The BSE Sensex lost 112.01 points or 0.72% to settle at 15,379.34, its lowest closing level since 21 August 2009. The index lost 300.61 points at the day's low of 15,190.74 in mid-afternoon trade. The index fell 51.25 points at the day's high of 15,440.10 in early trade. The S&P CNX Nifty lost 38.50 points or 0.83% to settle at 4,613.10, its lowest closing level since 3 November 2009. The Nifty hit a low of 4,555.90 and a high of 4,623.15 in intraday trade. The BSE Mid-Cap index fell 1.99% and the BSE Small-Cap index declined 2.5%. Both these indices underperformed the Sensex.
The market breadth was weak. On BSE, 2,068 shares declined and 733 shares rose and a total of 89 shares were unchanged. From the 30-member Sensex pack, 21 declined while the rest of them gained.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green and inch up further during the day. Support on Nifty is at 4,539 while resistance is 4,650. Among the sectoral indices, Auto stocks could outperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting significant losses in last session, Nifty witnessed a very volatile & choppy session and despite displaying an excellent recovery, closed with deep cuts. Level wise, closing below the vital 4650 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large- caps, small-cap, mid-cap were under sellers’ grip. Owing to this, bears outnumbered the bulls with significant margin. Due to selling Nifty continued to close below its vital 9, 14, 50 & 100 day’s SMA placed at 4801, 4848, 4992 & 5051. VIX, the barometer of uncertainty, closed at a higher level of 30+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 33.28 levels and MACD closed below the signal line. Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty made hammer candlestick pattern on daily charts, which shows that bulls are trying to enter from lower levels. On upside, Nifty has resistance at 4625 levels. If Nifty manages to maintain above 4625 levels then some recovery may be continuing else selling pressure may resume. For daily purpose, Trend deciding level is 4625. If Nifty shows strength above 4625 levels, then rally to 4670/4725/4750/4800 may be seen. If Nifty does not show strength above 4625 levels then selling pressure till 4550/4500/4450 may also be seen”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today came to a close above 4600 after trading below 4600 for quite some time. We may see minor bounce back tomorrow but the overall trend still remains negative. Nifty is having resistance at 4638 and 4664 while the support is there at 4571 and 4530 level”.
GEPL CAPITAL: “The immediate support for Nifty Futures is placed at 4520 and breach of this level will show panic selling heading towards 4300. But sustaining above 4650 is likely to trigger a bounce back, pushing Nifty Futures in the zone of 4700-4750. The timing cycle day on 19th December is indicating higher probability of bounce back which will get confirmed above 4650. Till Nifty Futures trades below 4850, the bear grip is likely to remain in the market keeping the trend in downward direction. Though the short term RSI on daily chart is in oversold territory, it is yet to surpass trigger line indicating no fresh long trading positions. The intermediate trend of Nifty Futures will remain in downward direction till the weekly close is below 5275 mark. The intraday resistance levels for Nifty Futures are placed at 4650 & 4700 and support levels are placed at 4580 & 4520 respectively”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still weak and can still slide down but looks over stretched on the downside and so I would not ruled out a reaction if it comes but the market looks weak…The support for the Nifty is at 4520-4340 and resistance at 4700”.
ANGEL BROKING (Technical): “After a weak opening, indices continued to drift lower towards the mentioned support level 15330/4540. Subsequently, indices found decent intraday support near this level and bounced almost near the initial opening level. Hence, we are now observing a ‘Bullish Hammer’ pattern near this downward sloping trend line support zone. This pattern requires a confirmation in the form of crossing and closing above the high of the candle which is 15440/4623 level. If indices manage to sustain above yesterday’s high, then they are likely to bounce towards 15590–15750/4672–4730 levels. On the downside, yesterday’s low of 15190/4555 may act a support in coming trading sessions. A breach of this low would negate the implication of ‘Bullish Hammer’ pattern”.
MICROSEC SECURITIES: “Nifty has given a correction of almost 10.60% in last eight trading sessions. Now it is expected to get a strong support at 4530 in the short term. If Nifty breaches 4530, it may further go down to 4400 and then 4350. However, a breach of 4720 would likely take Nifty higher to 4860 and then 4920 in the extreme short term. On an intra-day basis Nifty has a support at 4590 and is likely to face a stiff resistance near 4650. If Nifty breaks 4590, it may further go down to 4560 and then 4530. However, if it is able to sustain above 4650, the level of 4680–4720 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,337/4,597 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,483–15,586/4,639–4,665 levels. However, if Nifty trades below 15,337/4,597 levels for the first half-an-hour of trade then it may correct up to 15,233–15,087/4,572–4,530 levels”.
INDIRATRADE SECURITIES: “Monday markets faced immense selling pressure throughout the day but recovered significantly in the last hour of trade to close with losses of only three-fourth of a percent. Banking, capital goods and realty suffered the most in session while oil & gas, FMCG and auto provided some support to the indices. For today’s trade, market likely to trade in the range between 4630 & 4690 in the upper side and 4570 & 4530 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian markets are seen opening slightly up tracking positive cues from Asian Markets. However the NSE Nifty may face some supply pressure, when it approaches near its first resistance at 4639. A positive consolidation above this level is required for a strong momentum, which can take the benchmark towards the major resistance at 4679.The Critical support for the day is at 4578 and below this, downside pressure might increase once again. The first support comes around 4560 below which additional short positions can be expected which can drag the benchmark towards the lower support at 4531”.
EDELWEISS FINANCIAL ADVISORS: “Going forward Nifty has resistance in the range of 4623‐4635 which are the upper and lower band of the GAP. Thus in intraday if Nifty starts trading above the mentioned resistance range then we can see further upside till 4670/4700 levels. On the daily chart oscillator is still trading in negative territory, as well as closed below the lower band of the Bollinger. Nifty still continued to formed Lower Top and Lower Bottom. Thus going forward Nifty still look weak and we maintained our downside target of 4538 and below that 4463. We believe that any ongoing bounce back should be used as an exit opportunity from the long positions and fresh shorts should be build. Near term Nifty has resistance at 4850 which is the 21DEMA”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to hold the 4600level during the day and kept a closing above the same. We expect the nifty to trade in the range bound 4650-4740. Any positive triggered will help the Nifty to cross 4740 mark on closing basis”.
HEM SECURITIES: “Key benchmark indices edged lower for the fourth day in a row as data showing sustained selling by foreign funds over the past few days, ongoing worries about euro-zone sovereign debt crisis and geopolitical worries arising from death of North Korean leader Kim Jong-il hurt sentiment adversely. Intraday volatility was high. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Nifty has resistances placed at 4,650-4,730 levels. Selling pressure would again be felt at these levels. Overall, markets continue to remain in the downtrend making new lows and lower highs. On the downside, 4,525 is a support. In case 4,525 is broken on closing, we could see some severe damage in the indices”.
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