NIFTY IS BACK ABOVE 5,700 LEVEL AND THE SENSEX ABOVE 19,000 AGAIN
The key benchmark indices edged higher in choppy trade, shrugging off weak global stocks, with interest rate sensitive banking stocks reversing initial losses after the latest data showed easing of food inflation in early January 2011. Expectations of decent-to-strong Q3 results also aided intraday rebound in banking stocks.
NSE's volatility index, India VIX, a gauge of traders' perception of near-term risks in the market based on options prices, eased a bit to 21.01% from Wednesday's (19 January 2011) close of 21.09%.
The BSE 30-share Sensex was up 68.22 points or 0.36% to 19,046.54. The index jumped 121.94 points at the day's high of 19,100.26 in mid-afternoon trade. The index declined 183.59 points at the day's low of 18,794.73 in afternoon trade. he S&P CNX Nifty was up 20.55 points or 0.36% at 5,711.60.
The market breadth was negative. On BSE, 1,479 shares declined while 1,370 shares advanced and a total of 98 shares remained unchanged. The breadth was much weaker earlier in the day.
Among the 30-member Sensex pack, 17 advanced while the rest fell The BSE Mid-Cap index rose 0.14% and the BSE Smal-Cap index gained 0.04%. Both these indices underperformed the Sensex.
BSE clocked turnover of Rs 3,104 crore, lower than Rs 3,476.86 crore on Wednesday, 19 January 2011.
IDEA FROM DIFFERENT BROKING HOUSES:
BONANZA PORTFOLIO: For daily purpose, the trend deciding level is at 5,710-5,730. If Nifty shows strength above 5,730 level, then rally to 5,755/5,800/5,850 levels may be seen. If Nifty does not show strength above 5,710 levels then selling pressure till 5,650-5,625/5,550 levels may also be seen.
ANGEL BROKING HOUSES: “In coming trading session immediate resistance is at 19,161/5,745 (Nifty Spot level) levels. Any move beyond this level could intensify the upside momentum to 19,327/5,800 levels. On the downside, 18,870-18,795/5,658-5,634 may act as support for the day”.
FOR TODAY: US markets ends in RED; US markets also ended in deep RED. Most of the Asian markets are trading in RED. SGX Nifty is trading around 5682, 40 points down (at 9.10 a.m.). It is expected that Nifty will open around 5680-5690 area and will try to cover. The trading range will be probably between 5640-5760. 5640 (yesterday's low) will act as support. Breaking 5640, we may see 5600 level.
BUY NIFTY FUTURE ABOVE 5754 WITH STRICT STOPLOSS OF 5727 FOR A TARGET 5788, OR SELL NIFTY FUTURE BELOW 5680 WITH STRICT STOPLOSS OF 5704 FOR A TARGET OF 5641.
BUY NIFTY FUTURE ABOVE 5754 WITH STRICT STOPLOSS OF 5727 FOR A TARGET 5788, OR SELL NIFTY FUTURE BELOW 5680 WITH STRICT STOPLOSS OF 5704 FOR A TARGET OF 5641.
