The 30-share index, Sensex plunged 391.51 points, or 2.24% to 17,094.51 for the week ended Apr. 13, 2012. On the other hand, the broad based NSE Nifty lost 115.45 points, or 2.17%, to 5,207.45 during the week. BSE Mid-cap declined 135.90 points, or 2.10% to 6,337.97, while BSE Small-cap dipped 45.67 points, or 0.67% to 6,799.23 over the week.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the Indian markets coming down sharply on Friday and wiping the gains of the previous two sessions, the bulls seem to have again lost control. Crucial supports to watch in the coming week are at 5190-5136”.
FAIRWEALTH SECURITIES: “In the next session, again Nifty is expected to trade in the range 5151-5252. Below this range 5100 and 5080 may act as support levels while 5300 would be strong resistance above the given range. Bank-Nifty Future may find support around 10190and resistance around 10550”.
BONANZA ONLINE: “Nifty showed selling pressure and made low at 5185.40 levels. Nifty closed in red at 5216 levels with 2% loss. Nifty made long black candle with gap down, which indicates that sentiment are turning weak. Nifty has some support in 5200-5100 zone and resistance near 5400 levels. RBI meet in the week may play important role in sentiment preparation. For trading during the coming sessions, trend deciding level is 5200. If Nifty shows strength above 5200 levels then we may see rally till 5300/5375/5450. If Nifty doesn’t sustain above 5200 levels then selling pressure till 5150-5100/5040/5000 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Sell | 5220-5240 | 5150 | 5260 |
For the Week | Sell | 5220-5250 | 5150-5090 | 5280 |
BONANZA PORTFOLIO (Shanu Goel): “As expected Infosys disappointing results set the tone for the market slide and Nifty tanked more than 1.4% intraday. The sentiments have worsened not only for the IT counters but for the general market as such. Monthly WPI inflation figures for March month on Monday will also likely influence the short-term trend of the market”.
VENTURA SECURITIES LIMITED: “On Monday 5231-5261-5281 would be sell levels. Weak Markets won’t cross 5247. Above 5281 Nifty could test 5306 (Friday’s high), further it could open for 5339-5360-5420. Nifty has support at 5185 (Friday’s low). Below it could open for 5135-5080-4950-4768”.
GEPL CAPITAL: “The level of 5,335 appears as a very severe resistance for Nifty to cross, as every attempt to move past through this level (which implies clearing the resistance offered by a declining Channel) is met with severe selling pressure. Today’s breach of 5,200 was a bearish sign, however Nifty has now support placed near 5,160 and below that 5,136 is absolute important level to watch out for. In coming few sessions if Nifty is unable to respect this range then we may see further decline till 5,050. On the higher side now the level of 5305 is most critical resistance for Nifty to cross if it has to move any higher. Intraday resistance for Nifty is placed in the range of 5,245 to 5,260”.
KARVY STOCK BROKING: “Long positions can be assumed in BFSI, automobiles, consumer durables, metals, infrastructure, and pharma if markets hold 5,150 levels. Short positions can be assumed in cement, software, capital goods, and telecom if the Index fails to sustain 5,400 levels. Overall, we expect the Nifty to trade in a broad range of 5,150-5,400 levels this week”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is having resistance at 5,281 and 5,354 while the support is there at 5,159 and 5,111 levels. Next is a crucial one as the RBI is meeting for its monetary policy review and the street expects it to cut the interest rates this time given the weak economic numbers which came out recently”.
ICICI SECURITIES: “The Nifty is finding it difficult to sustain above 5350 and fell again towards its highest Put base of 5200. However, we expect the 200 DMA at 5150 to continue to extend strong support at lower levels. Hence, a range bound but volatile movement cannot be ruled out in the broader index. Breaching the range of 5150-5350 may trigger fresh directional movement of 3-4% on either direction. Bank Nifty continued to find support at its highest Put base of 10000 in the last week as well. However, continuous accumulation in futures segment ahead of the RBI’s policy meet may keep the index volatile next week. We expect a direction positive movement only if it is able to sustain above 10500”.
SMC TRADEONLINE (WISE MONEY): “The month of April began on a positive note, but markets remained largely sideways. In the current series, Nifty Open interest is lowest in last 5 years which indicates Nifty moving up or down with low volumes. Also FII open positions-interest in Nifty futures fell to a seven-year low. Nifty struggled to cross 5400 levels last week, whereas on the downside, it found support at 5200 levels. The scenario in the market currently remains uncertain. Hereafter, the range of 5200-5400 will remain crucial in the near term. A breach above 5400 mark could see the Index rising sharply to 5500 levels. The premium has dropped in Nifty to 24.00 points for the April series from the earlier premium of 30.00 points while it decreased to 55.00 points for the May series. Last week, the 5200 strike put option witnessed the highest addition of open interest of over 15 lakh shares in OI followed by 5600-strike call with addition more than 10 lakh shares. Among Nifty options, the 5200 strike put has the highest open interest of more than 70 lakh shares .While among call options 5600 strike has OI above 50 lakh shares. The Nifty VIX decreased during last week. PCR OI increased during the week and closed at 1.25. It is currently trading in the comfort zone. In the view of the recent movement, Nifty is likely to continue hovering in the range of 5200-5400 for next week. The volatility has dropped during the week and it is expected to rise marginally from the current levels. If Nifty drops below 5200, it is expected to test lower support of 5000-5050 level”.
PINC RESEARCH (PINCTREND): “The Nifty again made an attempt for a bounce back from the important support level of 5150-5200 in last weeks trade. The chances of the Nifty to slide drastically below the zone of 5150 remains slim. Any up-move beyond 5400 could result in a confirmed change of trend that could take the Nifty all the way higher towards 5600 or more. For next week, outlook remains positive/neutral”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market still looks weak with some sort of technical support at 5135 levels and if that goes then the next logical target on the way down is 5093. Strong resistance can be encountered at 5340. From a trading point of view I would trade the short side of the market with a deep stop above 5340”.
ANGEL BROKING (Technical): “On account of significant selling pressure in Friday's session, markets tumbled down from the day's high and closed almost at the lowest point of the week. Indices are now approaching a strong support zone comprising of the '20-week EMA' and '200-day SMA'. This support zone is at 17200-17100/5200-5150 levels. Therefore, going forward, ONLY if indices sustain below recent swing low of 16920/5135, we may witness intense selling pressure and markets are likely to drift towards the next support levels of 16828-16600/5076-5000. Conversely, 17400/5300 level is now a crucial resistance for the indices. Only a sustainable move, with strong volumes, above the weekly high 17408/5307 will indicate resumption of a strong uptrend. Indices then may rally towards 17664-18041/5379-5500 levels”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5130 and the resistance is 5270. If Nifty breaks 5130, it may further go down to 5050 and then 4970. However, if Nifty is able to sustain above 5270, the level of 5330-5400 would become the next target”.
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