Nifty closed at 5,546.80, down by 28.05 points or 0.50 over the previous day closing of 5,574.85, after witnessing a low of 5,521.50 and a high of 5,591.70. Sensex closed at 18,432.25, down by 85.97 points or 0.46 over the previous day closing of 18,518.22. It touched an intraday low of 18,358.76 and high of 18,578.55.
The markets’ breadth was negative. Out of 2,983 stocks traded, 1,345 stocks advanced, 1,498 stocks declined and 140 stocks remained unchanged. In Sensex, 10 stocks advanced and 20 stocks declined.
The markets’ breadth was negative. Out of 2,983 stocks traded, 1,345 stocks advanced, 1,498 stocks declined and 140 stocks remained unchanged. In Sensex, 10 stocks advanced and 20 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak show and after weakening the momentum in last session, today again drifted in red. In its downward drift, Nifty lost its vital support of 5550. On account of weakness, Nifty for the second successive day closed below the vital support levels of 9, 14 and 100 day’s SMA placed at 5590, 5592 & 5581 levels; this may continue to spoil the buying sentiments in forthcoming sessions. After gaining the control from bulls in last sessions, today Bears again dominated the market, 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 5518, in coming session, this may provide support. In today’s session, VIX closed at a little modest level of 18.25%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 48.00 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 has confirmed the bearish engulfing pattern on the daily charts showing the weakness in the market with the closing at 5546 and being the last day of the expiry the Nifty may trade in a volatile manner. If it trades below 5495 then it can go to the level of 5460 also. The range for the Nifty may be in between 5526-5582 and the resistance may be at 5626 and the crucial resistance will be at 5655.The support for the Nifty may be at 5495-5501 and the key support for the Nifty may be at 5460”.
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 5530 levels, 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 5,650 targeting lower supports”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty came close to its support of 5,522 but recovered from there and closed away from it. Being the last day of the July expiry, we may see heightened volatility. Nifty is having resistance at 5,585 and 5,650 while the support is there at 5,483 and 5,450 levels. Orient paper came with set of numbers and the stock can make some more gains from the current level. Apart from that, Bajaj Electricals, SPARC, Blue Star, Glodyne Technoserve etc can attract buying in coming days”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected and has closed just near our support of 5532 after breaching it intra-day. Technically no sign of strength but strong resistance exists at 5610. The support for the Nifty is at 5532-5468 and resistance at 5610. The crucial support on the Sensex on the downside is 18437-18223 and resistance at 18670”.
ANGEL BROKING (Technical): “Markets opened flat but couldn’t sustain and selling pressure dragged indices lower to breach the intraday support level of 18,415/5,532. Due to Derivative expiry, the coming trading session is likely to trade with extreme volatility. On the downside, if indices break 18,358/5,521 then they may test 18,326-18,223/5,496-5468 levels. Negative momentum is likely to intensify below 18326/5496 and the fall may be with strong volumes. On the upside, 18,580/5,592 level may act as a resistance for coming trading session”.
IIFL (Amar Ambani): “Technically, the Nifty reversed from its 200 DMA (5709 levels) and has found support at the 50 DMA (5,518 levels), below which selling pressure might get aggravated. What’s more, the central bank doesn’t seem to be lowering its guard either. The RBI seems to be ready to sacrifice a little bit of growth in the near term to improve long-term prospects. A further 25-50 bps hike cannot be ruled out. Let’s hope for some big relief on the inflation front”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been taking supports near 5500 for last one month. So 5500 become a short term crucial base of Nifty. If Nifty breaches 5510, the short term trend would become negative and it may test the level of 5300. However the short term crucial resistance of Nifty lies at 5720. A breach of 5720 would open the gate for 5900 in the extreme short term. Traders are advised to maintain a strict stop loss at 5500 of long positions. On an intra-day basis Nifty has a support at 5515 and is likely to face a stiff resistance near 5580. If Nifty breaks 5515, it may further go down to 5500 and then 5470. However, if it is able to sustain above 5580, the level of 5610–5660 would become the next target”.
BONANZA PORTFOLIOS (Puneet Kinra): “After making bearish engulfing candlestick pattern on daily charts, nifty showed selling pressure for second consecutive day. However, Bulls managed to show protect 5520-5540 zone and some recovery was also seen. Nifty July future expiry due on Thursday therefore volatility may be seen in 5,500-5,600 zone. For daily purpose, 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 5,520-5,500/5,450/5,400 may also be seen”.
EDELWEISS FINANCIAL ADVISORS (DERIVATIVE): “On the lower side Nifty is likely to face strong support in the vicinity of 5480-5500 level, the level (5500) which consists of the highest OI (i.e. 93.89 lacs shares) among the Nifty July put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5600-5630 level, the level (5600) which consists of the second highest addition in OI (i.e 13.63 lacs shares) among the Nifty July Call Options”.
SWASTIKA INVESTMART: “On daily charts, Nifty breached its support zone of 5,550/5,530 after the formation of bearish engulfing pattern in the previous session. It made a low of 5,521 which is near to its 50-day SMA. For the coming trading session, 5,520/5,490/5,470 is the immediate support on the downside whereas 5,570 shall act as immediate resistance. Major resistance is still at 5,605/5,650. Volatile session is expected due to F&O expiry”.
HEM SECURITIES: “Indian equity benchmarks continued their downward journey on Wednesday as well-amid a choppy trade. Capital goods and banking (major ones) stocks remained on sellers' radar. Heavyweight Reliance Industries too added pressure in the late trade again. It seemed that the yesterday's rate hike (RBI had increased repo and reverse repo rates by 50 basis points yesterday) was still lingering on the market today. For tomorrow markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Immediate supports for Nifty are placed at 5,500-5,460 levels and the resistance stays at 5,610-5,750 levels”.
BONANZA ONLINE: “After making bearish engulfing candlestick pattern on daily charts, Nifty showed selling pressure for 2nd consecutive day. However, Bulls managed to show protect 5520-5540 zone and some recovery was also seen. Nifty July future expiry due on Thursday therefore volatility may be seen in 5500-5600 zone. 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 5520-5500/5450/5400 may also be seen”.
INDIRATRADE SECURITIES: “The markets remained range bound on Wednesday and barring consumer durables and IT, all sectoral indices closed negative. Interest rate sensitive sectors like banking, auto and realty were beaten down for the second consecutive day and were among the top losers in session. For today’s trade, market likely to trade in the range between 5570 & 5610 in the upper side and 5510 & 5480 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,457/5,553 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,554–18,676/5,585-5,624 levels. However, if Nifty trades below 18,457/5,553 levels for the first half-an-hour of trade then it may correct up to 18,334–18,237/5,515-5,483 levels”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the red following weak global cues and later stabilise at lower levels. Among the sectoral indices, Capital Goods, Oil & Gas and Realty stocks could underperform”.
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