The BSE Sensex jumped 80.68 points or 0.46% to settle at 17,562.61, its highest closing level since 31 October 2011. The index fell 7.54 points at the day's low of 17,474.39 in mid-afternoon trade. The index jumped 220.33 points at the day's high of 17,702.26 in early trade. The S&P CNX Nifty rose 18.45 points or 0.35% to settle at 5,284.20, its highest closing level since 31 October 2011. The Nifty hit a high of 5,326.45 in intraday trade. The index hit a low of 5,256.80 in intraday trade. The BSE Mid-Cap index rose 0.75% and outperformed the Sensex. The BSE Small-Cap index gained 0.38% and underperformed the Sensex.
The market breadth was positive. On BSE, 1,588 shares rose and 1,247 fell and a total of 151 shares were unchanged. The breadth was much stronger earlier in the day. From the 30 share Sensex pack, 22 rose and rest of them fell.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Next week being a holiday shortened week, Indian Markets could track and take cues from developments in Europe especially Greece although it ended this week on a good note”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting a bit of consolidation in lasts session, today also Nifty continued in the same league. After making a big bullish start followed by a quick oscillatory session in the intraday trade, finally, nifty closed on modest positive note. Today Nifty witnessed a good recovery in the end and closed on modest positive note. Level wise, closing above vital 5250 level will infuse some buying momentum among the investors. Though there is no clear breakout on any of the side, yet for most of the time bulls were in command in today’s trade. Broader market witnessed a good comeback and owing to good manoeuvre in Large Cap, small cap and mid-cap, bulls outnumbered the bears, with a good margin. In today’s session, Nifty though closed on flat note, yet it managed to close above the vital 9, 14, 50 & 100 day’s SMA placed at 5250, 5192, 5038 & 5228. These levels may be the new supports in forthcoming sessions. In today’s session, VIX, the barometer of uncertainty, zoomed and closed at a little higher than average level of 23.43, indicating an average volatility in market in the forthcoming sessions. RSI (14) for the session was at 60.27 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some range bound movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “The Nifty has declined to take support on the 5200 to stage a decent bounce back while its evident that the Nifty is trying to digest its recent upward breakout indicating the possibility of a small sideways movement which could probably be range bound between 5182 on the downside and 5450 on the upside. The outlook remains positive though as long as the 5182 level holds from a closing point of view”.
BONANZA ONLINE: “After making long candlestick previous week, Bears tried to show some selling pressure from resistance near 5400 levels. Nifty is trading in 5200-5400 range and volatility may be seen in this range. Next week has 3 trading days only and Global equity indices especially from US and Europe may continue to play important role in sentiment preparation. Traders may take delivery based positions in good stocks with stoploss. For trading during the coming sessions, trend deciding level is 5290. If Nifty shows strength above 5290 levels then we may see rally 5360/5400/5470/5525 levels. If Nifty doesn’t sustain above 5290 levels then selling pressure till 5250/5200/5150/5090/5050 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Sell | 5320-5340 | 5270 | 5360 |
For the Week | Sell | 5320-5370 | 5250-5200-5150 | 5400 |
BONANZA PORTFOLIO (Shanu Goel): “Next week will be a shortened week due to two trading holidays. Market is expected to be volatile. International developments will greatly influence the market trend in near future. Downside support exists at 5235-5240 and then 5200. Upside resistance exist at 5320-5375-5400. Outcome of G20 meeting could influence the market trend”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note on the next trading day. Trade long in Nifty above 5,250, else from 5,230 with stop loss placed at 5,200 for targets of 5,300-5,320 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Technically Nifty has the last support at 5167; movements below this could cause heavy bull liquidation. Movement above 5385 and close towards 5400 may not materialize because technically the Nifty is poised for a major downside correction”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Markets would be watching the outcome of the G-20 summit over the weekend at Cannes as to how they would respond to the latest turn of events in Greece. More importantly, serious doubts have emerged on how the EU plans to bring in private investors to lever the EFSF to tackle the refinancing of Italian and Spanish and financing their deficits. Markets are somewhat hoping that China would come to the rescue to provide the required financing. If China does step up to the plate, though there are strong doubts about it, it is unlikely to be without major concessions. Since fiscal union through the stronger European economies like Germany and France supporting the weaker economies like PIIGS would be politically unpalatable and could also potentially lead to a rating downgrade of the stronger economies, markets would be looking at monetisation of debt through buying of sovereign bonds by the ECB. We recommend investors to trade cautiously for the week ahead. Technically, the Nifty will find support at 5201 & 5160 and resistance at 5326 & 5400”.
ICICI SECURITIES: “The Nifty may continue to trade in the range of 5200-5430. Intermediate resistance is at 5320. Sustainability above 5320 is likely to keep the positive bias for the index. The Bank Nifty has finally closed above the crucial support of 9800. It may gather strength till it holds this level and may eventually move towards 10050, which would be the major breakout level for the index. A move below 9800 on a closing basis would lead to a fall towards 9600”.
SMC ONLINE (WISE MONEY): “Bullish sentiment in the market could be sensed by the jump in cost-of-carry for most stocks and Nifty premium over the spot (November futures trading at a 25-point premium whereas December closed at a premium of 45 points). Rally was initiated after the F&O settlement, backed by strong short-covering, as Nifty took off above the 5200 mark. The Index managed to hold on to 5050 levels, and short-covering and fresh buying thereafter saw Nifty rally towards the 5300 mark. Technically, Nifty closed above its long-term averages, indicating strong sentiment in the near term. The 14-day RSI along with MACD indicate positive sentiment. However 200 SMA is close to 5400 level. With no immediate domestic trigger, the global factors will continue to play an influential role in the near term. Hence, investors are advised to adopt a 'buy-on-dips' strategy until the aforementioned support levels are held on a closing basis. The put-call ratio of open interest closed at 1.38. The highest concentration of open interest for the November series is currently at the 5000-strike put (above 55 lakh shares). Among call options, the 5400-strike has open interest of above 56 lakh shares. Implied Volatility (IV) of call options closed at 22.51% for the week, whereas it was 20.26% for puts. Hereafter, the market is expected to remain in the range of 5200-5500 levels in the short term. If the Index sustains the 5300 mark on a closing basis, it could gradually inch up towards 5400 and 5500 levels on the back of short covering and fresh buying”.
PINC RESEARCH: “With today's low at 5204, the Nifty has now managed to fill last Friday's big opening gap completely. Hence, the island pattern that was formed as a result of the gap up has been completely negated with. But this does not mean that the Nifty has lost its positive trend in the short term. The filling of the gap only signifies that the strength of the bulls could have faded a tad. In terms of price levels, as long as the Nifty trades above 5150-5200 the short term uptrend remains in force. Any further advances post 5350 in the near future can impel it towards the next target of 5400-5500 zone which should be an area of stiff resistance. Any downsides from the current level should see strong buying support at 5150-5200 zone. In the medium term however, our view remains neutral. This is because the short term structure of the Nifty has still some time before it can create an influential impact on the composition of the Nifty for its trend in the medium term”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “We now head into an a truncated week with holidays on Monday & Thursday and technically nothing has changed and the market should be seen as up until 5485 which is a logical target in the current campaign and if the market still continues up then the next logical target in the days to come could be 5695. Strong supports exists at 5200 zones. From a trading point of view I would trade long as long as 5200 holds. On daily basis, technically 5220 is a strong support to deal with. The support for the Nifty is at 5200-5160 and resistance at 5320-5485”.
ANGEL BROKING (Technical): “Going forward, indices are likely to face resistance near the 'Downward Sloping Trend Line' level of 18100/5450 and "200-Day SMA" which is placed at 18000/5400 level. However, the impact of positive crossover in the Weekly ADX (9) indicator would come into action if indices manage to break the 18100/5450 level. In this scenario, we may witness a strong buying interest, which would push indices higher to test the next resistance level of 18300-18440/5500-5550. On the downside, our benchmark indices have a decent support in the range of 17300-17165/5200-5160. These levels coincide with the "20 EMA" on the Weekly as well as Daily chart. A breach of 17165/5160 level may attract selling pressure, which may then drag indices lower to test crucial support levels of 16900-16669/5085-5011. Broadly speaking, indices are trading in the range of 18100 to 17165/5450 to 5160. A breakout from this range on either side would set the direction for our benchmark indices. Therefore, we reiterate our view that traders should stay light on positions and continue to adopt a stock-specific approach”.
MICROSEC SECURITIES: “After making a high of 5399.70 on 28th October, Nifty has been moving in the range of 5400 and 5200 for last six trading sessions. We expect this range bound movement would continue for another few days. If Nifty breaks 5200, the short term trend would become negative and it may further go down to 5080 and then 5010 in the extreme short term. However, a breach of 5450 would open the gate for 5600. Traders are advised to maintain a stop loss at 5200 of the long positions. For the coming week, first support of Nifty lies at 5200 and the resistance is 5360. If Nifty breaks 5200, it may further go down to 5170 and then 5080. However, if Nifty is able to sustain above 5360, the level of 5410-5450 would become the next target”.
INDIRA SECURITIES: “The markets closed in negative territory this week and auto remained the worst performer over the week. Mid-cap counters outperformed large-cap stocks this week and CNX Mid-cap index was the only one that closed positive. The Sensex was down 1.36% while the Nifty lost 1.42% during the week. For the next week, Nifty likely to trade in the range between 5400-5450 in the upper side and 5200–5150 in the lower side”.
HEM SECURITIES: “Stock-specific activity may dominate trade in the near-term with the earnings season as its peak. Investors will closely watch the management commentary at the time of announcement of Q2 September 2011 results, which will provide cues on futures earnings outlook. On Tuesday, markets are expected to be sideways”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
(WILL BE OUTSTATION AND NOT ABLE TO UPDATE THE BLOG TILL DECEMBER 10, 2011)
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