FIIs were net buyers with the tune of ` 890.44 crore (prov. fig.)
The BSE Sensex jumped 513.19 points or 2.89% to settle at 18,240.68, its highest closing level since 14 June 2011. The index jumped 541.46 points at the day's high of 18268.95 in late trade. The index rose 77.45 points at the day's low of 17,804.94 in early trade. The S&P CNX Nifty was up 151.25 points or 2.84% to 5,471.25, its highest closing level since 14 June 2011. The Nifty hit a high of 5,477.85 in intraday trade. The BSE Mid-Cap index rose 2.26% and the BSE Small-Cap index gained 1.8%. Both these indices underperformed the Sensex.
The market breadth was strong. On BSE, 1,980 shares advanced while 865 shares declined and a total of 115 shares remained unchanged. Among the 30-member Sensex pack, 28 stocks rose while only two of them fell.
BSE clocked turnover of ` 2815 crore, higher than ` 2525.86 crore on Thursday, 23 June 2011.
FOR TODAY: Friday's rise was truly spectacular and unexpected as 5352, 5400 and 5449 i.e., the 38.2%, 50% and 61.8% retracement levels of the 5605-5196 fall were all taken out in one go. Also, Nifty decisively crossed and closed above 20 and 34 day moving averages. Does this turn the view decisively bullish? A BIG NOOOOOOOOOOO.
A resumption of the higher-top higher-bottom on the daily chart is the prime requirement to turn the near term view decisively bullish and we are yet to see that. The first requirement of a higher-top will get fulfilled if Nifty crosses 5520, the top made on 14th June, which will then have to be followed up by a higher-bottom. Beyond 5520, Nifty would find a tough resistance around 5605. On the downside, the 5343-5330 gap, created by the gap up opening on Friday, is likely to act as a support. (courtsey: Edelweiss)
On Friday, EU markets have already lost their early gains during the day and closed in RED except FTSE which is up nearly 0.5%. US markets closed in deep RED. DOW closed nearly 1% down whereas NASDAQ closed more than 1% down.All Asian markets are trading in deep RED except Shanghai which is nearly 0.4% up. SGX Nifty is trading at 5434 (at 8 a.m.), down 50 points after making a day low of 5418 clearly indicates that Nifty may open a gap down between 5431-5441.
WATCH 5400 ON THE DOWN SIDE AND 5489/5524 ON THE UPSIDE.
WATCH 5400 ON THE DOWN SIDE AND 5489/5524 ON THE UPSIDE.
