At the close, the benchmark 30-share index, BSE
Sensex lost
253.37 or 1.56% at 15,965.16 with 27 components posting drop. Meanwhile, the
broad based NSE Nifty fell by 82.65 or 1.68% at 4,841.60 with 49 components
posting drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the Nifty breaking the supports of 4880 and
moving down further, traders will need to watch if the Nifty can now hold above
the previous lows of 4800. A close below 4800 would lead to a resumption of the
downtrend that began in early May 2012”.
CANARA BANK SECURITIES (CanMoney): “For the next week News flow from euro-zone to
dictate near term trend on the domestic bourses as risk aversion arising from
euro-zone debt worries may rattle global market sentiment and in turn to our
market”.
FAIRWEALTH
SECURITIES: “In the next session, 4830 may act as
crucial level for Nifty, if sustained below 4830 Nifty may previous low of 4788
and expected to test 4747. However, 4888 and 4930 may act as strong resistance
level for Nifty in the next session. Banknifty has crucial support at 9130-9170
range, if sustained below this range it may test 9005 level. 9460 and 9600 are
strong resistance levels”.
BONANZA ONLINE: “Nifty is facing
resistance in range 4950-5020 and showing support from lower levels in range
4780-4800 level. Nifty’s trend is bearish as it is trading below 20- DMA of
4930. If Nifty holds 4900 levels then recovery may be seen. For trading during
the coming sessions, trend deciding level is 4900. If Nifty shows strength
above 4900 levels then we may see rally till 4950/5050/5125. If Nifty doesn’t
sustain above 4900 levels then selling pressure till 4790/4750/4700 may also be
seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Sell
|
4820-4840
|
4760
|
4860
|
For the Week
|
Sell
|
4800-4850
|
4730-4690
|
4880
|
VENTURA SECURITIES LIMITED: “On Monday (4854-4867)-(4889-4904) would be sell levels. Weak Markets won’t cross 4879. Above 4904 Nifty could test 4925 (Friday’s high),
further it could open for 4948-4979-5005-5065-5131-5222. Nifty has support at 4831 (Friday’s low). Below it
could open for 4802-4788-4768-4531”.
GEPL CAPITAL: “With
the support of 4850 now broken, Nifty appears susceptible to further downside.
There is a minor support placed at 4835 which is the closing basis low of past
few sessions. If it breaches that support then a confirmed downside till 4750
at least and below that 4700 is a possibility. On the higher side the level of
4960 would now act as a resistance for Nifty. Till the time 4960 is not cleared
the short term trend would continue to remain weak”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Continued inaction by the government, though, in
the face of a deteriorating global economic climate could precipitate our
markets lower. We continue to advise investors to be positioned defensively --
FMCG, Pharma, IT and companies with healthy cash flow and low gearing – and
accumulate at lower levels”.
ICICI SECURITIES: “A close above 4950 would only negate the current downtrend in the
short-term. Otherwise, the selling pressure would continue in the index. On the
downsides, 4675 is a critical support. The Bank Nifty has reverted from 9800
and breached its important support at 9300. We expect selling pressure in the
Bank Nifty to prevail till it is unable to sustain above 9300. Major support
for the Bank Nifty lies near 8800”.
SMC
TRADEONLINE (WISE MONEY): “June month started with very low rollover of 59% in Nifty vs. 72% and
overall market wide rollover declined to 71 % from 77% of last month. The
overall open interest in starting of expiry is at seven year low. Nifty remained
silent in expiry week and traded in the range of 5000- 4850 levels. Market
undertone is likely to remain negative on account of developments in Europe.
Among the put options, 4500 strikes puts hold maximum open interest of above 59
lakh shares, which is the highest open interest in any strike in current
series. On the call side, maximum option concentration is at 5000strikes,
having open interest of more than 44 lakh shares. Rising IV is also indicating
uncertainty. Implied Volatility is expected to remain up on back on global
uncertainty. The Implied Volatility (IV) of ATM call options closed at 22.94%.
While the ATM IV of put options ended at 24.01%. Put-call ratio of open
interest increased to 1.49, indicating rising interest in out of money puts.
Range of 5000-4780 will remain crucial for next week with expectation of
increase in volatility”.
GABA
& GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is
still weak and the recent lows of 4800 are under threat and we could see levels
closer to 4761 and in all fairness we must also state that 4900 is a stiff
resistance to deal with. From a trading point of view I would trade the short
side as long as 4900 is not taken out.”
ANGEL BROKING
(Technical): “The global financial uncertainty and rupee depreciation is proving to be
extremely detrimental for our markets. Markets traded in a range of 16545 to
15933/5020 to 4841. Going forward, this week's high would act as strong
resistance level. We are of the opinion that traders who intend to trade with a
positive bias should enter the market only if indices sustain and close above
the weekly high of 16545/5020. Conversely, we reiterate our view that the
recent swing low of 15809/4789 now holds as a key support level for the market.
A violation of this level would increase the current negative momentum and as a
result indices may slide towards 15678-15135/4695-4530 levels”.
MICROSEC SECURITIES: “For
the coming week, first support of Nifty is at 4770 and the resistance is 4910.
If Nifty breaks 4770, it may further go down to 4720 and then 4640. However, if
Nifty is able to sustain above 4910, the level of 4960-5040 would become the
next target”.
INDIRATRADE SECURITIES: “For
the next week, Nifty likely to trade in
the range between 4950-5050 in the upper side and 4700-4600 in the lower side”.
SWASTIKA
INVESTMART: “The
Major factors that will decide the further trend of markets are; volatility in
Exchange rates, Global political & Economic issues and activity of foreign
institutional investors. Apart from these shares of exporters will be in focus
as Commerce Minister unveils the foreign trade policy for 2012-13 on Tuesday, 5
June 2012”.
MAGNUM RESEARCH: “On the Nifty 4800
mark will have a strong support closing below which Major trend will turn negative
and selling pressure till 4630 levels could be witnessed. On upside, 4940 will
act as immediate resistance, sustaining above which the next level would be 5070
level”.
SPA (THE FINANCIAL
ADVISOR): “With
market trading below the support of 5170- 5340, the intermediate-term trend is
down. For the short-term trend to consider improving we have to see how market
behaves around the support zone of 4790-4820”.
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