The FIIs were net sellers with sales worth Rs 386.26cr (prov. cash market fig)
Weak Global Cues and Libyan crisis affected Indian market’s sentiments negatively. Indices traded under selling pressure throughout the day. Benchmark indices closed lower today, tracking weakness in global equity markets following sharp spike in oil on account of rising geopolitical tensions in Mideast and North Africa. However, strength in Reliance on account of mega deal with BP helped in trimming the losses unlike other Asian markets, which saw cuts of nearly 2%. Sensex lost 142 points to close at 18296 while Nifty ended at 5469, down 49 points. BSE mid-cap and small-cap indices lost 0.8% and 0.7% respectively. The market breadth was negative with advances at 415 against declines of 885 on the NSE. Top Nifty gainers were RIL, Cairn India and RCom while losers included Ranbaxy, Suzlon Energy and Axis Bank.
VIEWS FROM DIFFERENT BROKING HOUSES:
IIFL PRIVATE WEALTH (Prashastha Seth): “Nifty won’t break the bottom 5200 until budget happens. It may remain range bound and volatile till the budget. What happens beyond budget is something that only time will tell. I think we need to wait for budget and what the Government announces in that to take a call on whether we will not breach 5200 level in March as well”.
MITESHTHACKER.COM (Mitesh Thacker): “At least for the next few days despite the fact that we have a lot of events in terms of F&O expiry, impending budget, the start of the Parliament Session on Monday, very clearly my belief is that given the fact that we have held on 5400 and rebounded from there strongly, we might probably head towards and retest 5550 or even 5600”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short from 5,490-5,500 levels for targets of 5,450 and 5,420 levels with a stop loss placed above 5,520 levels”.
SKP SECURITIES: “Resistance for Nifty future is 5630 and 5750 whereas support is at 5410 and 5360”.
DANI SECURITIES: “Nifty may face resistance at 5550-5600 and take Support at 5480-5410”.
ANGEL BROKING (Mileen Vasudeo): “Market opened lower in the wake of weak global cues and traded with choppiness to close in red. On the daily chart we are witnessing a narrow range body formation which indicates consolidation phase. In coming trading session, if indices trade convincingly above 18,459/5,526 levels then it is likely to test 18,542-18,690/5,560-5,699 levels. On the flip side, 18,187-18,082/5,437-5,413 are crucial support levels for the indices and any close below 18,050/5,400 levels may intensify the selling pressure”.
BONANZA PORTFOLIO (Puneet Kinra): “Nifty showed volatile session and closed in red. Nifty is trading in 5,400-5,600 range for last 6 days. Volatility may be continuing in this range. Traders should be cautious. Decisive price action may be seen only above 5600 or below 5400 levels. For daily purpose, the trend deciding level is at 5,480. If Nifty shows strength above 5,480 level, then rally to 5,550/5,600/5,650 levels may be seen. If Nifty does not show strength above 5,480 levels then selling till 5,440/5400/5,350 may also be seen”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty however managed to close away from the day’s low even though in red. But the outlook seems to be weak and it is having support at 5,436 and 5,420, while the resistance still is at 5,500 and 5,535 levels”.
MANSUKH: “Below 5,630 (200 dma) sentiments remain subdued and we might see some sharp drift near to 5,200-5,250. We likely to continue this approach in the upcoming week though possibility of consolidation due to oversold technical indicators wouldn’t be ruled out. Hence traders are advised to remain cautious at this stage and use ‘sell on rally’ strategy rather than creating any fresh long ones. On the flip side any bounce back from current levels may reap indices towards 5,630-5,650 level where we might see some sort of consolidation. Any break out above this may generate some suggestive buying opportunities though 5,800-5,850 might be the next resistance zone”.
CHARTPUNDIT.COM (Hemen Kapadia): “If we don’t break 5410, then we should be around 5480-5500 in terms of expiry”.
FOREFRONT CAPITAL MANAGEMENT (Radhika Gupta): “The indices are headed in a strong direction but weak global cues over the last couple of days have created a negative impact on the markets again. We are unlikely to see any major upward or downward trend pre-budget. So, I think the market is really looking at the budget for a signal of where things have to go because a lot of questions remain unanswered”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is expected to trade in the range 5408-5506. F&O expiry being ahead, market is expected to remain highly volatile. Nifty if sustained below 5402, it may attract heavy selling pressure while above 5506 it may face further resistance at 5556 and 5600. IT and OIL-Gas may attract buying while Auto and Capital Goods may face selling”.
CANARA BANK SECURITIES (CanMoney): “Technically, after yesterday’s good performance, today, Nifty formed one big bearish candle, rekindling the fear about further correction in the levels. In today’s session bears finally overcome the bulls and despite extended support from the indices heavy weight, i.e. RIL, shortened the positive momentum, regained in last session. Today, Nifty has breached the vital support of 5,500 and 5,440 and closed with cuts after regaining the support of 5,440. Today’s weak closing may strengthen the bears and possibly may abbreviate the ongoing upward momentum. Owing to the good recovery from day’s low Nifty managed to maintain the sanctity of lower supports and managed to close above the vital levels of 9 and 14 days SMA placed at 5,438 and 5,417 but still closed below its 50 and 100 day’s SMA level placed at 5725 & 5888 levels; these levels may act as new ranges, in coming sessions. VIX jumped to a very high value of 26.85%, thus indicating higher volatility in market in the forthcoming sessions. RSI (14) for the day was at 45.59 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in coming session”.
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