PINC RESEARCH: “The medium term trend in the major indices seems to be very precariously perched. The technicals are already suggesting that bullish fatigue has set in. Tremendous effort might be required for the trend to repair from these conditions. It is very likely that correction has set in and that the markets could be headed for a medium term correction. Measuring the correction at this point is difficult, but suffice it to say that conditions are ripe for it to unfold. Conditions are similar for the Midcap index. A move below 8500 (its 200 Day EMA) should be seen as a concerning development”.
“Presently, the Nifty is trading in ‘no man`s land’. A move below 5,700 can drag the Nifty down to 5,175. The odds look favourable for such a move,” it added.
BONANZA PORTFOLIO:
“The market is expected to consolidate in a range of 5,850/6,150. The market can be expected to be volatile in as expiry of derivative contracts is due next Thursday”.
GEOJIT BNP FINANCIAL SERVICES:
“Nifty managed to close above 6,000 and for further upside to happen it must stay above 6,000 at least for two days. Still Nifty is having resistance at 6,065 above it can move up further while the major support is there at 5,915 levels”.
KARVY FINANCIAL SERVICES:
“The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. The market is expected to trade in broad range of 5,950-6,050. Trade long if Nifty holds above 6,000 levels with stop loss placed at 5,950 levels targeting 6,030-6,050 levels. Alternatively, trade short if Nifty fails to breach past 6,050 levels with stop loss placed at 6,065 levels targeting lower supports”.
ANGEL BROKING HOUSES:
“With the F&O derivative expiry in the coming week, we are likely to witness volatile sessions. The price action and placement of the moving averages on the Daily charts suggests continuation of the upside momentum. We maintain that any close above the prior swing highs of 20,217/6,070 levels would confirm a higher-top higher-bottom formation on the Daily chart, and the indices could retest 20,400-20,700/6,150-6,250 levels. On the downside, 19,756-19,630/5,900-5,880 levels may act as a support for the week. Traders who have initiated long positions in Nifty Futures above 5,985 should strictly maintain the stop loss of 5,860 for a target of 6,300 in the next couple of weeks”.
FAIRWEALTH SECURITIES:
“Indian market gained strength in the second half of the session. After little volatility capital goods, metals and FMCG attracted good buying while Auto remained weak. Sensex shut shop at 20,073, up 90 points and Nifty at 6,011, up 31 points from the previous close”.
“In the next session, Nifty is expected to cross the resistance of 6,025 to test 6,080. Further, 6,151 is another strong resistance in Nifty. Still, 5,950 is a strong support level for Nifty. Traders are suggested to buy at dips as long as nifty sustains 5,957 levels. IT, metals and capital goods may attract buying along with FMCG, while banking index should sustain above 11610 for further up move. Auto may remain weak” it opined.
::DAILY RECOS FROM FAIRWEALTH SECURITIES::
CASH SEGMENT:
Buy Sun Pharma above Rs 477 with target of Rs 484-490 and stop loss of below Rs 470.
Sell Bajaj Auto below Rs 1,429 with target of Rs 1,409-1,391 and stop loss of above Rs 1,449.
Sell Aban below Rs 734 with target of Rs 722-710 and stop loss of above Rs 743
FUTURE SEGMENT:
Buy Siemens futures above Rs 815 with target of Rs 822-830 and stop loss of below Rs 808.
Buy Reliance Infra futures above Rs 823 with target of Rs 832-843 and stop loss of below Rs 814.
Buy Infosys futures above Rs 3,390 with target of Rs 3,410-3,434 and stop loss of below Rs 3,370
Buy Nifty Futures above 6,045 for target of 6,075-6,110 and stop loss of below 6,015.
Buy Bank Nifty Futures above 11,680 for target of 11,740-11,965 and stop loss of below 11,620.
