ICICI Securities:
Market Outlook: After an initial attempt to test the 5500 mark, the Nifty faltered as follow through buying was lacking. After spending most of the session in the green, the Nifty gave up gains towards the fag end to close in the red.
• The near term trend remains positive above 5320-5350 levels. A breach of the 5320 support level on a closing basis would signal further weakness in the short-term. However, from a medium-term perspective 5480-5550 remains a crucial resistance zone.
• For the coming session, the Nifty is likely to trade in the range of 5480-5430 levels.
• Nifty spot has supports at 5435, 5410 and resistances at 5475, 5500.
Derivative Segment: Tracking positive global cues, the Nifty opened positive and traded subdued till late noon. However, selling intensified in the last hour of trade and the Nifty finally closed 0.38% negative.
• India VIX bounced back from an all-time low of 17.04 to 17.71% (up 3.93%) in yesterday’s trade.
• FIIs data was unenthusiastic with Rs 290 crore selling in index futures and dwindling momentum in buying activity in the cash segment (net Rs 73 crore).
• On the Put side, maximum addition was seen in 5300 Put (20,594 lots), followed by 5100 Put (17,469 lots) and 5500 Put (13,432 lots). On the Call side, the 5600 Call added about 23,000 lots. Unwinding was seen in 5400 Call (7,275 lots).
• If we explore the FIIs data in yesterday’s trade, we clearly find lack of buying interest by them (tiny selling in stock futures and weakened buying in cash segment) along with hedge positions created by buying Put options and selling Index futures. Considering all the above we advise traders to book positional longs if any at current levels and find selling opportunities at higher levels.
• The Nifty is likely to trade in the range of 5430-5480. The trading strategy would be to create short positions if the Nifty resists at around 5475 levels for targets of 5458 and 5440. On the other hand, one can also create long positions if the Nifty takes support at around 5435 levels.
CANBANK SECURITIES: "Technically, Nifty has breached the support of 5,440 and closed the session near day`s low. For the day, Nifty has registered its PCR level at 0.94 against 1.09 as of last trading session. Despite the selling pressure erupted in last trading hours, Nifty, successfully closed the session above the vital levels of 9 & 15 Day`s SMA placed at 5,426 and 5,420, which is giving support to our market. 50 and 100 day`s SMA pertains to Nifty are placed at 5287 and 5238; these levels may act as new supports, in coming sessions. VIX for the day was recorded at moderate level of 17.04. RSI (14) for the day was at 58.34 levels & MACD was below the signal line, thus combined together they are giving the signals for little consolidation before a clear breakout on either side."
GEOJIT BNP PARIBAS: "For the week, Nifty managed to close above 5,400 and is having support at 5,418, 5375 and 5,350 levels. We are seeing buying interest in midcap and small-cap stocks indicating that the investors have shifted their interests from large cap stocks. A movement below 5,350 will attract more selling pressure and the markets are watching out for the US non-farm payrolls which will be out later today."
FAIRWEALTH SECURITIES: "In the next session NIFTY may show weakness in crossing the range 5,472-5,487 and expected to test the support range 5,377- 5,393. Traders are suggested to sell at gains. Banking stocks may face selling pressure at gains. FMCG and cement might attract buying."
MANGAL KESHAV SECURITIES: "As expected, Nifty (Spot Chart) corrected today and test 5 DMA support of 5,440 level. If the correction continues on Monday then Nifty should find the channel support of 5,400 level. A breach below 5,400 will drag Nifty to a very crucial level of 5,340."
BONANZA PORTFOLIO: "The market is continuing with consolidation. The market has support around 5,350."
NOTE: Consolidated from sources and views from different Broking Houses.
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