FIIs were net sellers with the tune of ` 14.8 crore (prov. cash market fig.)
Nifty closed at 5,550.35, down by 41.65 points or 0.74 percent over the previous day closing of 5,592.00, after witnessing a low of 5,521.95 and a high of 5,568.20. Sensex closed at 18,494.18, down by 114.63 points or 0.62 percent over the previous day closing of 18,608.81. It touched an intraday low of 18,390.57 and high of 18,540.67.
The markets’ breadth was negative. Out of 2,948 stocks traded, 1,148 stocks advanced, 1,659 stocks declined and 141 stocks remained unchanged. In Sensex, 9 stocks advanced and 21 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES :
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a dull session, today. After last sessions’ good closing, Nifty witnessed a gap down opening but on account of latent buying at lower levels successfully maintained the sanctity of lower supports. In today’s session, Nifty breached the vital support of 5560 and closed in red. This may strengthen the bears, in the forthcoming sessions. On account of profit booking, Nifty lost vital supports of 9 day’s & 14 day’s SMA placed at 5466 & 5462. At the end, nifty closed below its 50 and 100 day’s SMA placed at 5644 & 5581. These levels may act as new ranges in the coming sessions. Owing to profit booking in large cap, mid-cap & small-cap space, for the first time in last four sessions, market breadth turned into red. In today’s session, VIX closed at a little higher level of 17.98%, indicating higher than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 51.23 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “Next session’s range of Nifty may be in between 5511-5568 and it may resist at 5608 after it goes above 5608 and the key resistance level for the day will 5639 and 5655.The support may be at 5465 if it breached the level of 5511. In the next session Bank Nifty may trade in the range 10730-11860, if crossed this range it may test 10960 and 11210. However, 11770 and 10660 may act as strong support level in Bank Nifty”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long in Nifty above 5550 levels, else around 5530 levels; with stop loss placed at 5500, targeting 5580-5600 levels”.
ICICI SECURITIES: “Nifty witnessed hammer formation on weekly charts indicating that the selling pressure has been absorbed. However, follow-on action is required. A typical selling wave of Nifty has been of 615-640 points in the past. On this occasion too, it has fallen by about similar magnitude. The pullback from 5,320-5,330 has been due to completion of the negative wave apart from the weekly and monthly trend line supports placed at those levels. Considering the above two important parameters, we prefer to stay with the trend and recommend buy on dips strategy till 5,350. Below 5,350 the trend may find reversal for further downsides. On the higher side resistance would be around 5,600-5,620 as previous top and 200 EMA are placed around these levels”.
PINC RESEARCH: “Nifty might initially counter some resistance at 5600 which is also its 200 DEMA. A move above 5600 should lead to a sustainable rise towards the level of 5750 or more. By breaching yesterday’s low of 5560, Nifty has created a lower low in the short term charts. Due to this, its weakness may spill over for a few more days. The short term technical indicators are still on a strong wicket. Today’s move does not dent its overall uptrend, which still remains intact”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market opened with a bear gap due to international ques but buying materialised in the lower regions and the market closed flat for the day...technically the market needs to spend time in these regions before it decides to go up and the market is typically in a sideways mode. The support for the Nifty is at 5500 and resistance at 5621-5637. The crucial support on the Sensex on the downside is 18350 and resistance at 18700-18742”.
BONANZA ONLINE: “The rally seen in this week was disrupted mainly because of weak global cues and selling seen in ADAG stocks. Still Nifty showed good recovery in today’s trade and closed above 5550 level. As mentioned earlier, level of 5610 resistance is decisive level in coming sessions. If in coming sessions, Nifty sustains above 5610 level, medium term trend may turn positive. For daily Purpose, Trend deciding level is 5570. If Nifty shows strength above 5570 levels, then rally to 5610/5650/5690 levels may be seen. If Nifty does not show strength above 5570 levels then selling pressure till 5530/5490/5465 may also be seen”.
NIRMAL BANG SECURITIES: “After two days of strong rally markets retreated and were consolidating for a fresh rally to emerge. The trend still remains strong and positive as Nifty future is still holding above its lower trend-line support of 5516. The current up-trend could damage only if nifty future starts trading below 5485, till then any decline in the market can be considered as a buying opportunity. On the higher side 5597 will act as a resistance point and stability above could bring fresh buying which will lead the rally up to 5660-5727 levels in coming days”.
SWASTIKA INVESTMENT: “A Small Black Candle is formed with negligible lower shadow indicating that the Bears were active for the whole trading session. For the coming trading session Resistance for Nifty is seen at 5570 and if it continues to sustain below this level decisively then the rally may continue downside and it may slip towards 5525/5500 whereas on the upside resistance for the day is seen at 5600/5620. According to the Exponential Moving Average (EMA), the Nifty closed below the 50-day EMA of 5575, indicating a near term downfall towards 20-day EMA around 5520 levels. According to the Momentum Indicator RSI, we can witness downward move for Nifty since it has started to move in southward direction”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5500-5520 level, the level (5500) which consists of the highest addition in OI (i.e. 12.22 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 5600-5620 level, the level (5600 which consists of the third highest OI (i.e. 48.13 lacs shares) among the Nifty Call Options”.
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