Nifty closed at 5,017.20, down by 22.80 points or 0.45 percent over the previous day closing of 5,040.00, after witnessing a low of 4,964.45 and a high of 5,030.30. Sensex closed at 16,713.33, down by 108.13 points or 0.64 percent over the previous day closing of 16,821.46. It touched an intraday low of 16,561.46 and high of 16,760.07.
The markets’ breadth was positive. Out of 2,928 stocks traded, 1,481 stocks advanced, 1,330 stocks declined and 117 stocks remained unchanged. In Sensex, 10 stocks advanced and 20 stocks declined.
FIIs were net buyers with the tune of ` 133.22 crore whereas DII were net buyers of ` 147.23 crore on Friday, the 5th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after a good show of last three sessions, today Nifty, witnessed an interesting session with good recovery. This helped indices not only to close on a flat note but also to support the bullishness of past sessions. Today’s speedy recovery supported Nifty to close above its vital supports of 5000, which may be a motivating factor for bulls. Technically, today’s candle confirmed short term bullishness. Despite some weakness, Nifty successfully maintained the sanctity of its coveted support of 9 & 14 day’s SMA placed at 4922 & 4947 but closed below the vital support levels of 50 and 100 day’s SMA placed at 5353 & 5453 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 27.83, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 44.56 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some consolidation before a decisive break in either direction”.
BONANZA PORTFOLIO (Shanu Goel): “Good support exist at 4950 levels and below this, Nifty can go down to 4900-4870 levels. Next trigger for the market will be the outcome of RBI’s monetary policy on 16th Sept. Till that time, Nifty is likely to be range bound between 5150-4850”.
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 holds 5,000 with stop loss at 4,980, targeting 5,030-5,050 levels. Alternatively, trade short below 4,980, with stop loss at 5,000, targeting lower supports of 4,950-4,930.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty, for the second consecutive day, closed above 5,000 and is giving some positive outlook for the markets. However we expect the markets to remain in a tight range of 4,914 on the downside and 5,125 on the upside. A break below or above these levels can set the course for the markets. A close above 5,125 can lend support to Nifty to move towards 5,346 (50 DSMA)”.
BONANZA ONLINE: “Nifty showed volatile session and closed in red. Nifty has support at 4950 levels and resistance at 5050 levels. In 4950-5050 range, volatility may be seen. However, if Nifty manages to maintain above 5050 levels then good recovery may be seen. On declining below 4950 levels, selling pressure may emerge. For daily purpose, Trend deciding level is 5025. If Nifty shows strength above 5025 levels, then rally to 5050/5125/5180 may be seen. If Nifty does not show strength above 5025 levels then selling pressure till 5000/4950/4900/4850 may also be seen”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market is in a typical sideways mode and also does not give an impression that it will go up in a hurry. 5120 is a stiff resistance to deal with and 4950 a support. The support for the Nifty is at 4950 and resistance at 5120-5200”.
IIFL (Amar Ambani): “Inflation in India remains stubbornly high. This could probably prompt the RBI to go for at least one more hike on Sept. 16. Indian market could rally further if the RBI signals end to its monetary tightening cycle. Meanwhile, interest rate decisions are also due from a slew of central banks this week. Global markets will also react to a spate of Chinese economic statistics on Friday”.
MICROSEC SECURITIES: “After making a low of 4720.00 on Friday, Nifty has given a pull back rally of almost 8.32% in last three days. We expect Nifty to move in the range of 5120 and 4800. If Nifty is able to maintain above 5120, an upward rally might take it to 5230 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 16,678/5,004 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,795–16,877/5,044–5,070 levels. However, if Nifty trades below 16,678/5,004 levels for the first half-an-hour of trade then it may correct up to 16,597–16,480/4,978–4,938 levels”.
INDIRATRADE SECURITIES: “The markets closed with only moderate losses on Monday, even though European markets were trading deeply in the red. Midcap and smallcap stocks performed well and support also came from ADAG group stocks. IT and oil & gas didn't do well in session, though some selected stocks from that sector, too, closed with significant gains. For today market likely to trade in the range between 5040 & 5070 in the upper side and 4980 & 4950 in the lower side”.
NIRMAL BANG SECURITIES: “The trend still looks bit positive if Nifty manages to hold 4950-4900 in the near term on the closing basis. We advice a stock specific approach and remain caution on nifty at higher levels around 5090-5120 levels. On the lower side support seen at 4950–4915 and this relief rally could damage only if nifty future breaks below 4900”.
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