Domestic market closed a choppy day of trade on an absolutely flat note and with a mixed bias. Trade was range bound and restrained for most part of the day. Mixed cues from the global markets and lack of domestic cues kept our market ranged and directionless after a feebly positive opening. The market trimmed gains after hitting intraday high in morning trade. Key benchmark indices though remains positive but displayed a very volatile session. Auto, Banking and capital goods sectors’ stocks witnessed good buying and prevented any fall in our market. Buying in indices heavyweights such as IDFC, Cairn, JP associates, PNB, TATA Motors, ICICI bank, LNT etc supported the benchmark indices. It was a oscillating day of trade for the Indian market wherein for most of the time market traded within a tight range. Realty, metals and oil & gas stocks witnessed selling, while positive move was exhibited by banks and capital goods. Sensex closed at 15857, down 25 points and Nifty at 4749, up 0.3 points from the previous close.
•Level wise, closing above the threshold 4740 levels may extend support to the bulls in the forth coming sessions.
•Broader market witnessed strong positive sentiments and all segments were closed on positive note. Owing to this firmness, bulls regained the control from bears and that’s too with good margin.
•Despite a poor performance, Nifty displayed a stability and remained above its vital 9 and 14 day’s SMA placed at 4712 and 4693. But its closed below 50 & 100 day’s SMA placed at 4912 & 4955.
•Though, VIX, the barometer of uncertainty, corrected sharply and closed at 25+, yet it indicates a more than average volatility in market in the forthcoming sessions.
•RSI (14) for the session was at 48.43 levels and MACD closed above the signal line.
NIFTY LEVEL
Resistance Level 1- 4785
Resistance Level 2-4835
Support Level 1-4717
Support Level 2-4665
