At the close, the benchmark 30-share index, BSE Sensex added 357.72 points or 2.09% at 17,503.24 with 23 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 113.10 points or 2.17% at 5,333.55 with 40 components registering rise.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the 200-day EMA providing support to the Nifty and the index bouncing back strongly from the 5170 levels, markets look set to move higher in the coming week. A fresh uptrend would resume once the Nifty clears the previous highs of 5459. Downside supports are at 5200-5171”.
CANARA BANK SECURITIES (CanMoney): “Technically, after the yesterday’s Doji formation today Nifty formed a bullish candle and closed with positive bias. Level wise, closing Nifty above the threshold 5320 and Sensex above the 17450 levels may extend some support to bulls in the forthcoming sessions. Broader market witnessed positive sentiments and all the large-cap, Mid-cap and small-cap segments were closed positive for the second continuous session. Despite the positive and strong closing, Nifty closed below its 9, 14 SMA placed at 5319.55 and 5370.16; however it is closed well above its vital 50, 100 and 200 day’s SMA placed at 5163.23, 5056.68 & 5163.62. These levels will act as support and resistance in the forthcoming sessions. Though, VIX, the barometer of uncertainty, corrected and closed at 25.47 which indicate some average volatility in market in the forthcoming sessions. RSI (14) for the session was at 51.8766 levels and MACD closed below the signal line. Market may continue to witness range bound with positive bias in forthcoming sessions”.
FAIRWEALTH SECURITIES: “In the next session Nifty is expected to trade in the range 5290-5385. Below the given range 5252 may act as strong support while 5410 and 5445 may act as resistance levels. Bank Nifty Future has resistance around 10780 and 10880, and support at 10440 and 10325”.
BONANZA ONLINE: “After showing selling pressure for consecutive two weeks, Nifty showed some recovery and made hammer candlestick pattern on weekly charts, which shows that Bulls are trying to enter from support in 5200-5100 zone. Recovery may be continuing above 5300 levels. If Nifty does not maintain above 5300 levels then profit booking may resume. Traders should be cautious. For trading during the coming sessions, trend deciding level is 5325. If Nifty shows strength above 5325 levels then we may see rally 5400/5460/5540/5650 If Nifty doesn’t sustain above 5325 levels then selling pressure till 5250/5170/5100/5040 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Buy | 5360-5380 | 5450 | 5340 |
For the Week | Buy | 5340-5380 | 5480-5510 | 5320 |
BONANZA PORTFOLIO (Shanu Goel): “Markets are likely to be highly volatile in the month of March as important data and events are lined up during this month. Global developments like announcement pertaining to US non-farm payrolls too will continue to influence the market sentiments. Immediate resistance exists at 5,375-5,380 and immediate support is at 5,275 and then 5,210”.
GEPL CAPITAL: “In the immediate term the level of 5200 would provide support and if Nifty manages to trades above 5200 and clears the level of 5380 as well then there is a possibility of further upside and Nifty may retest its recent peak of 5629. In an alternate scenario if it breaches the level of 5200 then we may see further decline till 5047 which is the 61.80% Fibonacci retracement of the entire advance from 4686 till 5629. We recommend buying either on a break out above 5380 or near the level of 5050”.
KARVY STOCK BROKING: “Domestic markets managed to close above the psychological 5,300 levels. This week, long positions can be assumed in BFSI, energy and cement if markets hold 5,300 levels. Short positions can be accumulated in automobiles, capital goods and realty if the Index fails to cross 5,500 levels. Overall, the Nifty is expected to trade in a range of 5,300-5,500 this week”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty during its downward move has tested its 200 Daily Moving Average at 5,171 and it is likely to breach the major hurdle on the north at 5,385. If Nifty can move above this level then we can expect 5,614. Next week markets are going to see high volatility. On the sectoral front, we saw buying in metal, capital goods, banking, consumer durable and realty while minor selling was seen in FMCG stocks”.
ICICI SECURITIES: “The Nifty is expected to trade volatile in the range of 5165-5450 next week amid high intraday volatility. Directional move may be seen once the Nifty breaches this range. However, fresh long positions may be formed with a positive bias if the Nifty is able to sustain above 5300. On downsides, the 200 DMA of 5165 may continue to act as a major support. The banking index has immediate resistance at 10600 while major support lies at 9900. Better then expected outcome from monetary policy may trigger sharp movement in the banking index and a breach of 10600 may pull the index towards 10850”.
SMC TRADE ONLINE (WISE MONEY): “The indecisiveness and uncertainty continued whole week as markets remained under pressure due to congress's weak performance in most state election, which may result in further delay of much needed fiscal disciplinary measures and economic reforms. Nifty remained volatile throughout the week and traded in range of 5175-5400 levels. Market undertone is likely to remain confused till coming credit policy and budget. Among the put options, 5200 strikes puts hold maximum open interest of above 70 lakh shares, which is the highest open interest in any strike in current series and proved good support for Nifty. On the call side, maximum option concentration is at 5500 & 5600 strikes, having open interest of more than 50 lakh shares each. Rising IV is also indicating uncertainty. Implied Volatility is expected to increase as credit policy and budget will be announced next week. The Implied Volatility (IV) of ATM Call options closed at 25.15%. While the ATM IV of put options ended at 26.90%. Put-call ratio of open interest decreased to 1.17 from 1.32 last week indicating writing in out of money puts. Range of 5200-5400 will remain crucial for the next week with the expectation of increase in volatility”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market looks to be a trading range or a consolidation and we may see a bounce back to around 5450 zones in the days to come and strong support in the vicinity of 5200-5080 levels. From a trading point of view I would trade long taking advantage of the dips until 5450 zones”.
ANGEL BROKING (Technical): “After a negative start for the week, indices bounced back sharply on Friday after the testing the 200-day SMA support level of 17164/5163 during the week. This level coincides with the ‘20-week EMA’. Further, the weekly chart depicts Bullish Japanese candlesticks patterns in both the Sensex and the Nifty. The mentioned patterns will be confirmed once the indices cross and sustain above the high of these patterns (17692/5382). In addition, we are now observing that the momentum oscillators on the daily chart are positively poised. Hence, a move beyond 17692/5382 level may push indices higher to test 18001-18250/5459-5338 levels. In case the optimism last further on the back of positive global data or a market friendly Union Budget, the possibility of testing recent swing high of 18524/5630 cannot be ruled out. Conversely, 17164-17120/5170-5163 levels remain to be a strong support zone in coming trading sessions”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5270 and the resistance is 5420. If Nifty breaks 5270, it may further go down to 5200 and then 5160. However, if Nifty is able to sustain above 5420, the level of 5510-5630 would become the next target”.
INDIRATRADE SECURITIES: “Next week, Nifty likely to trade in the range between 5400-5450 in the upper side and 5250-5200 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The critical resistance level is seen at 5460 - the upside will continue only if the index manages to hold above this level. In such a scenario, following the number of news & events which are going to hit the market in the week to come, the upside resistance is expected at 5650. On downside, the support below the 200-DMA will be 5050”.
INVENTURE GROWTH & SECURITIES: “The coming week will be action packed with announcement of IIP numbers, Monthly Inflation, RBI Policy and finally the Union budget. So market participants will be focused on domestic events and cues coming out from them rather than international events”. (source: myiris)
UNICON WEEKLY: “Technically Nifty on weekly chart has formed a doji candle stick pattern, which shows sideways sentiment on weekly closing basis. Oscillators like stochastic are showing negative crossover in weekly chart and short term stochastics are showing highly over bought zone, which indicate resistance is good for selling opportunity. Nifty closed above the 200 day moving average (5170) indicating the long term trend could be turning positive. Short term stochastics are showing overbought territory and negative sentiment till support levels at 5210-5170. The market setup is somewhat sideways with trading range between 5210-5450 on weekly basis. The next area of resistance is around at 5450-5550 and supports are at 5210-5170. If Nifty trades above 5400, it may take resistance at 5500-5600. Weekly Nifty has resistance at 5400-5560 and supports at 5210-5160. Weekly Sensex has resistance at 17800-18160 and supports at 17300-16850. Weekly Bank Nifty has resistance at 10750-11000 and supports at 10200-9900. Weekly Bank Nifty has resistance at 10550-10700 and supports at 10000-9800”.
MAGNUM RESEARCH: “On the Nifty, 5150 levels will act as the Major Support on the lower side. If Nifty closes below this level, then probably the next logical support can be seen at 5000 psychological mark. On the upside, if Nifty manages to sustain above 5450 levels, probably 5680 would be achievable target in near term”.
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