Indian equities continued to rise for the second day on Monday. At the close, the 30-share benchmark index, BSE Sensex ended flat with a rise of 9.08 points or 0.05% at 19,873.93, 12 components posting rise. while the broad based NSE Nifty closed flat with a decline of 1.70 points or 0.03%, at 5,947.05.32 components posting drop.
The BSE Midcap settled lower 14.37 points or 0.34% at 7,553.64 however the Bse Smallcap gained 31.71 points or 0.35% at 9,215.45 at the closing. Market breadth was negative with 1,534 advances against 1,395 declines.
SOME VIEWS FOR TODAY FROM DIFFERENT BROKING HOUSES:
BONANZA PORTFOLIOS: "The market is expected to remain volatile. The long term trend is up. The market is expected to consolidate around current levels".
KARVY SECURITIES: "Traders are advised to trade long if Nifty holds above 5,950 levels else from 5,920 levels with stop loss at 5,880 levels targeting 5,980-6,000 levels. Alternatively, trade short in Nifty below 5,880 levels with a stop loss of 5,920 levels targeting 5,850-5,800 levels".
GEOJIT BNP PARIBAS: "Nifty is having resistance at 6,000 and 6,060 while the support is there at 5,855 levels".
ANGEL BROKING HOUSE: "Markets opened lower traded with negative bias in the early hour of trade but recovered from the low point of the day to close on a flat note. As expected and mentioned, in our previous report prices have breached the downward sloping trend line and have closed marginally above it. Hence, in the coming trading session if indices trade convincingly above 20,010 / 5,985 levels then they are likely to test 20,100- 20,160 / 6,020- 6,040 levels. On the downside, 19,711-19,600/5,900-5,870 levels may act as support for the day".
CANARA BANK OF SECURITIES (CANMONEY): "Technically, after a good recovery, Nifty gave up the gains to profit booking and closed with marginal cut. Though tested once, Nifty maintains the sanctity of the vital sentimental resistance level of 5,900, which is good news for the bulls. Nifty has tested the upper resistance of 5,980-5,985 range and witnessed a sharp correction from those levels. Owing to good buying in mainline stocks and firm opening of European indices, Nifty managed to close above its 9,14 and 100 day`s SMA level placed at 5,904, 5,986 and 5,851 levels but closed below 50 day`s SMA placed at 6,030; these levels may act as new ranges , in coming sessions. PCR for the day was recorded at 0.90 against 1.05 as on last trading session. VIX for the day closed at little higher level of 20.78% and indicating more volatility in market in the forthcoming sessions. RSI (14) for the day was at 49.68 levels and MACD was below the signal line, thus combined together they are giving the signals that market is likely to trade sideways or take a breather for some time".
FAIRWEALTH SECURITIES: "In the next session, Nifty is expected to remain in the range 5,850-5,990. Traders are suggested to buy at dips as long as nifty holds 5,850. If CNX IT sustained above 7,373 IT-stocks may attract further buying, otherwise profit booking might be seen. Banking stocks and Capital goods may face more selling pressure, while metals and auto may appear strong".
JRG SECURITIES: "After a long weekend, the key stock market benchmarks in India are expected to open on a constricted range. For the NSE Nifty, the critical support level for today`s trade is seen at 5,918. The market is expected to trade in the range between critical and first resistance 5,946 for some wherein a break of these levels is expected to determine the trend for the day. Below critical level, sentiment will remain weak and Nifty can move towards its first support at 5,884. Lower to this, major support exists at 5,886. However, on the upside, if the index manages to cross-over the 5,946 mark, it will try to target the higher resistance for the day at 5,977".
MANSUKH SECURITIES: The range bound scenario between 5,690-6,070 could be more justified at this stage. From the last few trading sessions spot index witnessed some suggestive buying from the lower levels. For the upcoming sessions we believe the same scenario though 6,060-6,066 could be the crucial resistence zone. For any major upside potential near to 6,200 we believe spot index should close above 6,070 for at least two consecutive days with substantial volumes".
On the flip side any sell off from current levels may drift indices towards 5,690 level where we might see some sort of consolidation. Any drift below 5,690-5,700 may open the flood gates and possibility of sharp slide near to 5,500 should be on higher side.
FAIRWEALTH SECURITIES(FNO) :
Nifty Futures:
Sell Nifty Futures around 5,975-5,985 for target of 5,925-5,890 and stop loss 6,010.
Bank Nifty Futures:
Sell Bank Nifty Futures around 11,370 for target of 11,200-11,111 and stop loss of 11,444.
FOR TODAY: In the meantime, Nifty future opens at 5976, made a high of 5993, low of 5973 and currently trading at 5983.
FOR LOW RISK TAKERS: SELL NIFTY FUTURE AROUND 6015-6017 WITH STOPLOSS OF 6027;
