Nifty closed at 5,001.00, up by 81.40 points or 1.65 percent over the previous day closing of 4,919.60, after witnessing a low of 4,927.55 and a high of 5,016.25. Sensex closed at 16,676.75, up by 260.42 points or 1.59 percent over the previous day closing of 16,416.33. It touched an intraday low of 16,443.35 and high of 16,714.70.
The markets’ breadth was positive. Out of 2,944 stocks traded, 1,841 stocks advanced, 976 stocks declined and 127 stocks remained unchanged. In Sensex, 24 stocks advanced and 6 stocks remained unchanged.
FIIs were net buyers with the tune of ` 620.90 crore whereas DII were net buyers of ` 101.91 crore on Friday, the 30th August 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a weak note following negative global cues. After a sharp rally on Monday & Tuesday, the markets could witness some correction. Immediate support level on Nifty is at 4927, while resistance is at 5050 level”.
CANARA BANK SECURITIES (CanMoney): “Technically, after a good 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 confirm the bullishness of past session. Today’s speedy upward acceleration supported Nifty to close above its vital supports of 5000, 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 confirmed short term bullishness. By today’s excellent upmove, Nifty regained the coveted support of 9 & 14 day’s SMA placed at 4893 & 4964 but closed below the vital support levels of 50 and 100 day’s SMA placed at 5356 & 5469 levels; this may be the new ranges 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 24.88, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 43.37 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some upward spikes”.
CANARA BANK SECURITIES (CanMoney): “Technically, after a good 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 confirm the bullishness of past session. Today’s speedy upward acceleration supported Nifty to close above its vital supports of 5000, 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 confirmed short term bullishness. By today’s excellent upmove, Nifty regained the coveted support of 9 & 14 day’s SMA placed at 4893 & 4964 but closed below the vital support levels of 50 and 100 day’s SMA placed at 5356 & 5469 levels; this may be the new ranges 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 24.88, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 43.37 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some upward spikes”.
BONANZA ONLINE: “Nifty showed good strength for 2nd consecutive day and closed in green above 5000 levels with higher volumes. Bulls are having control at the moment. Buying interest may be continuing above 4980 levels. For daily purpose, Trend deciding level is 4980-5000. If Nifty shows strength above 5000 levels, then rally to 5050/5125/5180 may be seen. If Nifty does not show strength above 4980 levels then selling pressure till 4930/4850/4800 may also be seen”.
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 above 5,000 levels, for target of 5,080-5,120 levels, with stoploss placed at 4,950.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today jumped around 2% showing renewed confidence from the part of the investors. Usually, investors would not carry forward most of their open positions when entering a long holiday if they are uncertain about the market condition. This time around we closed near to the highest point of the day when the US index futures are trading in red down around 60 points. For Nifty the major resistance is there at 5,054, 5,077 and 5,113 levels while the support lies at 4,964-4,953 levels”.
ANGEL BROKING (Technical): “We witnessed a positive closing for the second consecutive session. The session traded with extreme volatility as neither bulls nor bears were willing to carry overnight position due to gap of two days before the next trading session. On the Daily chart, we are witnessing a positive crossover of “3 & 8 EMA” coupled with positive placement of the “RSI – Smoothened” oscillator indicates a possibility of a further upside move if indices trade above Monday’s high of 16715/5016. In this case, they are likely to test 16750-17000/5050-5110 levels. The “20 EMA” is placed at 16750/5050 which may act as resistance in coming trading session. On the downside, 16443/4927 level may act as a support”.
IIFL (Amar Ambani): “At 7.7%, the first-quarter GDP growth was in line with estimates though it is down sharply from the same period last year. All eyes are on the September 16 policy meeting of the RBI to gauge the mood at Mint Street as far as its monetary tightening is concerned. Risk tolerance seems to have improved in the past few sessions amid optimism that the global economy will avoid another recession. For India, the resolution of the political impasse over the Lokpal Bill and the end to Anna Hazare’s fast are also positive. Indian markets can sustain the rally if the RBI hints at putting an end to the current monetary tightening cycle on September 16. Pick up in monsoon, a trend reversal in the FII flows and positive announcements on the policy front could also add to the buoyancy”.
MICROSEC SECURITIES: “After making a low of 4720.00 on Friday, Nifty has given a pull back rally of 6.28% in last couple of days. Now Nifty is facing a stiff resistance near 5090. If Nifty is able to maintain above 5090, an upward rally might take it to 5200 in the extreme short term. However, a breach of 4800 would indicate the end of current rally and in that case Nifty may further go down and take support in the band of 4700-4650. On an intra-day basis Nifty has a support at 4970 and is likely to face a stiff resistance near 5030. If Nifty breaks 4970, it may further go down to 4940 and then 4900. However, if it is able to sustain above 5030, the level of 5055–5090 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,612/4,982 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,780–16,883/ 5,036–5,070 levels. However, if Nifty trades below 16,612/4,982 levels for the first half-an-hour of trade then it may correct up to 16,509–16,340/4,947–4,893 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed good strength for 2nd consecutive day and closed in green above 5,000 levels with higher volumes. Bulls are having control at the moment. Buying interest may be continuing above 4,980 levels. For daily purpose, trend deciding level is 4,980-5,000. If Nifty shows strength above 5,000 levels, then rally to 5,050/5,125/5,180 may be seen. If Nifty does not show strength above 4,980 levels then selling pressure till 4,930/4,850/4,800 may also be seen”.
INDIRATRADE SECURITIES: “The markets gained significantly on Tuesday and realty, metal and banking were the best performers of trade. Nifty manage to close above the psychological mark of 5000. For today, market likely to trade in the range between 5030 & 5120 in the upper side and 4970 & 4930 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty continued its up-trend for the second consecutive day with positive market breadth. The short term trend however still remains up if nifty future holds 4900 on the closing basis in the near term. “On the higher side strong resistance seen around 5040 levels and stability above could further extend this rally up-to 5135–5190 levels.” On the lower side support seen at 4950–4915 and this relief rally could get damage only if nifty future breaks below 4900”.
SWASTIKA INVESTMART: “On daily charts, we can see that RSI is northbound. For the coming session, 4960 is the immediate support for Nifty and if this is broken, next support is seen at 4910/4870. On higher levels, 5050 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5100/5140”.
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