Nifty closed at 5,153.25, up by 28.60 points or 0.56 percent over the previous day closing of 5,124.65, after witnessing a low of 5,098.25 and a high of 5,169.25. Sensex closed at 17,165.54, up by 100.54 points or 0.59 percent over the previous day closing of 17,065.00. It touched an intraday low of 16,987.37 and high of 17,209.66.
The markets’ breadth was positive. Out of 2,945 stocks traded, 1,733 stocks advanced, 1,099 stocks declined and 113 stocks remained unchanged. In Sensex, 15 stocks advanced and 15 stocks declined.
FIIs were net buyers with the tune of ` 14.18 crore whereas DII were net sellers of ` 266.61 crore on Thursday, the 8th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open marginally lower & trade in a range with a slight negative bias throughout the session. The markets have been rising continuously over the last few trading sessions and hence some correction cannot be ruled out. Nifty has a strong resistance at 5200, while the immediate support is at 5100”.
CANARA BANK SECURITIES (CanMoney): “Nifty closing above its vital resistance of 5150 may be a motivating factor for bulls. Technically, the candle formed a bullish move after breaching the neckline of past 5 sessions, happened on Wednesday, which is a positive thing for our market. Nifty successfully maintained its closing above the vital levels of 9 & 14 day’s SMA placed at 4990 & 4960 but closed below the vital support levels of 50 & 100 day’s SMA placed at 5327 & 5431 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 market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a corrected level of 27.64, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 52.81 levels and MACD closed above the signal line, thus combined together they are giving the signals that market may continue to witness some up move, probably followed by a consolidation”.
FAIRWEALTH SECURITIES: “The Nifty has had a mixed trading session, has had a positive opening, has moved both ways, has received buying support at lower levels, has come off from its intraday low and has finally ended in positive territory on lower volume. Volatility can be the order of the day; an intraday upside (seems like a possibility) could come in above the 5155 level while significant resistance at higher levels (5194) – would limit the upside. The outlook has turned positive again while resistance comes in at the 5325+ level and support comes in at the 4720 level”.
BONANZA ONLINE: “Nifty showed good strength for 4rd consecutive day and closed in green above 5150 levels. Nifty’s sentiment to a large extent will depend upon news from US markets. On upside Nifty has resistance at 5225 and 5300 levels and on downside Nifty has support in 5050-5000 zone. For Daily Purpose, , Trend deciding level is 5150 If Nifty shows strength above 5150 levels, then rally to 5225/5300/5350 may be seen. If Nifty does not show strength above 5150 levels then selling pressure till 5100/5050/5000/4950 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “All eyes are currently on signs that the American economy will give with more economic data to be declared in next couple of days. To counter economy slowdown, President Barack Obama is likely to announce some measures tonight for boosting the job income of the masses. Depending upon the outcome and the news flows Nifty is likely to be volatile for the time being”.
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, if Nifty holds above 5,150 targeting 5,200-5,230 levels with a stop loss placed at 5,120 levels.
ANGEL BROKING (Technical): “In the second half of yesterday’s session indices witnessed a strong positive momentum. We are now witnessing a positive crossover in ‘5 & 20EMA’ on Daily chart which indicates a possibility of further upside move in coming sessions if indices manage to sustain above yesterday’s high of 17210/5170. In this case, they are likely to test 17250– 17350/5200–5230 levels. On the downside, support levels remain to be at 17000–16900/5100–5065 levels”.
IIFL (Amar Ambani): “Indian indices surpassed key levels and could be headed further north if the global situation doesn’t worsen. FII inflows need to stay positive. The Nifty, which has crossed 5150 levels, could bump into resistance around 5,225-5,250. With so much uncertainty and anxiety over the precarious state of the US and Euro-zone, markets will continue to face volatility. Trade cautiously as a few important events are lined up this week and this month. Don’t get fooled by the recent corrective up-tick as the same may not sustain for long”.
MICROSEC SECURITIES: “After making a low of 4720 on 26th August, 2011, Nifty has given a pull back rally of almost 9.50% in a time span of just seven trading session. We expect this rally would be continuing to 5230. If Nifty is able to maintain above 5230, an upward rally might carry it to 5320 and then 5400 in the short term. However, some leading indicators (Stochastic & RSI) are giving overbought signal of Nifty. So some correction to 5020 can not be ruled out in the extreme short term. On an intra-day basis Nifty has a support at 5120 and is likely to face a stiff resistance near 5170. If Nifty breaks 5120, it may further go down to 5090 and then 5050. However, if it is able to sustain above 5170, the level of 5205–5230 would become the next target”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically 5100 is a strong support and we should see market in the vicinity of 5200. The support for the Nifty is at 5100 and resistance at 5200”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 17,121/5,140 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,254–17,343/ 5,182–5,211 levels. However, if Nifty trades below 17,121/5,140 levels for the first half-an-hour of trade then it may correct up to 17,032–16,899/5,111–5,069 levels”.
INDIRATRADE SECURITIES: “The markets performed well on Thursday with consumer durables and oil & gas being the biggest gainer of session. Midcaps and smallcaps also show good buying. For today, market likely to trade in the range between 5170 & 5210 in the upper side and 5130 & 5090 in the lower side”.
INDIRATRADE SECURITIES: “The markets performed well on Thursday with consumer durables and oil & gas being the biggest gainer of session. Midcaps and smallcaps also show good buying. For today, market likely to trade in the range between 5170 & 5210 in the upper side and 5130 & 5090 in the lower side”.
NIRMAL BANG SECURITIES: “The trend is looking very strong currently but the short term indicators are indicating slight overbought signs. Nifty is also approaching its 50-day EMA of 5230 where it may face strong resistance. We maintain a cautious approach at higher levels around 5230 level and suggest booking profit and look to buy on decline. On the lower side support seen at 5095–5075 levels and this relief rally could damage only if nifty future breaks below 4970. SENSEX faces strong resistance around 17400-17450 levels. Action: Avoid buying at higher levels around 5230-17450 levels”.
SWASTIKA INVESTMART: “On daily charts, we can see that RSI having a value 52.80 is northbound. For the coming session, 5115 is the immediate support for Nifty and if this is broken, next support is seen at 5080/5050. On higher levels, 5200 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5240/5300”.
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