Nifty closed at 5,035.80, down by 37.15 points or 0.73 percent over the previous day closing of 5,072.95, after witnessing a low of 5,015.40 and a high of 5,132.20. Sensex closed at 16,730.94, down by 108.69 points or 0.65 percent over the previous day closing of 16,839.63. It touched an intraday low of 16,673.52 and high of 17,035.49.
The markets’ breadth was negative. Out of 2,940 stocks traded, 849 stocks advanced, 1,984 stocks declined and 107 stocks remained unchanged. In Sensex, 8 stocks advanced and 22 stocks declined.
FIIs were net sellers with the tune of ` 261.12 crore whereas DII were net buyers of ` 251.67 crore on Tuesday, the 1th August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, today market witnessed a range bound movement till the late noon. At the final hour heavy sell off witnessed in the indices stock. However, today’s down move was limited and selling in heavyweights forced Nifty to close below a vital support of 5125. Nifty for the twelfth successive session closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5172, 5288, 5465 & 5556 levels; this may continue to spoil the recovery sentiments in forthcoming sessions. On account of weakness in large cap, small cap & mid cap, today Bulls again yielded to bears, because of which, Indices closed with negative
market breadth. This may support selling sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed after correcting to 26.46, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 27.44 levels and MACD remained below the signal line, thus combined together they are giving the signals that; market may witness some range bound movement with negative bias in coming days”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 5132.20 levels and closed in red. Nifty is trading in 4950-5250 range for 7 days. Until Nifty manages to breakdown below this range, volatility may be seen. Sentiment may remain weak. For daily purpose, Trend deciding level is 5030-5050. If Nifty shows strength above 5050 levels, then rally to 5130/5170/5225 may be seen. If Nifty does not show strength above 5030 levels then selling pressure till 5000/4950/4900/4850 may also be seen”.
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 5,030 levels, with stop loss at 5,050, targeting 5,000-4,980 levels. Alternatively, trade long if Nifty holds above 5,050, with stop loss at 5,030 targeting 5,100 levels”.
GEPL CAPITAL: “Nifty breached the support level of 5050 today and drifted lower to end the day with a loss of 37 points at 5035. It continues to appear weak and trades in bear territory. There is a possibility that it may retest the level of 4946 and even drift lower over the next few sessions. On the down side the range of 4890 to 4860 is a strong support for Nifty where there may be some sustained efforts for an up move. On the higher side the level of 5200 appears to be a stiff resistance for the immediate term. Till the time it trades below 5200 it continues to appear weak”.
ANGEL BROKING (Technical): “On the Weekly chart, we are observing a “Horizontal Trend Line” resistance at 17300 / 5180 level. The ADX (14) line has moved up from the last week’s level of 18.50 to the current week’s level of 20.75 along with – DI (Negative Directional Index) moving upwards. The Gap area formed on August 5, 2011, in the range of 17360 to 17665/5230 to 5325 would prove to be a crucial resistance in the near term. We are now observing a “Horizontal Trend Line” around 17300/5180 level, which may act as a strong resistance in the coming trading sessions. This horizontal trend line, coupled with the low of the gap area, is now expected to act as a strong resistance zone for the markets. This resistance band is at 17300–17360/5180–5230 levels. As a result, the trading range for indices in the coming week is expected to be from 17300 to 16430/5180–4945. If indices manage to cross 17360/5230 level, then they are likely to rally towards the next resistance level of 17665/5325. A violation of 16430/4945 level along with the ADX line rising above 20 -21 level may attract immense selling pressure, which can drag indices to lower levels of 16000/4800. We advise traders to stay light on their positions and trade with proper stop losses. Investors can use the dip towards 4800 to enter (partial buying advised) in counters with strong fundamentals and good long-term prospects”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,813/5,061 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,953–17,175/5,107–5,178 levels. However, if Nifty trades below 16,813/5,061 levels for the first half-an-hour of trade then it may correct up to 16,591–16,451/4,990–4,944 levels”.
INDIRATRADE SECURITIES: “It was a choppy trade in the markets on Monday with both benchmark indices closing with moderate losses. IT made some smart gains while realty closed with significant losses in session. ADAG group also faced intense selling pressure and profit booking was there in fertilizer stocks, too. For today’s trade market likely to trade in the range between 5070 & 5130 in the upper side and 5010 & 4970 in the lower side”.
NIRMAL BANG SECURITIES: “Technically the trend still remains vulnerable and this trend could again get worse if nifty future breaks and trade below 5000. Avoid buying below these levels. On the higher side nifty future faces strong resistance around 5120 levels. For Sensex @ 16730, strong support exits at 16300 and only break of this point could again trigger for a big sell-off, till then any dip is a buying opportunity from a trading perspective. Resistance seen at 17000 levels and only stability above this level could further extend the rally”.
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