The BSE 30-share Sensex was up 27.10 points or 0.15% to 18,300.90. The index rose 85.04 points at the day's high of 18,358.84 in late trade. The Sensex lost 57.68 points at the day's low of 18,216.12 in early afternoon trade. The S&P CNX Nifty was up 0.70 points or 0.01% to 5481.70. The Nifty hit a high of 5,504.80 in intraday trade. The BSE Mid-Cap index rose 0.53% and the BSE Small-Cap index gained 1.01%. Both these indices outperformed the Sensex.
The market breadth was strong. On BSE, 1,745 shares advanced while 1,130 shares declined and a total of 87 shares remained unchanged. Among the 30-member Sensex pack, 16 fell while the rest rose.
BSE clocked turnover of Rs 3070 crore, lower than Rs 3791.96 crore on Tuesday, 15 February 2011.
VIEWS FROM DIFFERENT BROKING HOUSES:
ANGEL BROKING (Mileen Vasudeo): “Markets traded in a narrow range with extreme choppiness and close on a flat note. On the daily charts, after a Doji formation we are witnessing a Spinning top which indicates that prior trend is losing momentum. At present there is no sign of weakness. Hence we maintain our previous day view that if indices trade above 18,370/5,510 levels then they are likely to test 18,542-18,600/5,566-5,580 levels. On the downside, 18,050-17,990/5,400-5,380 may act as support for the day”.
GEOJIT BNP PARIBAS (Alex Mathews): “Nifty for a very short period moved above 5,500 and finally came to a close near the previous close. Nifty still has the 5,525 and 5,630 (200 DMA) as the major resistance levels. After consolidation, we may see more upside to the markets”.
ULJK SECURITIES: “Nifty is expected to find support at 5453, then 5409 and face resistance at 5508 then 5569”.
BONANZA PORTFOLIO (Puneet Kinra): “Nifty showed volatile session for second continuous day. Nifty is trading in 100 points range for two consecutive days. Volatility may be continuing within 5,500-5,400 range. Decisive price action may be seen above 5,500 or below 5,400 levels. For daily purpose, trend deciding level is at 5,480-5,500. If Nifty shows strength above 5,500 level, then rally to 5,540/5,625 levels may be seen. If Nifty does not show strength above 5,480 levels then selling till 5,450/5,400/5,350 may also be seen”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long if Nifty sustains above 5510 else from 5,470 for targets of 5,550 and 5,570 with a stop loss placed at 5,450 levels”.
KARVY STOCK BROKING (Ambreesh Baliga): "I see Nifty in the 5,500-5,600 band, and over the next couple of days we could touch those levels of closer to 5,600. We cannot rule out the panic in the markets, however, assuming that there is no other adverse news on scam or other front; the markets should be in the range closer to 5,500-5,600, at least before budget”.
CASHTHECHAOS.COM (Jai Bala): “The market is not going to exceed 5,565 as another round of selling is due. My suspicion is that markets have got one more leg of downside. It will be slightly below the lows it made a few days ago”.
INDIA INFOLINE (Amar Ambani): “The key question is whether the current upswing will sustain? We may see some consolidation in the run up to the Union Budget. Unless there is follow-up buying by big players, the current rally may run out of gas at some point. At the same time, any fresh downside will be limited”.
GABA FINANCIAL ADVISOR (Prakash Gaba): “Now comes the time for a consolidation before the next move up to 5,560. The market has closed mildly positive but seems still in consolidation and so volatility is not ruled out. The support for the Nifty is at 5,375 and resistance at 5,490-5,560. For Sensex, the crucial support on the downside is at 18,000 and resistance at 18,318-18,560”.
CANARA BANK SECURITIES (CanMoney): “Technically, after two bullish candle of last two session, today Nifty formed one Doji candle, which conveys a sense of indecision or tug-of-war between buyers and sellers. However, the positive closing may extend support to the bulls and may continue to hold an upward short term momentum from here. On account of a good recovery from day’s low levels, Nifty managed to close above the vital levels of 9 & 14 day’s SMA placed at 5366 and 5408 but still closed below its 50 & 100 day’s SMA level placed at 5755 and 5910 levels; these levels may act as new ranges, in coming sessions. VIX for the day was recorded at lower level of 23.05%, thus indicating optimal volatility in market in the forthcoming sessions. RSI (14) for the day was at 45.35 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness upward movement in coming session”.
DANI SECURITIES: “Nifty may face resistance around 5510/5550 and take support around 5460/5410 level”.
SKP SECURITIES: “Nifty future resistance is 5550/5630 and support is 5360/5240”.
