The key benchmark indices extended gains for the second straight day, tracking firm global stocks. The barometer index BSE Sensex settled above the psychological 19,000 mark, having alternatively moved above and below that level during the day. The 50-unit S&P CNX Nifty surged past 5,700 level. The BSE 30-share Sensex was up 209.80 points or 1.11%, off close to 30 points from the day's high and up close to 160 points from the day's low to 19092.05.
The S&P CNX Nifty was up 69.30 points or 1.23% at 5,724.05.
The BSE Mid-Cap index rose 0.45%. The BSE Small-Cap index gained 0.28%. Both these indices underperformed the Sensex.
Barring the BSE Oil & Gas index, all the other sectoral indices on BSE rose. The IT index (up 2.6%), Metal index (up 2.31%), Healthcare index (up 1.64%), FMCG index (up 1.52%), banking sector index Bankex (up 1.43%), and Consumer Durables index (up 1.3%), outperformed the Sensex. The BSE PSU index (up 0.57%), Auto index (up 0.44%), Realty index (up 0.31%), Capital Goods index (up 0.19%), Power index (up 0.02%) and Oil & Gas index (down 0.12%), underperformed the Sensex.
The market breadth was positive. On BSE, 1517 shares advanced while 1367 shares declined and a total of 117 shares remained unchanged. The breadth was much stronger earlier in the day.
Among the 30-member Sensex pack, 23 gained while the rest declined.
BSE clocked turnover of Rs 3033 crore, lower than Rs 3051.87 crore on Monday, 17 January 2011.
NSE's volatility index, India VIX, eased to 21.46% from Monday's (17 January 2011) close of 23.57%.
VIEWS FROM DIFFERENT BROKING HOUSES::
BONANZA PORTFOLIO RESEARCH EQUITY (Avinash Gupta) : “The market is expected to consolidate in a range of 5,550/5,800. Any surprise in the results of the heavyweights will have a significant impact on the market sentiment”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade are advised to trade long from 5,720, else from 5,700 levels targeting 5,750 and 5800 levels with a stop loss placed at 5,675 levels”.
ANGEL BROKING HOUSE (Mileen Vasudeo): “Markets opened up with a gap and traded with positive bias throughout the day to close in green. In coming trading session, if indices trade convincingly above 19,126/5,732 levels then, on the upside it may face resistance at 19,326-19,447/5,793- 5,833 levels. On the downside, 18,933/5,760 levels may act as support for the day”.
CANARA BANK SECURITIES(CANMONEY): “Technically, Nifty exhibited a very firm upside movement in today’s session. Despite maintaining the sanctity of lower support levels, Nifty breached the vital resistance levels of 5,700 and 5,720 and closed near day`s high. This is a positive thing for bulls after a good consolidation of last session; today Nifty exhibited good show but failed to breach vital moving averages levels. For the eighth consecutive session, Nifty closed below its 9, 14, 50 and 100 day`s SMA level placed at 5,791, 5,910, 5,961 and 5,953 levels; these levels may act as new resistance, in coming sessions. PCR for the session was recorded at 0.96, while VIX for the day closed at lower level of 21.46% and indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 38.45 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness some buying in coming session”.
BONANZA PORTFOLIO (Puneet Kinra): "For daily purpose, the trend deciding level is at 5,730. If Nifty shows strength above 5,730 levels, then rally to 5,800/5,850 levels may be seen. If Nifty does not show strength above 5,730 levels then selling pressure till 5,670/5,600 levels may also be seen”.
VIRATECHINDIA.COM (Rahul Mohindar): “If we go past that, the best case scenario is a 80-90 point kind of upward rally. On the whole, what I am reading is, today's up move is on the back of smallish price moves—small volumes coupled with it, which clearly points to just a corrective up move, which means there are traders, which will use this opportunity up to probably short the market. The strategy continues to look like one should sell into the rallies,” he suggested and predicts pressure around the 5720 mark in the short-term.
FAIRWEALTH SECURITIES: “In the next session, NIFTY may face resistance around 5770 while 5680 may act as asupport zone. IT and Metals may appear strong. Intraday Traders are suggested to be cautious of profit booking at higher levels. Banking stocks may participate in the upside movement while Cements and Capital Goods may appear comparatively weaker”.
SOME CALLS FROM FAIRWEALTH SECURITIES:
Buy Nifty Fut around 5680-90 for target 5720-5757 with stoploss below 5660
Buy Banknifty Fut above 10700 for target 10760-10810 with stoploss below 10640
FOR TODAY: US markets closed in Green. Trading nearly down 10 points, SGX Nifty just made it green and presently, its up at 5740.
Nifty may open flat to positive and will try to be up. Small resistance may be seen around 5757/5775/5790. If and only if crossed 5804, we may see 5840 today or by tomorrow. On the downside, support at 5697-5700. Below 5690, panic will start.
Watch RELIANCE, JPASSOCIATES, WIPRO and BAJAJAUTO.
Nifty may open flat to positive and will try to be up. Small resistance may be seen around 5757/5775/5790. If and only if crossed 5804, we may see 5840 today or by tomorrow. On the downside, support at 5697-5700. Below 5690, panic will start.
Watch RELIANCE, JPASSOCIATES, WIPRO and BAJAJAUTO.
