The benchmark 30-share index, BSE Sensex added 422 points or 2.55% at 16,958.39. Meanwhile, the broad based NSE Nifty went up by 125.05 or 2.51% at 5,099.40.
FIIs were net buyers with the tune of ` 595.01 crore whereas DII were net sellers of ` 106.55 crore on Wednesday, the 12th October 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a positive note following strong global cues. It could further inch up during the day. Among the sectoral indices, IT and Auto stocks could outperform while Oil & Gas stocks look weak”.
KOTAK SECURITIES (Sanjeev Zarbade): “August IIP came at 4.1%, slightly below street expectations due to poor showing by the mining segment which contracted 3.4% vs. an expansion of 5.9% in Aug 2010. On used based classification, capital goods, Intermediate goods, basic goods and consumer goods grew at 3.9% vs. 4.7% (YoY), 1.3% vs. 5.8% (YoY), 5.4% vs. 3.8% (YoY), 3.7% vs. 4.6% (YoY), respectively. Lower IIP for the month of August indicates that the economic growth has indeed slowed down, which in turn has increased the chances of pause by RBI so far as monetary tightening is concerned. However, since the IIP numbers were very much in line with the expectations, the market reaction was tepid”.
CANARA BANK SECURITIES (CanMoney): “Technically, after making a red candle in last trading session, today Nifty closed on a very firm note and made significant gains. Nifty formed a big bullish candle and restored its positive journey. After a positive opening, Nifty successfully held onto its gain and overcame its sentimental resistance levels of 5000 and 5100. Owing to good buying in large caps, small cap and mid cap, Bulls managed to prove their supremacy over bears to regain the full control of the market and because of this, Indices closed with positive market breadth. In today’s session, Nifty not only closed firm but also closed above the vital supports of 9, 14 & 50 day’s SMA placed at 4919, 4916 & 5035. On the back of today’s heroic effort, Nifty crossed the resistance of vital 50 day’s SMA but closed below 100 day’s SMA placed at 5277. These levels may be the new ranges in forthcoming sessions. Buying was evident in all segments; this may be a supportive reason to cherish for coming sessions. In today’s session, VIX, the barometer of uncertainty, though corrected yet closed at a modestly high level of 28.41, indicating a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 56.35 levels and MACD closed above the signal line, thus combined together they are giving the signals that market may continue to witness some range bound movements in forthcoming session”.
BONANZA ONLINE: “Infy showed good Sept quarter results and Nifty showed good strength during the day. Nifty breakout above important resistance at 5000 levels and showing momentum strength at the moment. Nifty may rally till 5150-5200 zone. Majority of largecaps are participating in rally. For daily purpose, Trend deciding level is 5100. If Nifty shows strength above 5100 levels, then rally to 5140/5175/5225 may be seen. If Nifty does not show strength above 5100 levels then profit booking till 5050/5000/4950 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “After IIP data, now the WPI monthly Inflation numbers will be announced this week, which will lead to heavy volatility on the bourses. On earnings front Index heavyweight Reliance Industries will be announcing the Q2FY12 results on October 15; this along with global news flows will have a significant impact on market trend. Good support exists at 4,800 level, on upside level of 5,200 is acting as a strong resistance”.
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 above 5,100 else from 5,080, with a stop loss placed at 5,065, for targets of 5,150-5,180. Alternatively, trade short below 5,065 targeting 5,030-5,000”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today managed to close well above the resistance of 5,050 and is looking positive supported by better quarterly earnings and economic data. For Nifty, the next resistance would be around 5,140 and 5,181 while the support is there at 5,028 and 4,985 levels. Investors should keep their eyes and ears wide open for the weekly inflation and monthly inflation numbers to figure the further course of the market”.
PINC RESEARCH: “Interesting move of the Nifty continues. We had mentioned about the corridor of uncertainty that prevails below important resistance level. By closing today at around 5100, the Nifty has successfully managed to conquer the 5050 mark, which was our initial resistance level. Due to this, it can have further upsides. The next resistance to watch out is 5250. Hence, uncertainty in the short term could have cleared and has given way for positive bias in the short term. However, the medium term outlook does not change and remains a bit skewed towards weakness as indicated by the technical indicators. In the next few days, it would be fascinating to watch how the Nifty reacts when countered with headwinds at higher levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market looks up and the next logical target is 5174. The support for the Nifty is at 5030 and resistance at 5174”.
ANGEL BROKING (Technical): “After a quite opening, indices moved in a narrow range and strong positive momentum was observed after crossing Tuesday’s high of 16774/5045. Thus indices headed higher to fill the downside gap near to 17000/5110 created on 22nd September 2011. Also, yesterday’s price action resulted in a closing well above “Downward Sloping trend line” joining two highs of 18945 and 17191/5702 and 5168. Going forward, considering the positive crossover in “5 & 20 Day EMA”, upside momentum is likely to continue if indices manage to sustain above yesterday’s high of 16987/5110. In this case, indices are likely to rally towards next resistance levels of 17210–17358/5169–5230. On the downside, 16774–16510/5045–4964 levels may act as support levels for the day”.
MICROSEC SECURITIES: “Yesterday Nifty has given a strong pull back rally and at the end of day the bulls were also able to manage it near 5100. Now Nifty is expected to face a strong resistance in the band of 5115 and 5175. If Nifty is able to maintain above 5175, an up ward rally might carry it to 5230 and then 5330. However, a breach of 4970 would indicate the end of current rally and in that case Nifty may further go down and take support near 4800. On an intra-day basis Nifty has a support at 5060 and is likely to face a stiff resistance near 5115. If Nifty breaks 5060, it may further go down to 5020 and then 4970. However, if it is able to sustain above 5115, the level of 5175–5230 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,851/5,069 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,094–17,230/5,140–5,181 levels. However, if Nifty trades below 16,851/5,069 levels for the first half-an-hour of trade then it may correct up to 16,716–16,473/5,028–4,957 levels”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,851/5,069 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,094–17,230/5,140–5,181 levels. However, if Nifty trades below 16,851/5,069 levels for the first half-an-hour of trade then it may correct up to 16,716–16,473/5,028–4,957 levels”.
NIRMAL BANG SECURITIES: “The current structure looks very strong as nifty has reached the upper end of the trading band and going forward its very important that nifty maintains above 5110 for further strong up move. Around 5150–5190-5225 strong resistance is seen and on the lower side 5010 will act as a support level. Unless we break below 5000 we could see the positive trend continuing up to 5250–5330 levels”.
INDIRA SECURITIES: “The markets closed with significant gains on Wednesday and the Nifty crossed its psychologically important level of 5000. All sectoral indices closed positive with IT being the best performer. Banking and realty, too, made substantial gains and capital goods and metal also joined the rally. For today’s trade market likely to trade in the range between 5130 & 5180 in the upper side and 5070 & 5040 in the lower side”.
HEM SECURITIES: “Strong start to the second quarter earnings season by Infosys, along with heavy buying sectors like banking, oil & gas and capital goods, saw the Sensex register a powerful rally of over 400 points. The rally was also significant as it was on the backdrop of a weak industrial output data. The buoyancy in global markets too supported our market in last one hour of trade. For tomorrow, markets are expected to be upward”.
INVENTURE GROWTH & SECURITIES: “Even though the IIP has come in better than previous month, what worries markets now is RBI’s next move on 25th. The overall slow growth is now prompting India Inc to seek some policy action from the government to boost growth. On international front, band aids of bailouts are helping to ease pain but whether it will help to recover back to growth path, will take some more time before things become clear. Markets do have strong resistances on upside at 5,180-5325. We would suggest that this pull back rally should be used to book profits. On the downside, supports now come at 5,050-4,960”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
No comments:
Post a Comment