Nifty closed at 5,574.85, down by 105.45 points or 1.86 over the previous day closing of 5,680.30, after witnessing a low of 5,560.15 and a high of 5,702.25. Sensex closed at 18,518.22, down by 353.07 points or 1.87 over the previous day closing of 18,871.29. It touched an intraday low of 18,481.63 and high of 18,944.60.
The markets’ breadth was negative. Out of 3,004 stocks traded, 1,000 stocks advanced, 1,887 stocks declined and 117 stocks remained unchanged. In Sensex, 1 stock advanced and 29 stocks declined.
FIIs were net sellers with the tune of ` 177.75 crore on Tuesday, the 26th July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak show and after a positive move of early session, lost its vital support of 5600. Not only Nifty lost its crucial supports, but also exhibited its weakness by closing near lowest point of the day. Nifty gave up the vital support levels of 9, 14 and 100 day’s SMA placed at 5595, 5605 & 5581 levels; this may spoil the buying sentiments in forthcoming sessions. After regaining control from bears in last sessions, today Bulls again lost to bears, because of which, Indices closed with weak market breadth. This may strengthen selling sentiments in coming sessions. Nifty managed to close above the vital support 50 day’s SMA placed at 5516, in coming session, this may provide support. In today’s session, VIX closed at a little higher level of 19.30%, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 50.10 levels and MACD moved below the signal line, thus combined together they are giving the signals that; market may be in range bound trade in coming session”.
FAIRWEALTH SECURITIES: “As the Nifty is showing some sort of weakness and it took the support near the crucial level of 5,552 and settled at 5,575 with the bearish engulfing pattern on the daily chart. The level of 5,526 will play the key role in the coming session. Next session’s range for the Nifty may be at in between 5,540-5625 and the resistance for the nifty may be at 5,655 and the crucial resistance for the Nifty will be at 5,693.The support for the Nifty may be at 5,495-5,501 and the key support for the Nifty may be at 5,460 for the day”.
BONANZA ONLINE: “RBI hiked Repo Rate and Reverse Repo Rate by 50 basis points and huge selling pressure was seen. Nifty broke 5600 levels on downside, which shows that Bears are having control at the moment. Selling pressure may continue if Nifty trades below 5550 levels. On the other hand, Recovery may only be seen if Nifty manages to maintain above 5600 levels. For daily purpose, Trend deciding level is 5580-5600. If Nifty shows strength above 5600 levels, then rally to 5650/5700/5750 levels may be seen. If Nifty does not show strength above 5600 levels then selling pressure till 5550/5500/5450 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Industrial production has already started to trend downwards due to tight monetary regime and going ahead the growth momentum of India Inc. is likely to dampen further. The short term market reaction has been negative and market men are likely to adopt wait and watch policy till the expiry of July derivative series on 28th. After being on the back foot for 2 consecutive days, bears finally managed to stage a comeback. Market is likely to be volatile within the range of 5,500-5,700 due to July derivative series expiry on coming Thursday. Gail, HCL tech and IDFC results are due tomorrow”.
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 around 5550 levels, else from 5530 with stoploss at 5,500 for the targets of 5,580-5,600 levels. Alternatively, trade short if Nifty fails to cross 5,600, with stoploss placed at 5,620 targeting lower supports”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty closed below the psychological support of 5,600 and also we are nearing the July F&O expiry. Crucial support for Nifty is around 5,506 and resistance is at 5,714”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market broke the crucial support and cracked and closed in the red. Technically the market has generated a sell and we could see some support at 5532. The support for the Nifty is at 5532-5468 and resistance at 5625. The crucial support on the Sensex on the downside is 18437-18223 and resistance at 18750”.
ANGEL BROKING (Technical): “Markets opened with a sideways bias but did not manage to break previous day’s high. Extreme volatility was witnessed during the initial part of the session but selling pressure intensified mainly in banking counters after the announcement of “RBI Monetary Policy”. Any closing below 18,481/5,560 level would lead to a confirmation of a ‘Bearish Engulfing’ candlestick pattern and a trend line break down on daily chart. In this scenario, indices may test 18,415-18,326/5,532-5,496 levels. On the upside, 5,610-5,653/18,660-18,810 levels may act resistance for the day”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,648/5,612 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,815–19,111/5,665-5,755 levels. However, if Nifty trades below 18,648/5,612 levels for the first half-an-hour of trade then it may correct up to 18,352–18,185/5,523-5,470 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty broke 5,600 levels on downside, which shows that Bears are having control at the moment. Selling pressure may continue if Nifty trades below 5,550 levels. On the other hand, recovery may only be seen if Nifty manages to maintain above 5,600 levels. For daily purpose, trend deciding level is at 5,580-5,600. If Nifty shows strength above 5,600 levels, then rally to 5,650/5,700/5,750 levels may be seen. If Nifty does not show strength above 5,600 levels then selling pressure till 5,550/5,500/5,450 may also be seen”.
INDIRATRADE SECURITIES: “New credit policy announcements from RBI had their adverse impacts on the markets and along with both benchmark indices, all rate sensitive sectors closed with significant loss. Realty and capital goods lost more than 3% and banking and auto were also not far behind. 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”.
NIRMAL BANG SECURITIES: “Indian equity benchmarks got shattered after RBI announced more than expected hike in key rates. Rate sensitive’s slipped quite sharply today. The ongoing trend still continues to remain in the triangular band of 5430-5750 range. Technically from a trading perspective it’s very difficult to time the market in such a narrow range, as buying is visible around the support levels and selling pressure is seen at the resistance levels. So, unless this trading band is broken on either side on the closing basis, a significant move is not visible currently. On the lower side support for nifty future seen at 5544-5505 levels and resistance seen at 5630. For the Sensex strong support exits at 18280 levels and resistance seen at 18700 levels and rally could be further extend up to 18800 levels”.
SWASTIKA INVESTMART: “On daily charts, we can observe that Nifty could not hold at higher levels and made a close below the 100-day SMA. It formed bearish engulfing pattern indicating further selling pressure in the market. As per the trend line, nifty is getting support in the zone of 5,550 to 5,530 levels. For the coming trading session, 5,530 will act as immediate support for Nifty and if it trades below these levels then further selling pressure can be witnessed and next support is seen at 5,496/5,440. Resistance for the day is seen at 5,600/5,630”.
HEM SECURITIES: “Indian equity benchmarks got shattered after RBI announced more than expected hike in key rates by RBI and maintained a hawkish tone. The sentiment was further dampened as immediate reaction of banks hinted at increasing base rates, which will hike interest cost for corporate as well as individuals going ahead. BHEL's disappointing first quarter earnings too added to the woes on Tuesday. For tomorrow markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Immediate supports for Nifty are placed at 5,530-5,460 levels and the resistance stays at 5,710-5,750 levels”.
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