At the close, the benchmark 30-share index, BSE Sensex declined 34.08 points or 0.22% at 15,814.72 with 17 components registering drop. Meanwhile, the broad based NSE Nifty went down by 4.10 points or 0.09% at 4,742.80 with 28 components posting drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “The focus for the next few weeks would be the Q3 results and guidance from the company managements on outlook for the remaining part of the year and for the next year. The market has been trading in a tight range of 4,700-4,800 on the Nifty. A breakout either way would decide future course of the market”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest losses in last session, Nifty witnessed a very volatile session and closed on a very flat note. Level wise, closing above the threshold 4740 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed mixed sentiments and with the exception of Large-cap, Mid-cap and small-cap segments were closed on positive note. Owing to this firmness, bulls regained the control from bears and that’s too with good margin. Despite a volatile performance, Nifty displayed stability and remained above its vital 9 and 14 day’s SMA placed at 4712 & 4721 but closed below 50 & 100 day’s SMA placed at 4887 and 4943. Though, VIX, the barometer of uncertainty, corrected sharply and closed at 25+, yet it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 47.86 levels and MACD closed above the signal line. Market may continue to witness some recovery in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “In the next session Nifty is expected to trade in the range 4700-4800. Below the given range Nifty may test 4636 level. However Sustaining above 4800, would cause 4848 level on screen. Bank Nifty if sustains above 9520 may attract buying while sustaining below 8275 may cause selling pressure”.
BONANZA ONLINE: “Nifty is trading in 4,675-4,800 zones for 6 consecutive days. Until Nifty manages to maintain above 4,800 or below 4,675 levels, volatility may be continuing. Decisive price action may be seen above 4,800 or below 4,675 levels. For daily purpose, Trend deciding level is 4,750. If Nifty shows strength above 4,750 levels, then rally to 4,800/4,835/4,900 may be seen. If Nifty does not show strength above 4,750 levels then selling pressure till 4,700/4,650/4,600 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Job related and consumer confidence data in the US market has come out as per expectation. Markets will now look forward to Infosys and HDFC result outcome on January 12. Result season is expected to make market highly volatile. A breakout above 4,810 or a closing below 4,660 will decide the trend of the market”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to negative note tomorrow. Trade long in the Nifty above 4,700 levels with a stoploss at 4,680 for targets of 4,750 and 4,780 levels. Alternatively, trade short if the Nifty fails to cross 4,780 levels with a stop loss of 4,800 for targets of 4,750 and 4,700 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed with minor loss after recovering most of the lost points. Nifty is having resistance at 4,769 and 4,800 while the support is there at 4,703 and 4,660 levels. Movements above 4,800-4,820 and movement below 4,660 would cause major one sided movements”.
GEPL CAPITAL: “Bias remains weak till Nifty trades below 4,800. However, 4,660-4,580 range may still prove as a support for Nifty. Breach of this range may exacerbate the fall, else there may be efforts to clear 4,800 and test 5,000. A level of 16,000 is continuously providing resistance to BSE Sensex and it is unable to breach this level on weekly closing basis for past 2 weeks. According to sectoral trend reader, BSE Sensex is still showing downtrend where the trend reversal is placed at 16,400. At the same time, if BSE Sensex breached crucial support level of 15,400, a sharp fall may be seen of around 1,000 points”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded yet again as expected and closed flat for the day after taking support from our support. Analysis still remains the same. The support for the Nifty is at 4700 and resistance at 4815-4863”.
INVENTURE GROWTH & SECURITIES: “On the weekly basis, Nifty did make a new high (last week) but was unable to close above it. If Nifty closes above 4,825 on the upside, Nifty’s resistances are placed at 4,860-4,910 levels. At the higher end of these levels, Nifty has resistance from the 50 day moving average (dma) as well as a downward sloping trend line gives it a resistance. On the downside, supports are placed at 4,610-4,525-4,288 levels in the near-medium term. In the coming weeks, markets will increasingly focus on results of the December quarter. Thus the movements could be stock specific. There could be surprises. Any disappointments in the quarterly results could result in stocks snapping the recent recovery and would again fall. Stay stock specific and stay cautious for any unusual movement in the indices”. (source: myiris)
INDUSIND BANK: "The investor appetite has shifted to Fixed Income while equity market continues to remain in bear phase. The domestic appetite is low driven by weak domestic fundamentals and no support is seen from foreign investors. FIIs will continue to stay away when market dynamics are tossed up between low growth and weak rupee. The near term trend is weak for test/break of 4,500 for final pit stop at 4,350-4,250 from where a strong rebound is preferred. The strategy is to play end-to-end of 4,350-4,850 with stop on test/break thereof. Strategic investors can stay aside to buy in 3 lots around 4,550/4,400/4,250. The shift of stance of RBI from anti-inflation to pro-growth provides some kind of relief to the bulls while bears continue to hold reins”. (source: myiris)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “The focus for the next few weeks would be the Q3 results and guidance from the company managements on outlook for the remaining part of the year and for the next year. The market has been trading in a tight range of 4,700-4,800 on the Nifty. A breakout either way would decide future course of the market”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest losses in last session, Nifty witnessed a very volatile session and closed on a very flat note. Level wise, closing above the threshold 4740 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed mixed sentiments and with the exception of Large-cap, Mid-cap and small-cap segments were closed on positive note. Owing to this firmness, bulls regained the control from bears and that’s too with good margin. Despite a volatile performance, Nifty displayed stability and remained above its vital 9 and 14 day’s SMA placed at 4712 & 4721 but closed below 50 & 100 day’s SMA placed at 4887 and 4943. Though, VIX, the barometer of uncertainty, corrected sharply and closed at 25+, yet it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 47.86 levels and MACD closed above the signal line. Market may continue to witness some recovery in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “In the next session Nifty is expected to trade in the range 4700-4800. Below the given range Nifty may test 4636 level. However Sustaining above 4800, would cause 4848 level on screen. Bank Nifty if sustains above 9520 may attract buying while sustaining below 8275 may cause selling pressure”.
BONANZA ONLINE: “Nifty is trading in 4,675-4,800 zones for 6 consecutive days. Until Nifty manages to maintain above 4,800 or below 4,675 levels, volatility may be continuing. Decisive price action may be seen above 4,800 or below 4,675 levels. For daily purpose, Trend deciding level is 4,750. If Nifty shows strength above 4,750 levels, then rally to 4,800/4,835/4,900 may be seen. If Nifty does not show strength above 4,750 levels then selling pressure till 4,700/4,650/4,600 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Job related and consumer confidence data in the US market has come out as per expectation. Markets will now look forward to Infosys and HDFC result outcome on January 12. Result season is expected to make market highly volatile. A breakout above 4,810 or a closing below 4,660 will decide the trend of the market”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to negative note tomorrow. Trade long in the Nifty above 4,700 levels with a stoploss at 4,680 for targets of 4,750 and 4,780 levels. Alternatively, trade short if the Nifty fails to cross 4,780 levels with a stop loss of 4,800 for targets of 4,750 and 4,700 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed with minor loss after recovering most of the lost points. Nifty is having resistance at 4,769 and 4,800 while the support is there at 4,703 and 4,660 levels. Movements above 4,800-4,820 and movement below 4,660 would cause major one sided movements”.
GEPL CAPITAL: “Bias remains weak till Nifty trades below 4,800. However, 4,660-4,580 range may still prove as a support for Nifty. Breach of this range may exacerbate the fall, else there may be efforts to clear 4,800 and test 5,000. A level of 16,000 is continuously providing resistance to BSE Sensex and it is unable to breach this level on weekly closing basis for past 2 weeks. According to sectoral trend reader, BSE Sensex is still showing downtrend where the trend reversal is placed at 16,400. At the same time, if BSE Sensex breached crucial support level of 15,400, a sharp fall may be seen of around 1,000 points”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded yet again as expected and closed flat for the day after taking support from our support. Analysis still remains the same. The support for the Nifty is at 4700 and resistance at 4815-4863”.
INVENTURE GROWTH & SECURITIES: “On the weekly basis, Nifty did make a new high (last week) but was unable to close above it. If Nifty closes above 4,825 on the upside, Nifty’s resistances are placed at 4,860-4,910 levels. At the higher end of these levels, Nifty has resistance from the 50 day moving average (dma) as well as a downward sloping trend line gives it a resistance. On the downside, supports are placed at 4,610-4,525-4,288 levels in the near-medium term. In the coming weeks, markets will increasingly focus on results of the December quarter. Thus the movements could be stock specific. There could be surprises. Any disappointments in the quarterly results could result in stocks snapping the recent recovery and would again fall. Stay stock specific and stay cautious for any unusual movement in the indices”. (source: myiris)
INDUSIND BANK: "The investor appetite has shifted to Fixed Income while equity market continues to remain in bear phase. The domestic appetite is low driven by weak domestic fundamentals and no support is seen from foreign investors. FIIs will continue to stay away when market dynamics are tossed up between low growth and weak rupee. The near term trend is weak for test/break of 4,500 for final pit stop at 4,350-4,250 from where a strong rebound is preferred. The strategy is to play end-to-end of 4,350-4,850 with stop on test/break thereof. Strategic investors can stay aside to buy in 3 lots around 4,550/4,400/4,250. The shift of stance of RBI from anti-inflation to pro-growth provides some kind of relief to the bulls while bears continue to hold reins”. (source: myiris)
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,788/4,732 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,898–15,981/4,769–4,796 levels. However, if Nifty trades below 15,788/4,732 levels for the first half-an-hour of trade then it may correct up to 15,705–15,595/4,706–4,669 levels”.
ANGEL BROKING (Technical): “After a weak opening, indices slipped initially towards the 4700 mark. However, a strong buying emerged near day’s low, which pushed indices higher to close near 15800/4750 mark. As a result there is no change in the daily chart structure or the view on the Index. Going forward, we continue to mention that indices have a stiff resistance around 16070/4820 level. The positive momentum is likely to resume only if this resistance level is crossed on a sustainable basis. In this case, indices are likely to head towards 16286–16421/4881–4920 levels. On the downside, support is seen around 15664–15640/4686–4673 levels”.
MICROSEC SECURITIES: “Nifty is likely to move in the range of 4600 and 4920 in the short term. If Nifty is able to maintain above 4920, an upward rally might carry it to 5050. However, a breach of 4600 would indicate the end of current rally and in that case Nifty may test the level of 4530 in the extreme short term. Traders are advised to hold long positions with a stop loss of 4600. On an intra-day basis Nifty has a support at 4710 and is likely to face a stiff resistance near 4780. If Nifty breaks 4710, it may further go down to 4670 and then 4640. However, if it is able to sustain above 4780, the level of 4825–4860 would become the next target”.
INDIRATRADE SECURITIES: “Monday was a flat and choppy day of trade for the Indian market which saw thin volumes and lacklustre moves but recovery from the low point of the day helped the indices close with marginal losses. Oil & gas, FMCG and auto stocks were under pressure but some support came from capital goods and metals. For today’s trade, market likely to trade in the range between 4770 & 4810 in the upper side and 4720 & 4700 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “Domestic stock indices are seen opening flat to slightly up on positive global cues, but gains may be limited due to lack of any major local triggers. The trading range for NSE Nifty for the morning session may be between the support at 4736 and the Critical level on upside at 4784. A clear trend may be seen once the market moves out of this consolidation range. If the benchmark stabilizes above 4784, it can move towards the resistance at 4802. Above this level, fresh long positions can bring the index towards the next target at 4834. However if the index loses its support at 4736, the sentiment can turn down which may drag the benchmark towards the lower support at 4697”.
NIRMAL BANG SECURITIES: “There is an immediate resistance at 4,780-4,800 levels, unless this is overcome moving higher will prove difficult. On a close above expect rise to 4860 & 4880 levels. As the market struggles with the trend, seemingly undecided whether to move up or down, we find that the evidence for some continuation of the ranging action has built up yet again. There is support at 4720 & 4690 level on the downside”.
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