The FIIs were net sellers with sales worth Rs 81.73 Cr (prov. cash market fig).
Indian equity market could not capitalize on the extremely positive global cues as sharp sell-off in the last hour of trade, following the news of arrest of former telecom minister A Raja, made the benchmark indices lose most of the intraday gains.
The BSE 30-share Sensex was up 68.40 points or 0.38% to 18,090.62. The index gained 283.78 points at the day's high of 18,306 in mid-morning trade. The index rose 20.39 points at the day's low of 18,042.61 in late trade. The S&P CNX Nifty was up 14.80 points or 0.27% at 5,432. The BSE Mid-Cap index fell 0.03%. The BSE Small-Cap index gained 0.08%. Both these indices underperformed the Sensex.
The market breadth was positive compared with a strong breath earlier in the day. On BSE, 1453 shares advanced while 1404 shares declined and a total of 121 shares remained unchanged. Among the 30-member Sensex pack, 17 fell while rest rose. BSE clocked turnover of Rs 3446 crore, lower than Rs 3456.44 crore on Tuesday, 1 February 2011.
FAIRWEALTH SECURITIES: "Nifty is expected to take support around 5386-5396. However, breaching of 5348 may cause heavy selling pressure up to 5265-85. Nifty has a strong resistance around 5489 and 5532 level. Traders are suggested to sell at rise keeping in view the support and resistance levels. Banking heavy-weights may attract buying at lower levels if Nifty holds 5350, while Auto and capital goods may face selling pressure".
DANI SECURITIES: "Nifty may face resistance around 5490-5540 and take support around 5400-5350".
ANGEL BROKING (Mileen Vasudeo): “Markets opened up with a gap and for the second consecutive trading session witness selling at higher levels which led the indices to close flat. On the daily charts we are witnessing an “Inside day” formation which indicates that the market traded within the previous day range. We maintain our prior days view that indices are near to the crucial support of 17,929/5,388 levels. If indices trade below this level, then it may test 17,820/5,350. On the upside 18,200-18,452/5,490-5,540 levels may act as resistance for the day".
BONANZA PORTFOLIO (Avinash Gupta, Equity Research): “The market may consolidate in a range of 5,300 to 5,600”.
GEOJIT BNP FINANCIAL SERVICES (Alex Mathews): “Nifty is still holding on to its major support of 5,400 and 5,348 and as it is showing oversold situation, we may see pullbacks but we can’t say that the markets have finished its correction unless it closes above 5,565 levels”.
BONANZA PORTFOLIO (Puneet Kinra, Technical): “Nifty could not sustain at higher levels and made Harami candlestick pattern on daily charts, which shows in very short term Nifty is trading in 5,400-5,540 range. If Nifty breaks down below 5400 levels then selling pressure till 5,350/5,260 levels may be seen. On the other hand, If Nifty hold 5,400 levels then again it may show some strength till 5,500-5,540 levels. Nifty`s short term trend along with intermediate term trend both are down”.
“For daily purpose, the trend deciding level is at 5,450.If Nifty shows strength above 5,450 level, then rally to 5,500/5,540/5,600 levels may be seen. If Nifty does not show strength above 5,450 levels then selling till 5,400/5,350/5,260 may also be seen”.
GABA FINANCIAL ADVISORS (Prakash Gaba): “The support for the Nifty is at 5,360-5,260 and resistance at 5,500. The crucial support on the Sensex on the downside is at 17,926-17,619 and resistance at 18,325”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Traders are advised to trade short in Nifty from 5450 levels, else from 5480 with a stop loss placed at 5500 levels”.
