The benchmark 30-share index, BSE Sensex declined 286.59 points or 1.77% at 15,864.86 with 23 components posting drop. Meanwhile, the broad based NSE Nifty fell by 77.35 or 1.60% at 4,772.15 with 40 components registering drop.
FIIs were net sellers with the tune of ` 971.44 crore whereas DII were net buyers of ` 555.81 crore on Tuesday, the 4th October 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after making a weak candle in last session, today Nifty exhibited its weakness further and closed on red note. Thus three bearish signals continuously, which denotes a short term weakness in our markets. Nifty failed in originating any recovery rally and thus lost its sentimental level of 4800. Inline to a weak show, Bears maintained their supremacy over bulls to regain the full control of the market and because of this, Indices closed with negative market breadth. In today’s session, Nifty not only lost its vital supports of 4800 and 4860 but also closed below the vital supports of 9 & 14 day’s SMA placed at 4903 and 4971. 50 & 100 day’s SMA levels were recorded at 5099 & 5304 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Selling was evident in Large Caps, small cap & mid cap and most of the Sectoral indices too closed on weak note. In today’s session, VIX, the barometer of uncertainty, closed at a very high level of 37.19, but it still indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 37.04 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 showed selling pressure for 3rd consecutive day and closed in red. Bears are having control at the moment. Further down leg may resume, if Nifty maintains below 4700 levels. On the other hand, if Nifty maintains above 4700 levels then some recovery may also be seen. For daily purpose, Trend deciding level is 4770. If Nifty shows strength above 4770 levels, then rally to 4820/4870/4900 may be seen. If Nifty does not show strength above 4770 levels then selling pressure till 4725-4700/ 4650/4600 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Global turmoil is making the markets highly volatile. October being the result month is expected to be all the more volatile going ahead. The developments pertaining to Greece default and news flows from the US economy indicating the risk of recession or recovery thereof is going to influence the future trend of the market. Below 4800 level, panic selling is likely to lead to further downfall till 4700 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty came near to its major support of 4720 and bounced back from it. Overall trend of the market is still negative and if Nifty moves and closes below this level then further selling can be seen, because there are no major positive triggers for the market”.
GEPL CAPITAL: “Pattern ‘Island Reversal’ is seen on daily chart of Nifty in the zone of 4906 - 4879 and likely to decide the immediate trend as it is considered as a bearish pattern. The support trend line connecting the earlier lows of 4759 and 4720 is showing the level of 4770 which is a breakdown level for Nifty. The convincing breakdown below 4770 after “Island Reversal” Pattern is likely to trigger a sharp downward momentum surpassing 4700 mark. At the same time closing above 4920 will negate the bearish impact of “Island Reversal” Pattern and upward bounce may be seen”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Now the market is at Make or Break levels and is at good place to bounce if it has to…and the upside to 4910 is a possibility, but if it gaps down then it could get a bit messy. The support for the Nifty is at 4720-4682 and resistance at 4910-4950”.
ANGEL BROKING (Technical): “Yesterday during the second half, strong selling pressure was observed near the mentioned resistance zone of 16404 to 16256/4924 to 4879. This dragged indices sharply towards the recent bottom of 15756/4720. However, indices managed to bounce from this support level in yesterday’s session and closed below 16000/4800 mark. Going forward, we reiterate that 15756/4720 level is likely to act as crucial support level. Any sustainable move below this level would result in a further fall and can take indices to test lower levels of 15650–15330/4675–4540 levels. On the upside, the gap area of 16404 to 16256/4924 to 4879 is likely to act as a strong resistance in coming trading sessions”.
IIFL (Amar Ambani): “There is no respite for equities given the heightened fears over the worsening euro-zone debt crisis. Greece continues to struggle to secure approval for fresh financial aid. European leaders too don’t seem to have a clue on how to address the region’s fiscal mess. The sentiment will remain fragile unless and until Greece gets fresh rescue funds. There is a silver lining amid all the gloom and doom. Among the positives for India is that Brent crude is now hovering around USD 100 per barrel. Other industrial commodities too have softened. However, it remains to be seen whether the RBI will relent on its hawkish stance”. (source: myiris)
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15938/4790 levels. If nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,130–16,395/4,852–4,932 levels. However, if nifty trades below 15938/4790 levels for the first half-an-hour of trade then it may correct up to 15,673– 15,481/4,710–4,649 levels”.
INDIRATRADE SECURITIES: “On Tuesday market closed a volatile day of trade with huge cuts dragged down by a sell-off towards mid-day in the Bank Nifty. This is a closing with big losses for the second straight day for the Indian market. The broader markets too came under pressure. For today’s trade, market likely to trade in the range between 4795 & 4840 in the upper side and 4740 & 4720 in the lower side”.
NIRMAL BANG SECURITIES: “Indian equity benchmarks plunged for the third consecutive session on Greece woes. The Sensex ended below the 16,000 level - at more than one-month low. Bankex crashed after Moody's Investors Service has downgraded (SBI) bank financial strength rating (BFSR), or stand-alone rating, to D+ from C-. The nifty is at a critical level from where a (5% - 8%) fall is clearly visible on cards. On the lower side support is seen around 4655–4530–4480-4385 levels and on the higher side 4850 – 4930 will act as an important resistance zone. Only stability above these levels will improve this downtrend. Very strong support seen around 15000 and 4510 levels for the market. For Bank nifty support is seen around 8250 levels”.
HEM SECURITIES: “Key benchmark indices fell for the third straight day as weak global shares, data showing stepping up of selling by foreign funds on Monday, 3 October 2011, and likely muted-to-weak Q2 earnings hit sentiment adversely. The market breadth was weak. The barometer index BSE Sensex hit 20-month trough below the psychological 16,000 level. The 50-unit S&P CNX Nifty hit 5-1/2-week low. For tomorrow, markets are expected to be downward”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
No comments:
Post a Comment