At the close, the benchmark 30-share index, BSE Sensex lost 121.37 points or 0.76% at 15,881.14 with 23 components posting drop. Meanwhile, the broad based NSE Nifty fell by 37.35 points or 0.78% at 4,763.25 with 41 components registering drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open lower on the back of negative global cues. Among the sectoral indices, Capital Goods, Realty and Metals stocks could underperform”.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open lower on the back of negative global cues. Among the sectoral indices, Capital Goods, Realty and Metals stocks could underperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting significant gains in last session, Nifty witnessed a very volatile session and closed with significant falls besides losing support of 4800 level. Level wise, closing below the vital 4800 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large-cap, 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 4914, 4870, 5008 & 5009. VIX, the barometer of uncertainty, closed at a higher level of 29+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 39.86 levels and MACD closed below the signal line. Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 4727-4827. If sustained below this range may face severe fall and expected to test 4666-4630. However, 4848 and 4888 are strong resistance level in Nifty. 8300 may act as a crucial support level in Bank Nifty likely to be tested in near term”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4850 levels and closed in red. Higher Inflation and weak rupee are keeping market sentiment down. Selling pressure may accelerate if Nifty maintains below 4700 levels. However, if Nifty holds 4700 levels then recovery may also be seen. For daily purpose, Trend deciding level is 4750. If Nifty shows strength above 4750 levels, then rally to 4800/4850/4900 may be seen. If Nifty does not show strength above 4750 levels then selling pressure till 4700/4650/4600 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “The short term trend of the market has turned bearish. Interest rate sensitive sector stocks should be avoided for the time being. Upcoming announcements include third advance tax instalment is due on 15th December, which are likely to provide cues for Q3FY12 earnings and monetary policy is scheduled for December 16th. Important support exists at 4700- 4705 levels”.
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 at 4780 levels with stoploss placed at 4800 for targets of 4,750-4,730”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is having resistance at 4818 and 4873 while the support is there at 4729 and 4645 levels. Tomorrow is a crucial day and all eyes are on RBI mid quarter review results. Market sense is that the RBI will leave the rates unchanged this time and will resort to lowering the same at their quarterly review in January 24, 2012. Having said that, if RBI cuts the rate by 25-50 bps then we may see buying interest in the beaten down rate sensitive sector stocks”.
GEPL CAPITAL: “We witnessed a further correction in nifty today but it did manage to protect the critical support of 4,700. Till the time it trades above the level of 4,728, there is still a probability that we may witness further upside till 4,900 levels. However if Nifty breaches the level of 4,728 then it would be the initial confirmation of bearishness which would exacerbate further below 4,700 and Nifty may test the level of 4,639 and even slide lower below that. We maintain a highly cautious stance at present juncture and advocate a stop loss of 4,700 for Nifty long positions”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still flat with supports emerging near the 4700 mark and resistance in the vicinity of 4850-4870. The support for the Nifty is at 4737-4700 and resistance at 4850-4950”.
ANGEL BROKING (Technical): “After a strong recovery on Tuesday’s session, yesterday markets opened with a marginal downside gap, tested the mentioned resistance level of 16142/4841and then drifted lower to close almost at the lowest point of the day. We are now observing a negative crossover in daily “RSI – Smoothened” momentum oscillator. The impact of this crossover can be witnessed after the violation of Tuesday’s low of 15771/4728 and hence, indices may slide lower to test the recent bottom of 15478/4639. On the other hand, 16142/4841 would act as strong resistance in coming trading session. Only a move beyond this may push indices to test 16383–4918 levels”.
MICROSEC SECURITIES: “Nifty is likely to move in the range of 4700 and 4920 in the short term. If Nifty is able to maintain below 4700, it may further go down to 4530 and then 4400. However, a breach of 4920 would likely take Nifty higher to 5110. Traders are advised to maintain a strict stop loss at 4700 of the long positions. On an intra-day basis Nifty has a support at 4740 and is likely to face a stiff resistance near 4800. If Nifty breaks 4740, it may further go down to 4720 and then 4700. However, if it is able to sustain above 4800, the level of 4860–4920 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,957/4,784 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,058–16,235/4,818–4,874 levels. However, if Nifty trades below 15,957/4,784 levels for the first half-an-hour of trade then it may correct up to 15,780–15,678/4,729–4,695 levels”.
INDIRATRADE SECURITIES: “Wednesday was a volatile day for the Indian market which closed at the lowest point of the day. It opened gap-down and thereafter, traded range-bound and subdued for most part of the morning but weak November inflation data brought in profit booking. The broader markets too were soft in trade on the back of weak global cues. For today’s trade market likely to trade in the range between 4790 & 4830 in the upper side and 4710 & 4670 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty kept a negative closing below 4800 level. Nifty is trading below 20-average of Bollinger band. Any move below 4750 level will drag the Nifty towards the gap level of 4720/4650. Resistance 4820/4840”.
HEM SECURITIES: “Volatility ruled the roost as key benchmark indices regained strength to hit fresh intraday highs in late trade. The barometer index, BSE Sensex, regained the psychological 16,000 mark. Gains in European shares aided recovery on the domestic bourses after share prices witnessed a steep slide recently. For tomorrow; markets are expected to be downward”.
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