At the close, the benchmark 30-share index, BSE Sensex lost 25.56 points or 0.16% at 15,857.08 with 17 components posting drop, however the broad based NSE Nifty closed flat with a gain of 0.30 points or 0.01%, at 4,749.95.24 components registering rise.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Markets seem to be consolidating at current levels as they have ended on a flat note for two consecutive sessions. We nevertheless continue with our upside target expectations of 4800-4840. Weakness could emerge if the immediate supports of 4720 are broken”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest losses in last session, Nifty witnessed a positive 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 strong positive sentiments and all 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 poor performance, Nifty displayed a stability and remained above its vital 9 and 14 day’s SMA placed at 4712 and 4693. But it closed below 50 & 100 day’s SMA placed at 4912 & 4955. 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 48.43 levels and MACD closed above the signal line. Market may continue to witness some recovery in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty showed profit booking from resistance near 4,800 levels and closed in red. Nifty is trading in 4,800-4,700 zone for 2 consecutive days, until Nifty manages to sustain above 4,800 or below 4,700 levels, volatility may be seen. Decisive price action may be seen above 4,800 or below 4,700 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): “Volatility was the order of the day and is likely to play prominent role in coming days as well. Nifty companies will kick start their result season with leading companies Infosys and HDFC announcing their Q3FY12 results on Jan.12, 2012. Nifty is likely to be volatile within the range of 4,580 and 4,800”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat note tomorrow. Trade long in the Nifty above 4,750 levels with a stop loss at 4,720 for targets of 4800 levels. Alternatively, trade short if the Nifty fails to cross 4,800 levels with a stop loss of 4,820 for targets of 4,750”.
GEPL CAPITAL: “The bias continues to appear weak as long as Nifty trades below the level of 4800. On the downside he level of 4700 and below the 4650 are crucial immediate term support levels to watch out for. We expect the Nifty to correct but if it is unable to respect the support of 4650 then the weakness may continue to retest the recent intraday swing low of 4855 and slide even lower. In case if Nifty manages to clear the level of 4800 then there is a possibility that it may test 4860 and beyond that 4900 is likely”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded flat and did not sell off indicating still some underlying strength. Technically I would watch a close above 4782 and if that happens then the market could have a prolonged uptrend in the days to come. However, 4700 is a strong support to deal with. The support for the Nifty is at 4700 and resistance at 4815-4863".
INVENTURE GROWTH & SECURITIES: “Overall, if Nifty closes above 4,815 it would make a news wing high. And this would make the short term trend up. On the upside, Nifty 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 trendline gives it a resistance. On the downside supports are placed at 4,610-4,525 levels in the near term”. (source: myiris)
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,882/4,753 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,955–16,053/4,776–4,803 levels. However, if Nifty trades below 15,882/4,753 levels for the first half-an-hour of trade then it may correct up to 15,784–15,711/4,727–4,704 levels”.
ANGEL BROKING (Technical): “Yet another trading session ended with high volatility and indices failed to cross 16070/4820 level. Therefore, this level remains to be a stiff and important resistance level for the markets. The positive crossover in mentioned technical tools may come into action if indices break and sustain above 16070/4820. In this case, strong buying is likely to emerge and indices then may head towards the next resistance levels of 16286–16421/4881–4920. Conversely, we are now observing a ‘Long Legged Doji’ candlestick pattern, which indicates uncertainty among the bulls and the bears. Thus, a selling pressure may increase on the violation of yesterday’s low of 15809/4728. In this scenario, indices may test 15756–15680/4708–4685 levels”.
INDIRATRADE SECURITIES: “Thursday It was a see-saw day of trade for the Indian market which opened marginally positive and then traded within a tight range. Losers were realty, metals and oil & gas stocks but some positive move was seen in banks and capital goods. For today’s trade, market likely to trade in the range between 4770 & 4810 in the upper side and 4730 & 4710 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to keep the closing above support levels i.e. 4740. All major indicators RSI & MACD have provided upside rally towards 4840/4870 levels. Nifty has support 4600/4540”.
FAIRWEALTH SECURITIES: “Nifty is facing selling pressure around 4800 and failed to cross the resistance. If sustained above 4800 it is likely to test 4858 and 4915 levels. Nifty has a good support level near 4693 and 4666. Bank Nifty has a good support at 8230 and 8178. Major resistance is at 8585”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian markets are expected to open down, around the first support of 4724 levels. Most part f the day, nifty may move between the first support and the critical level of 4756. A break below this can carry the market towards 4688 levels. On upside, the first resistance for the day is expected at 4784 levels”.
FOR TECHNICALS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Markets seem to be consolidating at current levels as they have ended on a flat note for two consecutive sessions. We nevertheless continue with our upside target expectations of 4800-4840. Weakness could emerge if the immediate supports of 4720 are broken”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest losses in last session, Nifty witnessed a positive 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 strong positive sentiments and all 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 poor performance, Nifty displayed a stability and remained above its vital 9 and 14 day’s SMA placed at 4712 and 4693. But it closed below 50 & 100 day’s SMA placed at 4912 & 4955. 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 48.43 levels and MACD closed above the signal line. Market may continue to witness some recovery in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty showed profit booking from resistance near 4,800 levels and closed in red. Nifty is trading in 4,800-4,700 zone for 2 consecutive days, until Nifty manages to sustain above 4,800 or below 4,700 levels, volatility may be seen. Decisive price action may be seen above 4,800 or below 4,700 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): “Volatility was the order of the day and is likely to play prominent role in coming days as well. Nifty companies will kick start their result season with leading companies Infosys and HDFC announcing their Q3FY12 results on Jan.12, 2012. Nifty is likely to be volatile within the range of 4,580 and 4,800”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat note tomorrow. Trade long in the Nifty above 4,750 levels with a stop loss at 4,720 for targets of 4800 levels. Alternatively, trade short if the Nifty fails to cross 4,800 levels with a stop loss of 4,820 for targets of 4,750”.
GEPL CAPITAL: “The bias continues to appear weak as long as Nifty trades below the level of 4800. On the downside he level of 4700 and below the 4650 are crucial immediate term support levels to watch out for. We expect the Nifty to correct but if it is unable to respect the support of 4650 then the weakness may continue to retest the recent intraday swing low of 4855 and slide even lower. In case if Nifty manages to clear the level of 4800 then there is a possibility that it may test 4860 and beyond that 4900 is likely”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded flat and did not sell off indicating still some underlying strength. Technically I would watch a close above 4782 and if that happens then the market could have a prolonged uptrend in the days to come. However, 4700 is a strong support to deal with. The support for the Nifty is at 4700 and resistance at 4815-4863".
INVENTURE GROWTH & SECURITIES: “Overall, if Nifty closes above 4,815 it would make a news wing high. And this would make the short term trend up. On the upside, Nifty 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 trendline gives it a resistance. On the downside supports are placed at 4,610-4,525 levels in the near term”. (source: myiris)
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,882/4,753 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,955–16,053/4,776–4,803 levels. However, if Nifty trades below 15,882/4,753 levels for the first half-an-hour of trade then it may correct up to 15,784–15,711/4,727–4,704 levels”.
ANGEL BROKING (Technical): “Yet another trading session ended with high volatility and indices failed to cross 16070/4820 level. Therefore, this level remains to be a stiff and important resistance level for the markets. The positive crossover in mentioned technical tools may come into action if indices break and sustain above 16070/4820. In this case, strong buying is likely to emerge and indices then may head towards the next resistance levels of 16286–16421/4881–4920. Conversely, we are now observing a ‘Long Legged Doji’ candlestick pattern, which indicates uncertainty among the bulls and the bears. Thus, a selling pressure may increase on the violation of yesterday’s low of 15809/4728. In this scenario, indices may test 15756–15680/4708–4685 levels”.
INDIRATRADE SECURITIES: “Thursday It was a see-saw day of trade for the Indian market which opened marginally positive and then traded within a tight range. Losers were realty, metals and oil & gas stocks but some positive move was seen in banks and capital goods. For today’s trade, market likely to trade in the range between 4770 & 4810 in the upper side and 4730 & 4710 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to keep the closing above support levels i.e. 4740. All major indicators RSI & MACD have provided upside rally towards 4840/4870 levels. Nifty has support 4600/4540”.
FAIRWEALTH SECURITIES: “Nifty is facing selling pressure around 4800 and failed to cross the resistance. If sustained above 4800 it is likely to test 4858 and 4915 levels. Nifty has a good support level near 4693 and 4666. Bank Nifty has a good support at 8230 and 8178. Major resistance is at 8585”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian markets are expected to open down, around the first support of 4724 levels. Most part f the day, nifty may move between the first support and the critical level of 4756. A break below this can carry the market towards 4688 levels. On upside, the first resistance for the day is expected at 4784 levels”.
FOR TECHNICALS, “READ HERE”
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