The benchmark 30-share index, BSE Sensex added 166.94 points or 1.00% at 16,876.54 with 20 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 63.15 points or 1.26% at 5,075.70 with 38 components posting rise.
FIIs were net buyers with the tune of ` 136.55 crore whereas DII were net buyers of ` 4.40 crore on Thursday, the 15th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty exhibited a very busy show and witnessed a good closing after a good last session. Today’s upmove confirmed the tend reversal after Tuesday’s DOJI star pattern. Nifty, not only closed with good gains, but also it regained the vital support of 5050, after losing it in intraday session. Volumes were good and apparently buying momentum was visible and Nifty may be in temporary upmove as it has crossed vital resistances of 5050. Because of a good show, Nifty overcame the vital resistance of 9 & 14 day’s SMA placed at 5044 & 4996 but closed below the vital support levels of 50 & 100 day’s SMA placed at 5265 & 5390 levels; this may be the new resistances in forthcoming sessions. Modest buying in small cap & mid cap supported Bulls to snatch control from bears, because of which, Indices closed with positive market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 30.79, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 49.85 levels and MACD closed below the signal line, thus combined together they are giving the signals that market may continue to witness some positive spike”.
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 intra - day low and has finally ended in positive territory on lower volume. Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 5079 level while significant resistance at higher levels (5155) – would limit the upside. The outlook has turned neutral again while resistance comes in at the 5325+ level and support comes in at the 4720 level”.
BONANZA ONLINE: “Nifty showed good strength from support near 4950 levels and closed in green above 5050 levels. Today’s Market action will depend upon RBI policy regarding interest rates and big price swings may be seen. Therefore, traders should be cautious. For Daily Purpose, Trend deciding level is 5075 If Nifty shows strength above 5075 levels, then rally to 5125/5160/5200/5250 may be seen. If Nifty does not show strength above 5075 levels then selling pressure till 5040/4980/4900 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Global and domestic events are influencing the market movements right now. Any development in European region is being keenly watched to assimilate the level of the global recovery and the risk of recession. Market has already discounted 25 bps hikes in interest rate tomorrow and any RBI’s shocker either favourable or negative will directly influence the short term market trend”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive tomorrow. Trade long in Nifty from 5,100 levels with a stop loss at 5,080 levels for targets 5,130 and 5,150 levels. Alternatively, trade short in Nifty below 5,080 levels with a stoploss at 5,100 levels for targets of 5,050-5,030 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES: “Nifty today closed above the resistance of 5062 and is having immediate resistance at 5113 and above it can move towards 5176 while the support is there at 4995 and 4976 levels. Investors must keep a watchful eye on the RBI’s monetary policy decision and if the rate hike is above the expected 25 bps, then we may see rate sensitive sectors taking a dip”.
GEPL CAPITAL: “We had recommended that traders may exit from long positions in the range of 5040 to 5060. We maintain a bearish view on Nifty till the time it trades below 5100 level. Nifty still remains susceptible to sudden downsides till 4890 to 4870 range till it trades below 5100. The level of 4800 is now a critical support. In case Nifty breaches this level then it may retest 4720 in next few sessions. In case 5100 is breached convincingly then the threat of a downside may be averted for the time being and there may be further upsides which may be limited till 5230”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically 5025 is a strong support and we should consider the market as up as long as 5025 holds. The support for the Nifty is at 5025 and resistance at 5150-5200”.
IIFL (Amar Ambani): “World equity indices rallied after German and French leaders reaffirmed their full backing of Greece in the latter’s efforts to meet its budget targets and avert a debt default. Italian government winning a vote of confidence over its austerity package and talk of euro bonds have also helped shore up the sentiment across global markets. But in India, investors remain on tenterhooks before the RBI’s policy announcement tomorrow. Majority of economists are forecasting another 25 bps rate hike from the RBI on Friday despite tell-tale signs of slowdown. A pause (if at all it materialises) will be accepted by markets gleefully. What the RBI says in its policy statement will be crucial. The short-term sentiment will be driven by the outcome of the RBI meet and overseas events”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been taking support near 4900 for last few days. So 4900 become a short term crucial base of Nifty. Yesterday the bulls were able to manage it above 5075. We expect the bullish rally of Nifty would be continuing for another few days and Nifty is likely to test the level of 5200 in the extreme short term. However, a breach of 4900 would indicate the end of current rally and in that case Nifty may further go down to 4800. On an intra-day basis Nifty has a support at 5040 and is likely to face a stiff resistance near 5120. If Nifty breaks 5040, it may further go down to 5000 and then 4970. However, if it is able to sustain above 5120, the level of 5160–5205 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,781/5,045 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,017–17,158/ 5,122–5,169 levels. However, if Nifty trades below 16,781/5,045 levels for the first half-an-hour of trade then it may correct up to 16,641–16,405/4,998–4,921 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed good strength from support near 4950 levels and closed in green above 5,050 levels. Today’s Market action will depend upon RBI policy regarding interest rates and big price swings may be seen. Therefore, traders should be cautious. For daily purpose, trend deciding level is 5,075. If Nifty shows strength above 5,075 levels, then rally to 5,125/5,160/5,200/5,250 may be seen. If Nifty does not show strength above 5,075 levels then selling pressure till 5,040/4,980/4900 may also be seen”.
INDIRATRADE SECURITIES: “The markets performed well on Thursday with interest rate sensitive sectors being the best performers of session. For today, trade market likely to trade in the range between 5095 & 5140 in the upper side and 5040 & 5010 in the lower side”.
NIRMAL BANG SECURITIES: “The short trend today has slightly turned very optimistic as nifty future closed above its important resistance zone of 5050–5070 levels indicating an intermediate rally up to 5170 levels. We recommend buying on decline keeping a stop-loss of 4995”.
SWASTIKA INVESTMART: “On Daily charts, we can observe that RSI and Stochastic are northbound. For the coming session, we can see 5030 as the immediate support and if this is broken, next support is seen at 5000/4960. On higher levels, 5130 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5160/5200. Traders are advised to trade in small quantities and with strict stoploss”.
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