Nifty closed at 5,456.55, down by 60.25 points or 1.09 over the previous day closing of 5,516.80, after witnessing a low of 5,433.65 and a high of 5,496.30. Sensex closed at 18,109.89, down by 204.44 points or 1.12 over the previous day closing of 18,314.33. It touched an intraday low of 18,037.87 and high of 18,283.55.
The markets’ breadth was negative. Out of 2,965 stocks traded, 856 stocks advanced, 2,008 stocks declined and 101 stocks remained unchanged. In Sensex, 7 stocks advanced and 23 stocks declined.
FIIs were net sellers with the tune of ` 201.68 crore on Tuesday, the 2nd August 2011(prov. fig.);
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the red following weak global cues and later take cues from the European markets. Among the sectoral indices, Banking, Capital Goods and Metal stocks could underperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak show and after strengthening the momentum in last session, today again drifted into red zone. Nifty lost its vital support of 5500, after regaining it in last session; this may be a trigger point for bears. On account of weakness, Nifty for the sixth successive day closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5546, 5561, 5523 & 5581 levels; this may continue to spoil the buying 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 closed at a little higher level of 19.15%, indicating more volatility in market in the forthcoming sessions. RSI (14) for the session was at 42.23 levels and MACD remained below the signal line, thus combined together they are giving the signals that; market may be in range bound trade with some recovery in coming session”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 5500 levels and closed in red. Bulls tried to show some strength from lower levels and manage to close above 5450 levels. Volatility may be continuing for next few days. For daily purpose, Trend deciding level is 5450. If Nifty shows strength above 5450 levels, then rally to 5500/5550/5600 levels may be seen. If Nifty does not show strength above 5450 levels then selling pressure till 5400/5350/5300 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty is expected to be volatile within the range of 5,400-5,650 levels. The global developments continue to affect the market sentiments. Interest rate sensitive sectors like Bank, Capital goods, realty etc are likely to underperform the broader market in the absence of any positive cues”.
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 5,450 levels else from 5480 levels, with stop loss at 5500 targeting 5430-5400 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed near to its crucial level of 5,453 and is looking weak below its 50 DMA of 5,523. Below 5,431 it can fall towards 5,388 and thereafter towards 5353 levels. Resistance for the Nifty is at 5,523 and 5,560 levels”.
PINC RESEARCH: “Today's negative closing confirms that yesterday's up tick was just a pull back to the ongoing weakness that has started from 5700. The trend is likely to remain weak in the immediate future, as there has been no violation of any important levels on the upside. One can also infer from the short-term charts that only a move above 5600-5650 can lead to any sustainable recovery and a possible reversal. Until then, the Nifty is likely to remain subdued with a negative bias in the near future. The technical indicators have further slid into the oversold territory indicating that a sharp pull back cannot be ruled out. Even if the Nifty were to slip further, supports should emerge at 5440 (61.8%) and 5350(80%)”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded yet again as expected and closed just near our target of 5450. Technically the market is weak and may slide down to 5404 but if it reacts then 5490 is a level to watch. The support for the Nifty is at 5404-5393 and resistance at 5490. The crucial support on the Sensex on the downside is 17920 and resistance at 18220”.
IIFL (Amar Ambani): “The NSE Nifty remained under pressure throughout the day and hovered around the 5,450 levels. The index found support at its rising trendline. If it falls below this level, there could be more selling. Immediate resistance is seen at 5,575. In case of further downside, it may find support around 5,365. Meanwhile, the Government is trying its best to convince all that there is no policy drift and that reforms are on track. The monsoon session will be a key test, as spates of crucial bills are slated for presentation”.
MICROSEC SECURITIES: “After making a high of 5702.25 on 26th July, 2011, Nifty has given a correction of almost 4.72% in a time span of five days. Now it is expected to get a strong support near 5400. If Nifty breaches 5400, the short term trend would become negative and it may further go down to 5300. However a breach of 5750 would indicate a reversal of current trend and in that case Nifty may test the level of 5900 in the extreme short term. On an intra-day basis Nifty has a support at 5430 and is likely to face a stiff resistance near 5510. If Nifty breaks 5430, it may further go down to 5400 and then 5360. However, if it is able to sustain above 5510, the level of 5540–5580 would become the next target”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed selling pressure from resistance near 5,500 levels and closed in red. Bulls tried to show some strength from lower levels and manage to close above 5,450 levels. Volatility may be continuing for next few days. For daily purpose, trend deciding level is at 5,450. If Nifty shows strength above 5,450 levels, then rally to 5,500/5,550/5,600 levels may be seen. If Nifty does not show strength above 5,450 levels then selling pressure till 5,400/5,350/5,300 may also be seen”.
NIRMAL BANG SECURITIES: “The intermediate short term trend is very pathetic as nifty future is just holding near to its important trend-line support of 5440 joining from the lows of 11 Feb (5175) to the low of 25 May (5328) on the closing basis. And going forward if nifty future starts trading consistently below 5440 then 5360–5290 is possible very soon. So avoid buying below 5430. Positive moves could be seen only above 5510. For the Sensex @ 18109, strong support exits at 18060 levels and trading below this point in the near could make the index more weak and could drift further up to next support of 17900–17750 levels while resistance seen at 18400. Avoid buying if Sensex breaks below 18000 levels. BANK NIFTY @ 10776 has also turned very negative but strong support seen at 10740 - 10690 range and only breach of this level could drift the index further to its next important support level of 10550. Banking index could turn very negative only if closes below 10500, till then there any decline could around the support level is a buying opportunity from a trading perspective”.
SWASTIKA INVESTMART: “Nifty is exhibiting lower highs on daily charts and immediate support for it is seen at 5430/5400 levels, a breach of these levels may continue weakness and in that case the next support is seen at 5370. On the oscillators front, MACD is moving away from signal line while RSI is also southbound indicating that the trend is still weak. On higher side, 5496/5520 is the immediate resistance for the index”.
HEM SECURITIES: “The bears have not backed out yet. The markets closed down on fears that there could be slowdown in some of the developed countries. Disappointing manufacturing data of major regions like the US, Europe and China had offset the sigh of relief offered by the agreement between the US house and Republicans for raising the US debt limit. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Nifty’s immediate resistance on the upside comes at 5,550-5,610 levels. And supports stand at 5,350-5,200. Although Nifty is still in a consolidating range but traders need to be cautious if Nifty starts another leg of downtrend”.
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