The Indian markets shut a lacklustre session on a flat note due to lack of investor participation ahead of holiday season.
MAJOR HEADLINES:
Food inflation rises to 12.13%
Sun Pharma energises on favourable US ruling
SAIL slips on lower FPO price talk
The key benchmark ended a choppy trading session lower as macroeconomic worries arising from a high global crude oil prices weighed on investor sentiment. The BSE Sensex closed below the psychological 20,000 mark, after flirting with that level in intraday trade. The BSE 30-share Sensex shed 32.92 points or 0.16% to 19,982.88.The 50-unit S&P CNX Nifty closed below the psychological 6,000 mark, after flirting with that level in intraday trade. The S&P CNX Nifty fell 4.40 points or 0.07% to 5,980. The Nifty hit high of 6,006.45 in early trade. The Nifty remained in a range of 5970-6005 levels with thin volumes.
The market breadth was negative as losing stocks outdid gaining ones. Out of the 2,988 stocks traded on the BSE, 1,479 declined while 1,331 rose. Hundred and seventy-eight stocks traded unchanged.
NSE's volatility index, India VIX, remained at below 20% level, at 19.03%.
FII outflow in December 2010 totaled Rs 1259.50 crore this month (till 22 December 2010). FIIs had bought worth Rs 18293.10 crore in November 2010.
The combined advance tax payment by top 100 corporate taxpayers rose 18.7% to Rs 27,531 crore in Q3 December 2010 over Q3 December 2009, indicating better corporate performance in the third quarter this year.
BONANZA PORTFOLIO:
“The market is expected to consolidate in a range of 5,850/6,150. The market can be expected to be volatile”.
ANGEL BROKING:
“Markets opened on a subdued note, traded with choppiness in a narrow range to close in red. On the daily chart, for two consecutive trading sessions we are witnessing narrow range body formation where prices have managed to close above the 5 days EMA. In coming trading session, if indices trade convincingly above 20,076/6,010 level then they are likely to test 20,084-20,217/6,030- 6,070 level in coming trading session. On the downside, 19,711-19,600/5,960-5,900 levels may act as supports for the day”.
GEOJIT BNP FINANCIAL SERVICES:
“Nifty is having major resistance at 6,007 and 6,065 and it is crucial for Nifty to close above 6,000 at least for two days. On the other hand major support is still there at 5,915 levels. We expect the markets to remain in a range bound manner till the holidays are over”.
KARVY SECURITIES:
“The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in Nifty from current levels, else from 6,000 levels for targets of 5,950 and 5,920 with a stop loss placed at 6,010 levels”.
FAIRWEALTH SECURITIES:
“Indian market traded in a narrow range where metals, auto and capital goods traded weak. In the next session, Nifty may take support around 5,934. If sustained below 5,934, Nifty may test 5,870 and 5,800 levels. However, 6,030-6,050 may act as a strong resistance zone in Nifty. Again, intraday traders are suggested to stay long as long as Nifty holds 5,930. Pharma and FMCG may attract buying while metals, oil-gas and real-estate may face selling pressure”.
Sell below Rs 1,120 with target of Rs 1,100-1,090 and stop loss of above Rs 1,140
Buy above Rs 790 with target of Rs 807-830 and stop loss of below Rs 773
Sell below Rs 280 with target of Rs 275-270 and stop loss of above Rs 285
Sell Nifty Futures below 5,977 for target of 5,947-5,907 and stop loss of above 6,007
Sell Bank Nifty Futures below 11,450 for target of 11,370-11,260 and stop loss of above 11,520
FOR TODAY: In the meantime, nifty future opens 5985.00 (day high till this time), made a low of 5966.05 and currently trading at 5984.10
SELL NIFTY FUTURE AROUND 5995-5999 (IF YOU GET) WITH STRICT STOPLOSS 6006 FOR A GOOD TARGET OF 5920/5940.
WATCH ICICIBANK, SBIN, AND EVEN BANK NIFTY
