls. Technically, today’s up-move was important and it confirms a small recovery in coming session. Despite a serious recovery attempt, Nifty closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5011, 5089, 5407 & 5519 levels; this may continue to spoil the recovery sentiments in forthcoming sessions. On account of good buying support in large cap, small cap & mid cap, today Bulls again maintained their control over bears, because of which, Indices closed with firm market breadth. This may support buying sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed after correcting to 25.92, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 31.76 levels and MACD remained below the signal line, thus combined together they are giving the signals that market may continue to witness some more relief”.
BONANZA PORTFOLIO (Shanu Goel): “The current uptrend can be attributed to the bottom fishing or bargain hunting at lower levels. Whether the uptrend will sustain or not is still to be seen. Market is likely to consolidate in the range of 4,780-5,000”.
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 4,930 else around 4,900, with stop loss at 4,880, targeting 4,980-5,000 levels. Alternatively, trade short in Nifty below 4,880, with stoploss at 4,900, targeting 4,850-4,820 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected and we saw a short covering bounce and the market has closed right on our resistance. Technically, some more upside is possible. The support for the Nifty is at 4850 and resistance at 4950-5020-5050. The crucial support on the Sensex on the downside is 16350 and resistance at 16617-16812”.
MICROSEC SECURITIES: “After making a low of 4796.10 on Friday, Nifty has given a pull back rally of almost 150 points in last couple of days. Now the short term crucial support of Nifty lies at 4790. If Nifty breaches 4790, it may further go down to 4650 in the extreme short term. However, Nifty has made a gap between 5330 and 5229. So a short term pull back rally to 5330 can not be ruled out. On an intra-day basis Nifty has a support at 4910 and is likely to face a stiff resistance near 4980. If Nifty breaks 4910, it may further go down to 4870 and then 4830. However, if it is able to sustain above 4980, the level of 5020–5080 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,420/4,926 levels. If nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,627–16,756/4,989–5,028 levels. However, if nifty trades below 16,420/4,926 levels for the first half-an-hour of trade then it may correct up to 16,291–16,084/4,887–4,824 levels”.
NIRMAL BANG SECURITIES: “As nifty future is heading near to its Aug expiry on Thursday, there is a possibility that huge amount of FII or hedge fund short covering could be witnessed from current levels. This is more of a technical pullback and not a trend reversal. If nifty future maintains above 4965 in the near term then this rally could further extend up to 5015–5055-5085 levels. On the lower side 4903–4870 will act as an important support level and weakness could persist only below 4870 levels, till then we could see positive moves”.
SWASTIKA INVESTMART: “On Daily charts, we can observe that the momentum indicator RSI has reversed from its Oversold Region. For the coming session, 4910 is the immediate support for Nifty and if this is broken, next support is seen at 4870/4840. On higher levels, 4980 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5015/5050”.
HEM SECURITIES: “Firm global stocks aided rally in Indian shares for the second day in a row. World stocks rose, with sentiment boosted by Chinese data and expectations Federal Reserve Chairman Ben Bernanke will signal readiness later this week to support the struggling US economy. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Nifty has strong supports around 4,720 and immediate resistance stands at 4,960-5,110 levels”.
BONANZA ONLINE: “After making long legged Doji candlestick on weekly charts, Nifty made long black candlestick pattern, which shows that bears are having control at the moment. Nifty August future expiry due in this week so volatility may be seen. IF Nifty continues to hold 4800 levels then some recovery may be seen else selling pressure may be continuing. For trading during the coming sessions, trend deciding level is 4800-4850. If Nifty shows strength above 4850 levels then we may see rally 4950/5040/5100/5150 levels. If Nifty doesn’t sustain above 4800 levels then selling pressure till 4700/4650/4550 may also be seen”.
ANGEL BROKING (Technical): “Our benchmark indices opened on an optimistic note but immediately fell down from the intraday highs to test 50% retracement level of Monday’s candle. However, due to oversold condition of momentum oscillators Indices bounced back and rallied higher to test resistance level of 16450/4950. Going forward, If indices manage to trade above 16550/4966 level then they are likely to test 16660–16750/5000–5050 levels. On the downside, yesterday’s low of 16213/4863 may act as support in coming trading session. A move below this level can drag indices lower to test recent lows of 15987/4796”.
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