The BSE Sensex was down 54.88 points or 0.3% to 18,507.04, its lowest level since 12 July 2011. The Sensex rose 60.64 points at the day's high of 18,622.56 in morning trade. The index fell 92.39 points at the day's low of 18,469.53 in late trade. The S&P CNX Nifty was down 14.05 points or 0.25% to 5,567.05, its lowest closing level since 12 July 2011. The Nifty hit a low of 5,550.95 in intraday trade. The BSE Small-Cap index gained 0.37% to settle at 8,393.95. The BSE Mid-Cap index rose 0.22% to settle at 7,022.25. Both these indices outperformed the Sensex. The BSE Small-Cap index has jumped 612.01 points or 7.86% from a recent low of 7,781.94 on 23 June 2011. The BSE Mid-Cap index has risen 498.04 points or 7.63% from a recent low of 6,524.21 on 23 June 2011.
The market breadth was positive. On BSE, 1,565 shares advanced and 1,326 shares declined and a total of 127 shares remained unchanged. The breadth was much stronger earlier in the day. Among the 30-member Sensex pack, 19 stocks fell while the rest of them rose. Cipla, Reliance Communications and ONGC fell by 0.41% to 1.9%. HDFC, Bhel and Tata Power Company rose by 0.99% to 2.7%.
FIIs were net sellers with the tune of ` 93.01 crore on Monday, the 18h July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a highly sideways show after a limited surge in the initial session. For most of the time Nifty had been traded sideways looking for triggers to breach on either side. Nifty didn’t witness any big gyrations, owing to which lower supports remained intact. Near month future of Nifty closed at premium w.r.t. spot that may support buying in coming session. Bulls ultimately gain control of the market from bears and indices closed with positive market breadth. This may offer buoyancy to the buying sentiments in coming sessions. Nifty managed to close above the vital supports of 50 Day’s SMA placed at 5505, but still closed below the vital 9, 14 & 100 day’s SMA levels placed at 5610, 5617 & 5569 respectively. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 20.20%, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 50.92 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may witness some range bound movement with higher volatility”.
FAIRWEALTH SECURITIES: “Next session’s range for the Nifty may be in between 5526-5608 and the resistance may be at 5632 if it breaks the level of 5608 on the upper side and the crucial resistance will be at 5669 and the support for the Nifty on the downside may be at 5495-5501 and the key support for the Nifty may be at around 5440. Bank Nifty is expected to trade in the range 11140-11350. Below this range 11060 may act as strong support level while 11410 may act as strong resistance level”.
BONANZA ONLINE: “Nifty showed volatile session and closed in red. Mix clues were seen across sectors. Bears took control from 5600 levels, but Bulls also showed some respect for 5550 levels. Nifty is trading in 5500-5750 range for last few days. Volatility may be continuing in this range. For daily purpose, Trend deciding level is 5550 .If Nifty shows strength above 5550 levels, then rally to 5600/5650/5700 levels may be seen. If Nifty does not show strength above 5550 levels then selling pressure till 5500/5450/5400 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “For the fifth consecutive trading session Nifty has been unable to close above 5,600 levels, making the short term trend flat to bearish. Tomorrow, results of HDFC bank are expected-which are likely to shape the general trend of the market, specially the banking sector. Global developments continue to play pivotal role in the preparation of market sentiments”.
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 5,550 levels else around 5,530 levels, with stop loss placed at 5,500, targeting 5,600-5,630 levels. Alternatively, trade short if Nifty fails to cross 5600, else below 5500”.
PINC RESEARCH: “The following two possibilities emerging in the short term in our weekly report. 1) Nifty breaches the resistance of 5700 on the upside: In such a situation, there is a strong probability for further advances towards our medium term target of 6050-6075 or more. 2) Nifty continues to remain dull and range bound for a few more trading sessions: In such a scenario, the Nifty may vacillate within a trading range of 5700 and 5400 post which an eventual breakout should occur post 5700. The last few days' and today's price movement of the Nifty compels us to tilt our bias towards the second scenario”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded weak as expected. Technically the market has given a sell and reaction is also not ruled out. The support for the Nifty is at 5540-5488 and resistance at 5618-5700. The crucial support on the Sensex on the downside is 18465-18223 and resistance at 18730”.
ANGEL BROKING (Sameet Chavan): “The current price action suggests indecisiveness prevailing at current level. Hence, if indices trade above 18,622/5,597 levels then it may test 5,650-5,680 levels. On the downside, 18,326/5,496 remains crucial support level. If this level is breached, selling is likely to intensify and Indices may test 18,132/5,434 levels”.
IIFL (Amar Ambani): “In the coming days, the focus will continue to be on the latest batch of quarterly earnings. Sovereign debt crisis in Euro-zone and the gridlock over US budget will remain at the forefront globally aside from corporate earnings. Risk tolerance is not particularly high, which shows in gold hitting new record. The key Indian indices may remain range bound and choppy in the coming days, especially if India Inc. fails to up the ante on earnings and FII inflows don’t pick up further”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,533/5,572 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,597–18,686/5,592–5,617 levels. However, if Nifty trades below 18,533/5,572 levels for the first half-an-hour of trade then it may correct up to 18,444–18,380/5,546–5,526 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed volatile session and closed in red. Mix clues were seen across sectors. Bears took control from 5,600 levels, but Bulls also showed some respect for 5,550 levels. Nifty is trading in 5,500-5,750 range for last few days. Volatility may be continuing in this range. For daily purpose, the trend deciding level is at 5,550. If Nifty shows strength above 5,550 levels, then rally to 5,600/5,650/5,700 levels may be seen. If Nifty does not show strength above 5,550 levels then selling pressure till 5,500/5,450/5,400 may also be seen”.
INDIRATRADE SECURITIES: “Negative cues from Asia and Europe took their toll on the markets and both benchmark indices lost about quarter-of-a-percent in Monday's trade. Auto, healthcare and IT were the biggest losers but mid-cap IT stocks saw some buying. Mid-cap and small-cap stocks outperformed large-cap stocks and metal and realty sectors also came to the rescue of the indices. For today’s trade, market likely to trade in the range between 5590 & 5650 in the upper side and 5540 & 5510 in the lower side”.
SWASTIKA INVESTMART: “On daily charts, Nifty is consolidating in a range of 5,540-5,600 since last four trading sessions and is also exhibiting lower highs. If it remains below 5,540 levels decisively then we can see some more selling pressure. Support for the index can be seen at 5,500-5,480 for the coming trading session while on higher side Nifty can face stiff resistance at 5,605-5,635 levels whereas 5,660 is still acting as major resistance for it”.
HEM SECURITIES: “Key benchmark indices edged lower for the second straight day as world stocks fell on Europe's sovereign-debt worries and amid a political standoff in the US over raising the US government's debt limit. For tomorrow markets are expected to be sideways”.
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