Nifty close: 6181.60 Sensex close: 20811.44
After a gap-down opening, the market recovered to close 0.53% up for the day. Pharma and Banking stocks saw an increase while Metal and Media stocks went down today.
Major Gainers today: Tata Power, Voltas, BHEL
Major Losers today: NTPC, JPPOWER, Hind Zinc
From the recent low below 6000 spot, Nifty has managed to bounce back over 200 points. With good support at 6120-6140 spot (Sensex support at 20680), Nifty may continue moving up. Target of 6200 spot (projected at 6130 spot in last week ) remains near now. However, traders should note that upside potential is limited with the market moving towards its February F&O expiry day.
Secondly, the interesting thing is whether Nifty can touch 6260 spot to fill the gap created almost 1 month ago.
Before a week, we indicated a cause of concerns for those holding long positions. The mentioned support (last week) of 19400 has held with today’s low of the day is 19416.94 level. Again, we repeat the current consolidation phase has stopped some of the major buyers to stay away from markets.
Any bounce of 2% in main equity indices should be used as an opportunity to go short. Volatility is likely to increase over next few weeks.
Nifty hasn’t been able to sustain above 6000 spot levels which should be a cause of concern for those holding long positions. Overall, the uptrend has softened a bit which has not been truly dominated by short sellers till now.
The phase of consolidation has kept some of the major buyers away from buying in around 6050-6100 spot range – in short run. This has been directly visible in the market movements.
In the coming days, traders need to see whether BSE Sensex succeeds to hold above 19400 levels or not.
Market has seen sideways movements in recent times. We believe the market is likely to have limited upside potential at least till the time 19600 levels are taken-out on upper side in BSE Sensex.
Anybody focusing more than short-term should hold on to long positions. Be invested in select stocks to gain or outperform the markets.
Good support is likely to be seen at 19100 levels in Sensex.
Market had traded sideways for few days. Selling pressure has been trying to reverse the trend as buyers are not able to support the recent uptrend with ease.
Sensex has support at 18980 level and has resistance at 19600. As we wrote before 6 days, crossing 19600 is likely to remain a challenge.
The market has traded sideways during last two days as noted in previous ‘Market Outlook’. Overall, many of the market participants are showing caution to the FDI vote and its possible impact on the market.
SENSEX has support at 18990 while it faces resistance at 19430 & 19600 levels.
We expect the market to continue the upmove with good support at 18990 level. Look-out for Target of 19470 & 19600 levels. Booking partial profits at current levels should note hurt. Avoid short positions at least for now.
SENSEX has closed at 19339 levels. It has gained 4.50% this week which is one the few big gaining week 2-3 months’ time. Notably, it has closed at the highest level since April 2011 levels.
SENSEX has good support at 18990 levels while resistance is developed at 19430 & 19600 levels.
We expect downside to remain limited over the coming week. Plus, Target of 19470 & 19600 levels are likely in coming days. Holding on long positions with some caution will help over longer time period.