Nifty closed at 5,785.45, down by 48.45 points or 0.83 percent over the previous day closing of 5,833.90, after witnessing a low of 5,776.95 and a high of 5,856.40. Sensex closed at 19,292.02, down by 156.67 points or 0.81 percent over the previous day closing of 19,448.69. It touched an intraday low of 19,265.92 and high of 19,542.05. The markets’ breadth was negative. Out of 2,991 stocks traded, 1,097 stocks advanced, 1,793 stocks declined and 101 stocks remained unchanged. In Sensex, 5 stocks advanced and 25 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty future may face resistance at 5900-5900 and take Support at 5750-5700”.
CANARA BANK SECURITIES (CanMoney): “Technically, today Nifty confirmed its short term downward trend by closing on bearish note for the third continuous session. After consolidation of past two trading sessions, Nifty breached the ongoing triangle pattern in downward direction. In addition of losing the vital support of 5800, Nifty breached its 9 day’s SMA also, which was placed at 5821. The markets were quite volatile in today’s trade and closed with cuts. Owing to today’s weak session, Nifty closed below its 9 & 15 day’s SMA placed at 5821 & 5836. This may spread cautious feeling among the buyers. Once again, the bears outnumbered the bulls, which is a weakening trend for market. At closing, Nifty successfully maintained its closing above 50 & 100 day’s SMA 5619 & 5702. These levels may act as new supports in the coming sessions. In today’s session, VIX corrected a little higher and recorded at 20.92%, indicating lesser volatility in market in the forthcoming sessions. RSI (14) for the session was at 52.05 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may witness range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is expected to trade in the range 5752-5822. If moved beyond the range it may get support at 5690, also 5857 and 5890 are strong resistance levels. Bank Nifty is expected to trade in the range 11550-11785. If moved beyond the range 11440 might be another support level. 11861 may act as strong resistance level. Traders are suggested to follow the strategy of selling at rise”.
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 5800-5820 levels for targets of 5750-5730 levels, with stop loss placed above 5850 level”.
PINC RESEARCH: “The trend has been sideways for the last few days and no significant violation of levels has occurred for us to warrant any change to our broader view. The psychological Indicators still favour the bulls and hence accumulation at lower levels cannot be ruled out going forward. On the upside, the level of 5950 remains an important hurdle and a move above it is awaited for a sustained upmove. Since, the hangover of the expiry is now done, the markets can begin tomorrow on a clean slate and the next few days’ development could well be the trendsetter for the market in May”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): ”... ‘Technically the market looks tired and has a stiff resistance around 5900 and so volatility is not ruled with sluggishness’ and that is exactly the market unfolded volatile and sluggish and the low of the day was very close to our support of 5771…market is now typically in a sell mode but a sharp reaction is not ruled out…strong resistance is at 5820. The support for the Nifty is at 5771-5750-5700 and resistance at 5820-5900. The crucial support on the Sensex on the downside is 19226-19120- and resistance at 19413”.
IIFL (Amar Ambani): “The fall in the Indian market today was surprising given that most global stock markets were up smartly after the Federal Reserve signalled that it will keep the monetary stimulus steady for an extended period to boost the US economy. What perhaps has hit the mood on Indian bourses this week is the combination of FII selling, mixed corporate earnings, high inflation, hardening interest rates and ongoing corruption scams. Next week’s RBI meet will be a crucial event to keep an eye on. The Indian indices were virtually flat in April after the late upsurge in March. It remains to be seen how things unfold in May. Investors must remain cautious as there are no major short-term triggers for the market to rise materially. The Nifty has to surpass 5950 with good volume and positive breadth to signal breakout from the current range bound pattern. It might then cross 6,000 also, provided FII flows turn higher again”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been facing a stiff resistance in the band of 5940 and 5970 for last few days. If Nifty is able to maintain above 5970, an upward rally might take it to 6050 and then 6180 in the extreme short term. However, the short term crucial support of Nifty lies near 5690. If Nifty breaches 5690, it may further go down to 5530. Traders are advised to maintain a strict stop loss at 5690 of the long positions. On an intra-day basis Nifty has a support at 5740 and is likely to face a stiff resistance near 5820. If Nifty breaks 5740, it may further go down to 5710 and then 5690. However, if it is able to sustain above 5820, the level of 5865–5915 would become the next target”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened higher but selling gradually picked up as the day progressed which lead the indices to close in red. On the daily chart, prices have tested the 20-day EMA and we are seeing that the hourly chart is in an oversold zone. Hence a bounce up to 19408–19495/5820–5850 cannot be ruled out. On the flip side if indices trade below 19265/5776 levels then they are likely to test 200 day SMA of 19139/5745 or even 19000/5700 levels”.
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BONANZA ONLINE: “Nifty showed selling pressure for 3rs consecutive day and closed in red. Nifty also closed below 5800 levels, However, Nifty showed respect for support at 5780 levels. On downside, Nifty has its 200 DMA at 5745 level, if it hold support then fresh buying momentum may be seen from these levels, else selling pressure till 5650-5600 may me seen in coming trading days. For Daily Purpose, Trend deciding level is 5780. If Nifty shows strength above 5780 levels, then rally to 5850/5900/5950 levels may be seen. If Nifty does not show strength above 5780 levels then profit booking till 5745/5700/5650 may also be seen”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 19,367/5,806 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,467–19,643/ 5,836–5,886 levels. However, if Nifty trades below 19,367/5,806 levels for the first half-an-hour of trade then it may correct up to 19,191–19,091/5,756–5,727 levels”.
EDELWEISS FINANCIAL ADVISORS: “The trend line adjoining 6338 and 6181, the tops made in November 2010 and January 2011 respectively, has been giving tough resistance to Nifty since 6th April and the crossover of 5944 is required for the further upmove. 5791, the immediate support was broken yesterday and it is likely that Nifty retests last week's low, 5693”.FOR TECHNICALS, "READ HERE"
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