Nifty closed at 5,331.80, down by 73.00 points or 1.35 over the previous day closing of 5,404.80, after witnessing a low of 5,323.15 and a high of 5,434.50. Sensex closed at 17,693.18, down by 247.37 points or 1.38 over the previous day closing of 17,940.55. It touched an intraday low of 17,664.73 and high of 18,032.55.
India’s food inflation accelerated to 8.04 percent for the week ended July 23, 2011.
The markets’ breadth was negative. Out of 2,967 stocks traded, 1,127 stocks advanced, 1705 stocks declined and 135 stocks remained unchanged. In Sensex, 2 stocks advanced and 28 stocks declined.
FIIs were net sellers with the tune of ` 254.55 crore on Thursday, the 4th August 2011(prov. fig.);
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open sharply in the red following weak global cues. Later it could recover partially the losses made. Among the sectoral indices, Metals, Auto and Healthcare stocks could underperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak show and after weakening the momentum in last session, today again drifted into red zone, after breaching vital supports and closed with deep cuts. Nifty lost its vital supports of 5400 & 5350; this may be a depression topic for bulls. Candlestick pattern of lower highs and higher low is indicating about bearishness of market. On account of weakness, Nifty for the seventh successive day closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5498, 5529, 5523 & 5578 levels; this may continue to spoil the recovery sentiments in forthcoming sessions. On account of weakness in small cap & mid cap, today Bears again dominated the market, because of which, Indices closed with weak market breadth. This may strengthen selling sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 20.22%, indicating more volatility in market in the forthcoming sessions. RSI (14) for the session was at 34.37 levels and MACD remained below the signal line, thus combined together they are giving the signals that; market may continue its weak with some occasional spurt in coming session”.
BONANZA ONLINE: “Nifty showed selling pressure for 4th consecutive day and closed in red below 5350 levels. Majority of large-caps participated in fall, which shows weakness in the market. Selling pressure may be continuing if Nifty maintains below 5300 levels. If Nifty respects 5300 levels then some recovery may also be seen. For daily purpose, trend deciding level is 5340 .If Nifty shows strength above 5340 levels, then rally to 5370/5410/5450 levels may be seen. If Nifty does not show strength above 5340 levels then selling pressure till 5300/5250/5200 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “As expected, market witnessed selling pressure for yet another day. The short term trend remains bearish; however after a sell-off of almost 200 points in 4 trading days, a consolidation is expected in the range of 5,250-5,400. Good support exists at 5,270-5,250 levels. Stock specific approach is recommended in the current scenario”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to negative note tomorrow. Trade short in Nifty below 5,350 levels else around 5,380 levels, with stop loss at 5,400, targeting 5330-5,300 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is looking absolutely weak and if it moves and closes below 5,323 then we may see Nifty falling towards 5,249 in no time while the resistance is there at 5,474 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market did not gap down closer to our supports but opened up and traded down closer to our supports. Technically no sign of strength witnessed as yet but I would be looking for a buying opportunity closer to our supports for a short covering rally. The support for the Nifty is at 5312-5308 and resistance at 5400-5460. The crucial support on the Sensex on the downside is 17642 and resistance at 18000-18140”.
IIFL (Amar Ambani): “Traders and investors continued to be jittery as GDP growth forecast has been scaled down. Even monsoon has been below par and is likely to be below long-term average. Politically, the Centre is under attack for a number of issues from corruption to economic management. The RBI is no mood to relent even as it seeks support from New Delhi. Globally, the US has managed to avert a default but worries prevail over a possible downgrade. The debt crisis continues to hound the euro-zone. Friday’s US jobs data will be on global investors’ radar for fresh cues on the state of the world’s largest economy”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has given a correction of 6.65% in a time span of just seven trading sessions. Now the short term crucial support of Nifty lies at 5300. If Nifty breaches 5300, the short term trend would become negative and it may further go down to 5210. However some leading indicators (like Stochastic & RSI) are giving oversold signal of Nifty. So a short term pull back rally to 5520 can not be ruled out. On an intra-day basis Nifty has a support at 5300 and is likely to face a stiff resistance near 5365. If Nifty breaks 5300, it may further go down to 5275 and then 5250. However, if it is able to sustain above 5365, the level of 5400–5440 would become the next target”.
INDIRATRADE SECURITIES: “The markets closed with significant losses on Thursday after trading in the green in the opening trade. All Sectoral indices closed in the red and realty, auto, metal and FMCG were the worst among them. For today’s trade market likely to trade in the range between 5350 & 5410 in the upper side and 5300 & 5280 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “On the daily chart, Nifty closed below 5400 as well as below 5378 levels which indicates weakness in the markets. Besides this, Nifty still continues to form Lower Top and lower Bottom. Going forward, if Nifty starts trading below 5323 level which is the Lower Band of the GAP on the daily chart, then we can see further downside till 5300/5250. However, the upside short term resistance is now placed at 5435 which is the Upper Band of the GAP on the daily chart, and above that 5580 which is 200DEMA. We believe that overall trend will turn positive if and only if Nifty starts trading above 200DEMA”.
NIRMAL BANG SECURITIES: “The intermediate trend has turned very bearish as nifty closed below its important weekly support of 5380 on huge FII selling. Selling pressure was seen in other global markets too. Next support for nifty future is seen at 5305–5250-5190 and if this level holds then there is a possibility of a technical bounce. Avoid buying and wait for the markets to settle down. Use any rise in the markets to cut long position or go short, resistance seen at 5440 levels. For the Sensex @ 17693, strong support exits at 17500–17200 levels, where buying could emerge and resistance seen at 18005. BANK NIFTY @ 10552 could turned very negative if starts trading below 10475 and only breach of 10475 could turn bank index very negative up to 10330–10050. Avoid buying into bank stocks if the index trades below 10500”.
SWASTIKA INVESTMART: “On intraday charts, we can observe that Nifty had weakened near the support levels of 5380 and breach from these levels saw further downfall towards 5325. On daily charts, Nifty has entered in the weak zone below 5350 mark. For the coming session, 5310 is the immediate support for Nifty and if it breaches these levels then it can slip towards 5270/5250. On higher levels, 5370 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5400/5430”.
HEM SECURITIES: “The NSE benchmark Nifty fell over a 1% led by panic selling in the last one hour of trade. Major sectors like oil & gas, technology, financial and infrastructure also faced selling pressure. Defensive sectors like FMCG and healthcare too followed the same trend. For tomorrow, markets are expected to be down”.
INVENTURE GROWTH & SECURITIES: “Nifty has major support around 5,330-5,200 and on upside Nifty has resistance at 5,430-5,550”.
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