After opening on a positive note, markets turned dull and directionless for majority of the day, until, benchmark indices witnessed some heavy offloading in last half an hour of the day. The NSE Nifty was unable to end above the 5,400 levels for the second consecutive day, and the selling was seen in the pharma, banking and the infra stocks. Even the mid-cap and the small-caps bore the brunt.
Led by a smart recovery in farm output, the government estimated GDP growth for the current financial year at 8.6%, as against 8% a year ago.
At the close, the benchmark 30-share index, BSE Sensex added 29.04 points or 0.16% at 18,037.19 with 21 components registering rise. while the broad based NSE Nifty closed flat with a gain of 0.25 points at 5,396, 29 components registering rise.
The BSE Mid and small caps underperformed their larger counterparts declining 0.52% and 0.83% respectively.
Market breadth was negative with 1,155 advances against 1,735 declines.
BONANZA PORTFOLIO (AVINASH GUPTA): “The importance of support around 5,350 to 5,400 has increased. The market may consolidate in a range of 5,300 to 5,600”.
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 from 5,400-5,420 levels for targets of 5,350 and 5,320 levels with a stop loss placed at 5,450 levels”.
ANGEL BROKING (MILEEN VASUDEO): “Markets opened higher and traded in a narrow band with choppiness and finally managed to close flat. On the daily chart we are witnessing a narrow range body formation which reflects indecisiveness prevailing at current level. In coming trading session, if indices trade convincingly above 18,181/5,441 levels then they are likely to test 18,262-18,346/5,472-5,500 levels. On the downside, 17,820/5,350 levels are the multiple supports, if breached then indices could test 17,670/5,300 levels”.
BONANZA PORTFOLIO (PUNEET KINRA): "Nifty showed volatile session and closed on a flat note. However, Nifty`s short term trend is down and it is trading within 5,369-5,556 ranges for six trading days. If Nifty manages to maintain above 5,550 levels or below 5,350 levels then directional sense may be seen. Volatility within 5,350-5,650 range may be continuing".
"For daily purpose, the trend deciding level is at 5,400. If Nifty shows strength above 5,400 level, then rally to 5,440/5,500/5,550 levels may be seen. If Nifty does not show strength above 5,400 levels then selling till 5,350/5,300/5,250 may also be seen".
GABA FINANCIAL ADVISOR (PRAKASH GABA): "Technically the market still looks weak and has displayed no signs of strength so far; the structure is suggestive that we could see some more downside in the days to come; the market could also take support at 5,360 but it needs to cross 5,500 level with force and unless that happens we ought to assume that the market is down and the levels to look for on the downside are 5,360-5,260-5,240. From a trading point of view I would short rallies until 5,500".
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