At the close, the benchmark 30-share index, BSE Sensex declined 138.35 points or 0.86% at 16,037.51 with 10 components posting drop. Meanwhile, the broad based NSE Nifty fell by 29.70 points or 0.61% at 4,831.25 with 15 components registering drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “While the markets have ended lower, the underlying trend remains up. Crucial supports to watch on the downside are at 4800”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest surge in last session, Nifty witnessed a very volatile session and closed after modest cuts. Level wise, closing above the threshold 4820 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed firm sentiments and all segments 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. On account of good performance, Nifty displayed stability and remained above its vital 9 and 14 day’s SMA placed at 4783 & 4743 but closed below 50 & 100 day’s SMA placed at 4859 and 4937. VIX, the barometer of uncertainty, corrected sharply and closed at 24+, thus it indicates lesser than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 54.32 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 4805-4915. Below the range 4770 is also a strong support level. However, above the range, 4949 may act as strong resistance level. Bank Nifty is expected to trade in the range 8770-9110”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty managed to close above the 4,800 mark for the third consecutive session, amid high volatility. It respected the support level of 4,800 and on upside the resistance levels of 4,870-4,880. Above 4,880, next resistance is at 4,910 and then 4,940-4,950. Important support exists at 4,750”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat note. Trade long in the Nifty at 4,850 for targets of 4,880-4,900 with a stoploss placed at 4,820. Alternatively, trade short below 4,800 targeting lower support levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “The Nifty volatility came down around 2% today. Nifty closed on a sideways to negative note off the low of the day. Nifty sectoral data showed that gains were made in PSU Bank, Media sector, auto and metal segment. Bond sale by Spain and Italy and US jobless claims data along with retail sales numbers will have impact on the markets in the West tonight. Our market is having strong support around 4,803 levels if it breaks this level then we may see 4,760 and 4,740 levels while the resistance is there at 4,880 and 4,909 levels”.
GEPL CAPITAL: “Nifty was unable to cross the level of 4,865 despite attempts to cross it in intraday and ended with a loss of 0.61% today. We had recommended a cautious approach and continue to maintain the same. We recommend a sell with a stop loss of 4,910 for a target of 4,770. Over the course of next few sessions, the level of 4,680 will assume high significance. Till the time it trades above 4,680, there still is a possibility that Nifty may continue its upside, however a breach of 4,680 would imply the continuation of bearish trend and a retest of 4,530”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically 4800 is a strong support to deal with and the market should be considered to be in a reaction as long as 4800 holds with logical target being at 4930. The support for the Nifty is at 4800 and resistance at 4863-4930-4946”.
INVENTURE GROWTH & SECURITIES: “Indian markets are trading near their 50 day moving average resistance. Further today market action showed some kind of exhaustion after the recent rise. The downside risks increase in such a case. On the upside Nifty has resistance at 4,890-4,930 and on the downside, 4,720 acts as a support in the near term”. (source: myiris)
VENTURA SECURITIES LIMITED: “On Friday, 4836-4854 would be sell levels. Weak markets won’t cross 4844. Above 485, nifty could test 4869 (yesterday’s high) further it could open for 4883-4976-5068-5215. Nifty has support at 4804 (yesterday’s low). Below it could open for 4795-4744-4704-4633-4605-4530”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,060/4,835 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,157–16,276/4,866–4,900 levels. However, if Nifty trades below 16,060/4,835 levels for the first half-an-hour of trade then it may correct up to 15,941–15,844/4,800–4,769 levels”.
ANGEL BROKING (Technical): “After a gap down opening, indices remained under pressure during the first half and breached Wednesday’s low of 16127/4841 to test mentioned support level of 16030/4800. Reduction in the guidance given by Infosys (Dollar terms) led the slide in IT counters but the positive IIP numbers provided the bulls some reason to cheer. Going forward, 16030/4800 level remains to be a decent psychological support. A move below this level may drag indices towards the 20 Day EMA support level of 15915/4771. On the upside, the positive momentum may resume only if indices sustain above the key resistance level of 16286/4881. In this case, indices are likely to rally towards 16421–16600/4920–4976 levels”.
INDIRATRADE SECURITIES: “The Indian markets closed in negative sign on Thursday with both benchmark indices losing about 0.80%. Information technology was the biggest losers of the day while Media & Banking are the gainers. The BSE Mid-cap index was up by 0.26% and the BSE Small-cap index gain 0.15%. The market breadth was positive with advances at 1635 against declines of 1515 on the BSE. For today’s trade, market likely to trade in the range between 4880 & 4940 in upper side and 4790 & 4750 in lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian Markets are seen opening in a narrow range. The Critical Support for the day is at 4824. On any fall below this level, the weakness can drag the Index towards 4806. Below this level, the benchmark may find next support at 4777 level. On any upside momentum, above Critical, Nifty may face hurdle at 4858. On crossing this level, 4896 may act as the next resistance”.
RAJATKBOSE.COM (Rajat Bose): “Today, on the upside, the level of 4888, and on the downside, the level of 4813 would be quite critical for the day. Within this range, however, 4840-mark for the Nifty would continue to signal the tilt of the market—above it the bulls would try and push things towards 4888 while below this the bears would try to push the market down to 4813. Once the level of 4813 gets broken on high volume activity and more stocks showing weakness, we might be in for considerable weakness in the market while if there is fresh gumption you can see a possible breakout above 4888. Immediately above 4900-mark, resistance would come between 4915 and 4920-levels. However, the major supply zone would be around the level of 4938”.
NIRMAL BANG SECURITIES: “It appears that there was some seller present around the 4880-4870 levels whose supply kept the lid on the rise recently. Unless this is overcome in the coming trading sessions, moving higher will prove difficult. 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. Break below the immediate support levels of 4800 level would indicate weakness, expect 4770-4745 levels”.
BONANZA ONLINE: “Nifty is showing selling pressure from resistance in 4870-4900 zone and on downside Nifty has some support near 4800 levels. Buying interest may be seen above 4900 levels. On the other hand, If Nifty maintains below 4800 levels then selling pressure may also be seen. In 4800-4900 zone volatility may be seen. For daily purpose, Trend deciding level is 4830. If Nifty shows strength above 4830 levels, then rally to 4870-4900/4950/5000 may be seen. If Nifty does not show strength above 4830 levels then selling pressure till 4800-4770/4730/4700 may also be seen”.
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “While the markets have ended lower, the underlying trend remains up. Crucial supports to watch on the downside are at 4800”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest surge in last session, Nifty witnessed a very volatile session and closed after modest cuts. Level wise, closing above the threshold 4820 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed firm sentiments and all segments 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. On account of good performance, Nifty displayed stability and remained above its vital 9 and 14 day’s SMA placed at 4783 & 4743 but closed below 50 & 100 day’s SMA placed at 4859 and 4937. VIX, the barometer of uncertainty, corrected sharply and closed at 24+, thus it indicates lesser than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 54.32 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 4805-4915. Below the range 4770 is also a strong support level. However, above the range, 4949 may act as strong resistance level. Bank Nifty is expected to trade in the range 8770-9110”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty managed to close above the 4,800 mark for the third consecutive session, amid high volatility. It respected the support level of 4,800 and on upside the resistance levels of 4,870-4,880. Above 4,880, next resistance is at 4,910 and then 4,940-4,950. Important support exists at 4,750”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat note. Trade long in the Nifty at 4,850 for targets of 4,880-4,900 with a stoploss placed at 4,820. Alternatively, trade short below 4,800 targeting lower support levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “The Nifty volatility came down around 2% today. Nifty closed on a sideways to negative note off the low of the day. Nifty sectoral data showed that gains were made in PSU Bank, Media sector, auto and metal segment. Bond sale by Spain and Italy and US jobless claims data along with retail sales numbers will have impact on the markets in the West tonight. Our market is having strong support around 4,803 levels if it breaks this level then we may see 4,760 and 4,740 levels while the resistance is there at 4,880 and 4,909 levels”.
GEPL CAPITAL: “Nifty was unable to cross the level of 4,865 despite attempts to cross it in intraday and ended with a loss of 0.61% today. We had recommended a cautious approach and continue to maintain the same. We recommend a sell with a stop loss of 4,910 for a target of 4,770. Over the course of next few sessions, the level of 4,680 will assume high significance. Till the time it trades above 4,680, there still is a possibility that Nifty may continue its upside, however a breach of 4,680 would imply the continuation of bearish trend and a retest of 4,530”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically 4800 is a strong support to deal with and the market should be considered to be in a reaction as long as 4800 holds with logical target being at 4930. The support for the Nifty is at 4800 and resistance at 4863-4930-4946”.
INVENTURE GROWTH & SECURITIES: “Indian markets are trading near their 50 day moving average resistance. Further today market action showed some kind of exhaustion after the recent rise. The downside risks increase in such a case. On the upside Nifty has resistance at 4,890-4,930 and on the downside, 4,720 acts as a support in the near term”. (source: myiris)
VENTURA SECURITIES LIMITED: “On Friday, 4836-4854 would be sell levels. Weak markets won’t cross 4844. Above 485, nifty could test 4869 (yesterday’s high) further it could open for 4883-4976-5068-5215. Nifty has support at 4804 (yesterday’s low). Below it could open for 4795-4744-4704-4633-4605-4530”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,060/4,835 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,157–16,276/4,866–4,900 levels. However, if Nifty trades below 16,060/4,835 levels for the first half-an-hour of trade then it may correct up to 15,941–15,844/4,800–4,769 levels”.
ANGEL BROKING (Technical): “After a gap down opening, indices remained under pressure during the first half and breached Wednesday’s low of 16127/4841 to test mentioned support level of 16030/4800. Reduction in the guidance given by Infosys (Dollar terms) led the slide in IT counters but the positive IIP numbers provided the bulls some reason to cheer. Going forward, 16030/4800 level remains to be a decent psychological support. A move below this level may drag indices towards the 20 Day EMA support level of 15915/4771. On the upside, the positive momentum may resume only if indices sustain above the key resistance level of 16286/4881. In this case, indices are likely to rally towards 16421–16600/4920–4976 levels”.
INDIRATRADE SECURITIES: “The Indian markets closed in negative sign on Thursday with both benchmark indices losing about 0.80%. Information technology was the biggest losers of the day while Media & Banking are the gainers. The BSE Mid-cap index was up by 0.26% and the BSE Small-cap index gain 0.15%. The market breadth was positive with advances at 1635 against declines of 1515 on the BSE. For today’s trade, market likely to trade in the range between 4880 & 4940 in upper side and 4790 & 4750 in lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian Markets are seen opening in a narrow range. The Critical Support for the day is at 4824. On any fall below this level, the weakness can drag the Index towards 4806. Below this level, the benchmark may find next support at 4777 level. On any upside momentum, above Critical, Nifty may face hurdle at 4858. On crossing this level, 4896 may act as the next resistance”.
RAJATKBOSE.COM (Rajat Bose): “Today, on the upside, the level of 4888, and on the downside, the level of 4813 would be quite critical for the day. Within this range, however, 4840-mark for the Nifty would continue to signal the tilt of the market—above it the bulls would try and push things towards 4888 while below this the bears would try to push the market down to 4813. Once the level of 4813 gets broken on high volume activity and more stocks showing weakness, we might be in for considerable weakness in the market while if there is fresh gumption you can see a possible breakout above 4888. Immediately above 4900-mark, resistance would come between 4915 and 4920-levels. However, the major supply zone would be around the level of 4938”.
NIRMAL BANG SECURITIES: “It appears that there was some seller present around the 4880-4870 levels whose supply kept the lid on the rise recently. Unless this is overcome in the coming trading sessions, moving higher will prove difficult. 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. Break below the immediate support levels of 4800 level would indicate weakness, expect 4770-4745 levels”.
BONANZA ONLINE: “Nifty is showing selling pressure from resistance in 4870-4900 zone and on downside Nifty has some support near 4800 levels. Buying interest may be seen above 4900 levels. On the other hand, If Nifty maintains below 4800 levels then selling pressure may also be seen. In 4800-4900 zone volatility may be seen. For daily purpose, Trend deciding level is 4830. If Nifty shows strength above 4830 levels, then rally to 4870-4900/4950/5000 may be seen. If Nifty does not show strength above 4830 levels then selling pressure till 4800-4770/4730/4700 may also be seen”.
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