The key benchmark indices logged decent gains on the back of good results from front-line banking firms and ahead of the Reserve Bank of India's monetary policy on Tuesday, 25 January 2011. But, index heavyweight Reliance Industries (RIL) declined on concerns about slow ramp up in gas production from the KG-D6 field due to technical and other issues.
The BSE 30-share Sensex was up 143.75 points or 0.76% to 19,151.28. The index gained 186.93 points at the day's high of 19,194.46 in early afternoon trade. The index slipped 9.15 points at the day's low of 18,998.38 in early trade.
The S&P CNX Nifty was up 46.75 points or 0.82% at 5,743.25. The BSE Mid-Cap index rose 0.84%. The BSE Small-Cap index gained 0.79%. Both these indices outperformed the Sensex.
The market breadth, was strong. On BSE, 1,701 shares advanced while 1,174 shares declined and a total of 103 shares remained unchanged. Among the 30-member Sensex pack, 17 gained while the rest slipped.
The total turnover on BSE amounted to Rs 2894 crore, lower than Rs 3037.54 crore on Friday, 21 January 2011.
VIEWS FROM DIFFERENT BROKING HOUSES:
BONANZA PORTFOLIO (PUNEET KINRA):
For daily purpose, the trend deciding level is at 5,750. If Nifty shows strength above 5,750 level, then rally to 5,800/5,850/5,900 levels may be seen. If Nifty does not show strength above 5,750 levels then selling pressure till 5,720/5,675/5,625 levels may also be seen.
BONANZA PORTFOLIO (AVINASH GUPTA, RESEARCH EQUITY):
“The credit policy due tomorrow could set the sentiment of the market. The market is expected to be volatile in view of the expiry of derivative contracts due on January 27. The market is expected to consolidate in a range of 5,550/5,800”.
ANGEL BROKING HOUSE:
“Markets opened higher traded in a narrow range with positive bias throughout the day to close in green. On the daily chart, we are witnessing a narrow range body formation which reflects indecisiveness prevailing at current level. The coming trading session is likely to witness volatility as RBI will announce the monetary policy. On the upside, if indices convincingly trade above 19,200/5,757 levels then it may like to test 19,330-9,400/5,792-5,820 level. On the downside 19,000-18,900/5,700-5,665 may act as support for the day”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES:
“Nifty will take directive move after the policy review of RBI and till then it is expected to remain subdued. Nifty is expected to find support at 5,606 while resistance at 5,818 levels”.
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 in Nifty from 5,720, else from 5,700 levels targeting 5,780 and 5,800 levels with a stop loss placed at 5,680 levels”.
CANARA BANK SECURITIES (CANMONEY):
“Technically, Nifty exhibited a very busy and spectacular movement in today`s session. After breaching higher resistances of 5,700 and 5,720 levels, Nifty rose in afternoon session and closed firm near day`s high, which may be a positive factor for bulls in coming session. In late hours, market witnessed good addition in calls at 5,800 level. After eleventh consecutive session, today Nifty surpassed the 9 day`s SMA placed at 5,721 but still closed below its 14, 50 and 100 day`s SMA level placed at 5,789, 5,917 and 5,965 levels; these levels may act as new ranges, in coming sessions. VIX for the day closed at moderate level of 20.17% and indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 41.83 levels and MACD was below the signal line, thus combined together they are giving the signals that market may witness some ranged movement in coming session”.
