Nifty closed at 5,064.30, up by 47.10 points or 0.94 percent over the previous day closing of 5,017.20, after witnessing a low of 4,942.90 and a high of 5,072.90. Sensex closed at 16,862.81, up by 149.48 points or 0.89 percent over the previous day closing of 16,713.33. It touched an intraday low of 16,488.30 and high of 16,894.73.
The markets’ breadth was positive. Out of 2,920 stocks traded, 1,633 stocks advanced, 1,169 stocks declined and 118 stocks remained unchanged. In Sensex, 19 stocks advanced, 10 stocks declined and 1 remained unchanged.
FIIs were net buyers with the tune of ` 431.48 crore whereas DII were net sellers of ` 415.17 crore on Tuesday, the 6th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green on the back of positive global cues. It could later trade in a range with a positive bias. Among the sectoral indices, Auto and Oil & Gas could do well”.
BONANZA ONLINE: “Nifty showed good strength from support near 4950 levels and closed in green above 5050 levels with good market breadth and higher volumes. Participation from majority of large-cap stocks indicate that bulls are having strength at the moment and upside rally may be continuing. For daily purpose, Trend deciding level is 5050. If Nifty shows strength above 5050 levels, then rally to 5100/5150/5225 may be seen. If Nifty does not show strength above 5050 levels then selling pressure till 5000/4950/4900 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “After gaining more than 300 points last week, Nifty has been witnessing profit booking since last two trading days. This indicates that Investors are using each and every rally to lessen their delivery positions. The possibility of long term uptrend is at this stage is still uncertain taking into view the global economic developments. 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, till Nifty holds above 5,050 or from 5,000 targeting 5,100-5,150 with stop loss at 4,980.
PINC RESEARCH: “By managing a close above 5050, the Nifty has effectively created a higher top higher bottom formation on the short-term charts. This implies that a continuation of the positive momentum can carry forward for the next few days. The technical indicators could also abet such a move. The smart recovery that has transpired from 4750 levels means that strong support now exists at 4700-4750 zone. On the upside, the previous gap down region of 5200-5250 should offer strong resistance on any pullback. So, the Nifty currently remains in this range and any positive move towards the area of resistance shouldn't come as a surprise”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected taking support from close to 4950 and closing in the green. Now we could see some more upside between 5120-5200. Strong support is at 5000. The support for the Nifty is at 5000 and resistance at 5120-5200”.
ANGEL BROKING (Technical): “If indices manage to sustain above yesterday’s high of 16895/5073 then they are likely to rally towards 16990–17100/5114–5150 levels. On the downside, 16700–16488/5000–4942 levels may provide decent support for the indices. Any violation of these levels can attract some selling pressure which may drag indices lower to test 16377-16230/4916–4870 levels”.
IIFL (Amar Ambani): “India has shown commendable resilience in the past few sessions, as FII inflows have picked up. It remains to be seen whether the positive trend in FII flows stays in tact. Inflation numbers on Sept. 14 and the RBI meet on Sept. 16 are among the few important near-term events to keep on one’s radar apart from daily global developments. From next month, we will also have to contend with the latest batch of corporate results”.
MICROSEC SECURITIES: “The bulls were able to manage Nifty above 5060. Now we expect Nifty to move in the range of 5120 and 4940. 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 4940 would indicate the end of current rally and in that case Nifty may further go down and take support near 4800. Traders are advised to maintain a strict stop loss at 4940 of the long positions. On an intra-day basis Nifty has a support at 5020 and is likely to face a stiff resistance near 5090. If Nifty breaks 5020, it may further go down to 4970 and then 4940. However, if it is able to sustain above 5090, the level of 5120–5170 would become the next target”.
PINC RESEARCH: “By managing a close above 5050, the Nifty has effectively created a higher top higher bottom formation on the short-term charts. This implies that a continuation of the positive momentum can carry forward for the next few days. The technical indicators could also abet such a move. The smart recovery that has transpired from 4750 levels means that strong support now exists at 4700-4750 zone. On the upside, the previous gap down region of 5200-5250 should offer strong resistance on any pullback. So, the Nifty currently remains in this range and any positive move towards the area of resistance shouldn't come as a surprise”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected taking support from close to 4950 and closing in the green. Now we could see some more upside between 5120-5200. Strong support is at 5000. The support for the Nifty is at 5000 and resistance at 5120-5200”.
ANGEL BROKING (Technical): “If indices manage to sustain above yesterday’s high of 16895/5073 then they are likely to rally towards 16990–17100/5114–5150 levels. On the downside, 16700–16488/5000–4942 levels may provide decent support for the indices. Any violation of these levels can attract some selling pressure which may drag indices lower to test 16377-16230/4916–4870 levels”.
IIFL (Amar Ambani): “India has shown commendable resilience in the past few sessions, as FII inflows have picked up. It remains to be seen whether the positive trend in FII flows stays in tact. Inflation numbers on Sept. 14 and the RBI meet on Sept. 16 are among the few important near-term events to keep on one’s radar apart from daily global developments. From next month, we will also have to contend with the latest batch of corporate results”.
MICROSEC SECURITIES: “The bulls were able to manage Nifty above 5060. Now we expect Nifty to move in the range of 5120 and 4940. 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 4940 would indicate the end of current rally and in that case Nifty may further go down and take support near 4800. Traders are advised to maintain a strict stop loss at 4940 of the long positions. On an intra-day basis Nifty has a support at 5020 and is likely to face a stiff resistance near 5090. If Nifty breaks 5020, it may further go down to 4970 and then 4940. However, if it is able to sustain above 5090, the level of 5120–5170 would become the next target”.
INDIRATRADE SECURITIES: “The markets closed with significant gains on Tuesday and oil & gas was the biggest gainer of session. For today’s trade market likely to trade in the range between 5090 & 5150 in the upper side and 5040 & 5010 in the lower side”.
SWASTIKA INVESTMART: “On daily charts, we can see that RSI is currently trading at 47.53 and is in comfortable zone. For the coming session, 5015 is the immediate support for Nifty and if this is broken, next support is seen at 4960/4910. On higher levels, 5115 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5150/5180”.
HEM SECURITIES: “The 4% rally in Reliance Industries' share price finally helped Equity benchmarks recoup all its losses. RIL's recovery, in turn, was led by confidence expressed by British Petroleum. Short covering in European markets post deep cut yesterday too improved sentiments. For tomorrow, markets are expected to be sideways”.
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