The BSE Sensex was up 202.19 points or 1.2% to 17,065, its highest closing level since 10 August 2011. The index gained 294.40 points at the day's high of 17,157.21 in mid-afternoon trade. The index rose 59.50 points at the day's low of 16,922.31 in early trade. The S&P CNX Nifty was up 60.35 points or 1.19% to 5,124.65, its highest closing level since 11 August 2011. The index gyrated between 5,154.50 and 5,076.30 during the day. The BSE Mid-Cap index rose 1.24% and the BSE Small-Cap index gained 1.53%. Both these indices outperformed Sensex.
The market breadth was strong. On BSE, 1933 shares advanced and 925 shares declined and a total of 105 shares remained unchanged. Among the 30-member Sensex pack, 24 gained while only six of them declined.
FIIs were net buyers with the tune of ` 262.43 crore whereas DII were net sellers of ` 80.81 crore on Wednesday, the 7th 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 and trade in a range. Later it could take cues from the European markets. Among the sectoral indices, Metal stocks could outperform while Auto stocks look weak”.
KOTAK SECURITIES (Sanjeev Zarbade): “The Indian markets continued to outperform its global counterparts. Apart from value buying, revival of FII interest in Indian equities is resulting in robust market gains over the past few days. Infrastructure and cement stocks were major gainers in today’s market trade. The Government tabled the land acquisition bill in the Parliament. We would like to reiterate that the risks (inflation, crude price, interest rates) that resulted in a decline in markets continue to be in place. Crude oil price continues to stay firm. Volatility could continue as there are important events lined up in the month in the US and Euro zone. The RBI monetary policy meeting is also scheduled this month. The comments from the RBI Governor would be closely watched and any signal of a pause in monetary tightening could be taken as positive by the markets”.
FAIRWEALTH SECURITIES: “Volatility can be the order of the day; an intra-day downside (seems like a possibility) could come in below the 5119 level while significant support at lower levels (5067) – would limit the downside. 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 3rd consecutive day and closed in green above 5100 levels. Lot of Global events from USA may play vital role in sentiment preparation. On upside Nifty may face some resistance in 5200-5250 zone and on downside Nifty also has important support in 5000-4950 zone. For daily purpose, Trend deciding level is 5125 If Nifty shows strength above 5125 levels, then rally to 5150/5200/5250/5300 may be seen. If Nifty does not show strength above 5125 levels then selling pressure till 5075/5025/4950 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 in Nifty above 5,100-5,120 levels for targets of 5,150-5,170 levels with stop loss placed at 5,000 levels.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today moved above the crucial level of 5,125 and closed near to it. Markets are trying to make consistent up moves in the past couple of sessions supported by FIIs and DIIs. Nifty is having resistance at 5,176 and 5,246 while the support is there at 5,001 and 4964 levels”.
PINC RESEARCH: “Today's strong upmove vindicated our premise of a higher high-low breakout that occurred in yesterday's trade. The next upside resistance should come around the zone of 5200-5250. Previously, the Nifty had created a gap down around this zone hence this resistance zone should see a possible dominance of selling pressure in case of any further upside. The technical indicators in the short term too could support such a move. Hence, we retain our short-term outlook to positive/neutral”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market still looks up and our resistance of 5200 is still valid and support at 5085. The support for the Nifty is at 5085 and resistance at 5200”.
ANGEL BROKING (Technical): “We are now observing a positive crossover in “ADX (9)” indicator which indicates possibility of a further up move if indices break yesterday’s high of 17157/5155. In this case, they are likely to test 17250–17350/5200–5230 levels. On the downside, 16900–16760/5065–5030 levels may act as support in coming trading sessions”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 17,048/5,118 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,174–17,283/ 5,161–5,197 levels. However, if Nifty trades below 17,048/5,118 levels for the first half-an-hour of trade then it may correct up to 16,939–16,813/5,082–5,040 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed good strength for the third consecutive day and closed in green above 5,100 levels. Lot of Global events from USA may play vital role in sentiment preparation. On upside Nifty may face some resistance in 5,200-5,250 zone and on downside Nifty also has important support in 5,000-4,950 zone. For daily purpose, trend deciding level is 5,125, if Nifty shows strength above 5,125 levels, then rally to 5,150/5,200/5,250/5,300 may be seen. If Nifty does not show strength above 5,125 levels then selling pressure till 5,075/5,025/4,950 may also be seen”.
NIRMAL BANG SECURITIES: “The short term trend is looking very strong currently but nifty is about to enter the resistance area of 5175–5200 levels where selling could emerge. So going forward we believe that one should maintain a cautious approach at higher levels and look to buy on decline rather chasing the trend. On the lower side support seen at 5075–5035 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 5200 levels”.
HEM SECURITIES: “A retreat from day's high in late trade capped gains in the key benchmark indices after a strong intraday surge. The recent resumption of buying by foreign funds along with upbeat European and Asian markets and positive US index futures supported gains. For tomorrow, markets are expected to be upward”.
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