The benchmark 30-share index, BSE Sensex lost 78.01 points or 0.47% at 16,446.02 with 21 components posting drop. Meanwhile, the broad based NSE Nifty fell by 25.35 points or 0.51% at 4,945.90 with 39 components posting drop.
FIIs were net buyers with the tune of ` 184.97 crore whereas DII were net buyers of ` 115.59 crore on Wednesday, the 28th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after making a big bullish candle in last session, today Nifty was under consolidation and traded in a range. Despite a negative closing, Nifty honoured the sanctity of vital supports, which is a positive booster for buyers. As F&O expiry is on anvil, we may witness some stock specific actions rather any specific manifestation in benchmark indices. After an exception of yesterday, today, Bears again outnumbered bulls to regain the full control of the market and because of this, buyers’ strength may deteriorate in coming session. In today’s session, Nifty maintained its vital supports of 4900 and 4940. In line to a mediocre show, Nifty closed below the vital supports of 9 & 14 day’s SMA placed at 4993 and 4998. 50 & 100 day’s SMA levels were recorded at 5254 & 5329 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Buying in Large Caps, Small cap & Mid cap boosted Bulls to snatch control from bears, because of which, Indices closed with positive market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a little corrected level of 32.00, but still it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.16 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation in forthcoming session”.
BONANZA ONLINE: “Nifty saw profit-booking from higher levels and could not sustain above 4980 level. Intraday support was seen at 4920 level. Short term trend is positive, however, medium term trend continues to be weak. For Daily Purpose, Trend deciding level is 4980. If Nifty shows strength above 4980 levels, then rally to 5025/5060/5100 may be seen. If Nifty does not show strength above 4980 levels then selling pressure till 4920/4865/4825 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Market is expected to be volatile tomorrow due to the expiry of September derivative series. Global developments along with domestic news are going to influence the market trend for the time being. Nifty is expected trade within the range of 4700-5100”.
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 4,950 levels with a stoploss at 4,970, for targets of 4,900”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed above the support of 4923 and is having resistance at 4988 and 5017 if it can stay above this level then we may see short covering. On the other hand support is there at 4917 and 4885 levels. Being the expiry day, expect highly volatile movements”.
GEPL CAPITAL: “Nifty retraced as much as 61.80% of the recent sell off that we witnessed last week. However in the immediate term till the time it trades below the level of 5080 it still remains susceptible to declines. On the higher side it may face resistance at 5011 in intraday trade. We maintain a bearish view till Nifty trades below 5080. In the event 5080 is breached it may move up higher till the level of 5170. On the downside the level of 4880 would now be a support in the immediate term and below that 4829 is a critical support for Nifty. It is now placed near a make or break level where either side breakout of either 5080 or 4830 would confirm the next directional move in the next few days”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “we now head into an F&O expiry week and volatility is not ruled and upside seems to be limited to 5037 and 4885 is also a possibility on the downside. The support for the Nifty is at 4885 and resistance at 5037-5095”.
ANGEL BROKING (Technical): “Yesterday, markets opened with a neutral bias and moved towards the resistance zone of 16670/5010 during the initial trade. As stated in our previous report, selling pressure intensified near this levels which dragged indices lower to test intraday support level of 16368/4930. Going forward, 16670/5010 remains to be a strong resistance zone. On the downside, indices are likely to test 16166-15960/4868-4806 levels if they sustain below yesterday’s low of 16363/4918. Due to derivatives expiry, coming trading session is likely to trade with immense volatility. Hence, we advise traders to trade with strict stop losses and avoid taking undue risks”.
IIFL (Amar Ambani): “As anticipated, the session was one of consolidation after Tuesday’s big rally as investors await more decisive action on the part of the European leaders on reining in the region’s debt crisis. So, Asian stocks struggled for direction with a mixed trend across the region. European stocks however advanced on optimism that Greece will eventually avoid a default. For India, the F&O expiry will be the main event on Thursday. After that, the market players will focus on the upcoming earnings. Any boost in the form of a positive policy action from the Centre will be more than welcome. Trend in FII flows coupled with inflation and its impact on the RBI’s policy stance will continue to have a bearing on sentiment”.
MICROSEC SECURITIES: “Nifty has given a shaky movement through out yesterday’s trading session. Now Nifty is likely to move in the range of 4900 and 5110 in the extreme short term. If it breaches 4900, it may further go down and take support in the band of 4700-4650. However a breach of 5110 would open the gate for 5230. Traders are advised to hold long positions with a strict stop loss of 4900. On an intra-day basis Nifty has a support at 4915 and is likely to face a stiff resistance near 5980. If Nifty breaks 4915, it may further go down to 4900 and then 4870. However, if it is able to sustain above 4980, the level of 5020–5060 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,491/4,957 levels. If nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,618–16,791/ 4,995–5,044 levels. However, if nifty trades below 16,491/4,957 levels for the first half-an-hour of trade then it may correct up to 16,319–16,191/4,908–4,869 levels”.
INDIRATRADE SECURITIES: “It was a volatile day of trade in the markets on Wednesday with constant selling pressure on metals throughout the day. ADAG stocks, too, made significant losses, and, along with banking and auto, pulled the markets down. However, select banking counters made substantial gains. IT and FMCG closed with significant gains. For today’s trade, market likely to trade in the range between 4970 & 5030 in the upper side and 4910 & 4840 in the lower side”.
NIRMAL BANG SECURITIES: “The trend however still remains cautious and negative as nifty future is not able to give a strong closing above 4970–5000 levels. On the lower side 4880–4870 will act as an important support and if this level is broken and nifty future starts trading below then one should avoid buying as huge sell-off can be witnessed”.
SWASTIKA INVESTMART: “For the coming session, we can see 4900/4870/4820 as the supports. On higher levels, 5000 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5040/5070. Due to F&O expiry today, volatility will remain high so traders are advised to trade in small quantities and with strict stoploss”.
HEM SECURITIES: “Key benchmark indices edged lower amid intraday volatility as traders rolled over positions in the derivatives segment ahead of the expiry of September 2011 futures & options (F&O) contracts tomorrow, 29 September 2011. For tomorrow, markets are expected to be sideways”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a flat to negative note and the underying trend for the day remains weak. Among the indices, Auto and Banking stocks look weak”.
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