FIIs were net sellers with the tune of ` 487.20 crore (prov fig. in cash).
Nifty closed at 5,438.95, down by 60.05 points or 1.09 percent over the previous day closing of 5,499.00, after witnessing a low of 5,421.05 and a high of 5,523.85. Sensex closed at 18,137.35, down by 207.68 points or 1.13 percent over the previous day closing of 18,345.03. It touched an intraday low of 18,084.67 and high of 18,435.80.
The market’s breadth was negative. Out of 2,915 stocks traded, 1,063 stocks advanced, 1,725 stocks declined and 127 stocks remained unchanged. In Sensex, 11 stocks advanced and 19 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak session today. After last session’s big bearish candle, in today’s session, Nifty formed another big bearish candle and closed with deep cuts. In today’s session, Technically Nifty formed a second bearish soldier candle. Nifty breached the vital supports of 5,500. Due to a wide based selling, for the second consecutive day, Nifty closed below its 9, 14, 50 and 100 day’s SMA placed at 5,515, 5,570, 5646 and 5,653. These levels may act as new resistances in the coming sessions. Owing to selling in the broader indices, bulls once again yielded to the bears and market breadth again slipped into negative. In today’s session, VIX closed at a little higher level of 21.03%, indicating higher volatility in market in the forthcoming sessions. RSI (14) for the session was at 36.22 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: “As it is explained in our weekly technical view that the trend is bearish and it happened the same .Today the Nifty has closed below the crucial support of 5465 at 5439 which is again giving the bearish signal and one should take an opportunity to sell at rise if Nifty goes up. Next day’s range may be at 5472-5411 with the resistance at around 5511 or the strong resistance will be 5535 and the support for the Nifty exists at 5365/5348. Bank Nifty is expected to trade in the range 10770-10585. If sustained below the range it may test 10410. Above the given range 10860 may be other resistance level”.
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 in Nifty below 5450 level else around 5470 level, with stop loss placed at 5500, targeting 5400- 5380 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed below the 5,500 mark and is looking at support levels of 5,450 and 5,425 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “.....‘now we are at Make or Break level and if it cracks now then next stop is around 5400 or could just bounce back’ the market breached the crucial support and cracked to close in the red…technically the market is still weak and should logically shed some weight. The support for the Nifty is at 5400-5350 and resistance at 5580. The crucial support on the Sensex on the downside is 18032-17792 and resistance at 18300”.
IIFL (Amar Ambani): “Today was a really bad day for the index bellwethers like ONGC, SBI and Reliance. If it wasn’t for strength in ITC, HUL and TCS, the damage could have been much more. Going ahead, the results of biggies like Bajaj Auto, L&T and ITC will have a bearing on the market sentiment. But above all, inflation continues to be the biggest impediment for the market and it is not likely to go away in a hurry. So, the market will remain under pressure till there is any material moderation in inflation and FII flows turn positive”.
MICROSEC SECURITIES: “Technically, the Nifty has broken its crucial support 5470 yesterday. So this downward movement of Nifty might be continuing to 5350. However, the short term crucial resistance of Nifty lies at 5610. If it is able to maintain above 5610, an upward rally may carry it to 5760 in the extreme short term. Traders are advised to maintain strict stop loss at 5350 of the long positions. On an intra-day basis Nifty has a support at 5420 and is likely to face a stiff resistance near 5480. If Nifty breaks 5420, it may further go down to 5375 and then 5350. However, if it is able to sustain above 5480, the level of 5525–5560 would become the next target”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed selling pressure and broke the support at 5,475. However, it has just managed to close at next support level of 5,440. If Nifty holds the immediate support of 5,475-5,440, some recovery may be seen above 5,500-5,530 levels. For daily purpose, the trend deciding level is at 5,475. If Nifty shows strength above 5,475 levels, then rally to 5,530/5,565/5,605 levels may be seen. If Nifty does not show strength above 5,475 levels then selling pressure till 5,420/5,400/5,350 may also be seen”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5380-5400 level, the level (5400) which consists of the highest OI (i.e. 76.30 lacs shares) among the Nifty put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5520-5540 level, the level (5500 which consists of the second highest OI (i.e. 72.78 lacs shares) among the Nifty Call Options”.
SWASTIKA INVESTMENT: “Nifty made high of 5523.85 and after that continue down fall is seen. Bear were found aggressive during the day and bulls had got no chance to take over against bears. Nifty made a lower top lower bottom formation. After European market opens Nifty fell from 5490 level to 5421 level. Black candle is formed in Nifty Which is indicating some weakness if, one more black candle is formed in next trading session than bearish trend could continue for short term in Nifty. Nifty first support is at 5400 and if this support breaks than the next major support is at 5366 if this level is tested in coming session than market can go up to 5300. Nifty has resistance at 5480 and 5539. In the chart trend line A which was first acting as support now acting as resistance. If Nifty has to resume the uptrend than it has to breach the resistance and close above this trend line A. Trend line B is indicating downtrend so the Nifty long term view is of downtrend only”.
BONANZA ONLINE: “Nifty showed selling pressure and broke the support at 5475. However, it has just managed to close at next support level (as mentioned in our last report) of 5440. If Nifty hold the immediate support of 5475-5440, some recovery may be seen above 5500-5530 levels. For daily Purpose, Trend deciding level is 5475. If Nifty shows strength above 5475 levels, then rally to 5530/5565/5605 levels may be seen. If Nifty does not show strength above 5475 levels then selling pressure till 5420/5400/5350 may also be seen”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,219/5,461 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,354–18,570/ 5,502–5,564 levels. However, if Nifty trades below 18,219/5,461 levels for the first half-an-hour of trade then it may correct up to 18,003–17,868/5,399–5,358 levels”.
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