The FIIs were net buyers with investment worth Rs 147.64 Cr (prov. cash market fig)
The BSE 30-share Sensex was up 473.59 points or 2.67% to 18,202.20. The index gained 499.01 points at the day's high of 18227.62 in late trade. The Sensex rose 128.51 points at the day's low of 17857.12 in early trade. The S&P CNX Nifty gained 146 points or 2.75% to 5,456. The BSE Mid-Cap index rose 3.52% and the BSE Small-Cap index rose 3.94%. Both these indices outperformed the Sensex.
The market breadth was strong. On BSE, 2449 shares advanced while 495 shares declined. A total of 61 shares remained unchanged. All the 30 members from the Sensex pack 29 stocks logged gains and one fell.
BSE clocked turnover of Rs 3448 almost same as that of Rs 3445.18 crore on Friday, 11 February 2011.
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F & O HIGHLIGHTS: Nifty Future (February) closed at 5455.65, at a Discount of 0.35 Point v/s 7.45 Premium previous days. Long Build up is seen in PFC, TULIP, TATACHEM, ABAN, JSWSTEEL, HCLTECH, BEL and GESHIP to name a few. Short Build up is seen in DCHL.
On the lower side Nifty is likely to face strong support in the vicinity of 5400-5350 level, the level (5400) which consists of the highest OI (i.e. 93.97 lacs shares) among the Nifty put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5500-5550 level, the level (5600) which consists of the highest OI (i.e. 68.73 lacs shares) addition among the Nifty Call Options.
VIEWS FROM DIFFERENT BROKING HOUSES:
DANI SECURITIES: Nifty may face resistance around 5500-5550 It may take support around 5415-5370
ANGEL BROKING (Mileen Vasudeo):: “Markets witnessed a gap up opening and momentum on the upside intensified as the day progressed which lead the indices to close near days high. On the daily chart, we are witnessing that prices have tested the upper trendline of the channel. Any breakout of the channel could lead the indices to test 18,400-18,542/5,512-5,566 levels. On the downside, 17,871-17,761/5,357-5,322 may act as support for the day”.
GEOJIT BNP PARIBAS (Alex Mathews): “Nifty today managed to close above the 5,400 mark and it is having a short term target of 5,560 and 5,630 (200 DMA). Nifty has major support at 5,377. Copper imports by China rose to 5.7% and this rise in demand in expected to bring some buying interest in Sterlite and Hindustan Copper in coming days. Next major trigger for the markets is the Union Budget 2011-12”.
CANARA BANK SECURITIES (CanMoney): “Technically, after a series of subdued sessions, today Nifty formed one more bullish candle and closed near day`s high. Today`s bullish candle gives confirmation of Friday`s positive short term trend change. This factor may extend support to the bulls and may ignite further upwards momentum from here. However closing above 5,630 level only confirms us the complete turn around from the current bear phase. Today`s recovery made Nifty to close above 9 and 14 days SMA which are place at 5,367.60 and 5,431 and these level act as new support for the coming days. Despite a good recovery, Nifty again closed below its 50,100 and 200 day`s SMA level placed at 5,775.52, 5629.08 levels; these levels may act as new resistances, in coming sessions. VIX for the day record some decline from earlier level of 23.47 but still closed at little higher level of 22.58%, thus indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 43.67 levels and MACD was marginally below the signal line, thus combined together they are giving the signals that market may witness some upward movement in coming session”.
FAIRWEALTH SECURITIES: "In the next session, Nifty is expected to continue buying up to 5555 level with 5400 as strong support. However, 5340 may act as another support level for NIFTY. Intraday traders are suggested to buy at dips. Banking and Metals may continue buying while Telecom and IT may stay comparatively weaker".
Buy Nifty Futures below 5,473 for target of 5,503-5,523-5,555 and stop loss of above Rs 5,443.
Buy Bank Nifty Futures above 10,810 for target of 10,860-10,960 and stop loss of Rs 10,760
