The 30-share index, Sensex gained
133.34 points, or 0.76% to 17,691.08 for the week ended Aug 17, 2012. On
the other hand, the broad based NSE
Nifty gained 45.90 points, or 0.86%, to 5,366.3 during the
week.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “While the markets seem to be consolidating at
current levels in the last few sessions, the underlying trend remains up.
Immediate upside targets for the Nifty in the coming week are at the next
resistances of 5400-5445. Weakness could emerge if the immediate supports of
5341 are broken”.
KOTAK SECURITIES (Dipen
Shah): “Markets continue to await
fiscal reforms, which, we maintain, are the pre-requisites for the markets to
move up sustainably”.
BONANZA ONLINE: “Nifty showed strength for 3rd consecutive week.
Buying interest may be continuing above 5400 levels. If Nifty do not maintain
above 5400 levels then profit booking may also be seen. Traders should be
cautious in 5350-5400 zones. For trading during the coming
sessions, trend deciding level is 5350. If Nifty shows
strength above 5350 levels then we may see rally till 5400/5450/5500/5540. If
Nifty doesn’t sustain above 5350 levels then selling pressure till 5300/5250/5180
may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Tuesday
|
Buy
|
5365-5385
|
5435
|
5340
|
For the Week
|
Buy
|
5350-5390
|
5450-5480
|
5330
|
GEPL CAPITAL: “The resistance of 5400 proved as a
difficult one to cross for Nifty and it concluded the day off its day's highs
with modest gains. On the higher side the level of 5400 would continue to serve
as a severe resistance to cross. Only a break out and sustenance above 5400
would ensure further upside till 5460 to 5480 range. However on Friday it has
breached an important Channel support, which may be taken as initial sign of
short term weakness. On the downside it has important support placed at 5290.
Any breach of this support level would negate the short term bullishness and
Nifty may come down to 5230 to 5215 range. We recommend a strict stop loss of
5290 for existing short term Nifty long positions”.
KARVY STOCK BROKING: “Long positions can be assumed in pharma, IT, auto, FMCG, capital goods, energy
and BFSI sectors if the Nifty holds 5,280-5,250 levels. Short positions can be
assumed in metals, telecom and cement if the Index fails to sustain above 5,430-5,450
levels or below 5,250 levels. Overall, we expect the Nifty to trade in a broad
range of 5,250-5,450 levels this week”.
ICICI SECURITIES: “The
Nifty may trade with a positive bias till it holds above 5280. Immediate resistance
for the Nifty lies at 5400. A move above these levels may trigger fresh momentum
towards 5460. The Bank Nifty is likely to find immediate support at 10200. Till
the time it holds this level, it is likely to trade in the range of 10200-10800
with a positive bias. A move below 10200 may increase the selling pressure”.
SMC TRADEONLINE (WISE
MONEY): “The market expects a rise in volatility. If the Index slips below the
5300 level, it could gradually slide to 5200 levels. Conversely, a sustained
move beyond 5350 levels should see Nifty climbing 5500 levels. Technically, the
Index continues to trade above all its moving averages, of 200-day and 100-day
EMAs, indicating a bullish scenario. On the other hand, sustaining 5300 levels
is extremely crucial for a continued uptrend. On the technical front, the Nifty
is finding support around its short term averages of 5300 indicating immediate
strength; however, any breach below the same would induce profit taking towards
the support zone of 5200markwhichwill remain a crucial point of observation for
the week”.
ANGEL BROKING
(Technical): “The
'Higher Top Higher Bottom' structure in weekly chart is yet to be confirmed as our
markets struggle to decisively cross and close above the 17727/5386 level.
Going forward, we continue to maintain our view that bulls should wait for a
closing above 17727/5386 level to aggressively create long positions. This would
also confirm a breakout from the "Downward Sloping Trend Line" formed
by joining the highs of 21109/6339 (November 5, 2010)-18524/5630 (February 24,
2012). Strong buying by the bulls is expected once markets close above 17727/5386.
This may push indices significantly higher to test their next resistance levels
of 17900-18050/5450-5500 and the possibility of testing further higher levels cannot
be ruled out. At this juncture, the daily chart candlestick pattern depicts a
'Spinning Top' formation. This pattern signifies scepticism amongst market
participants. Hence, unfortunately if markets sustain below Friday's low of
17622/5356 level, then we may witness a sideways corrective price action in
coming trading sessions. In this case, indices may test 17471/5294 level. A
breach of 17471/5294 will indicate complete loss of current positive momentum
and our benchmark indices may drift towards 17313-17208/5260-5220”.
MICROSEC SECURITIES:
“For the coming week, first support of Nifty is at 5290 and the resistance
is 5400. If Nifty breaks 5290, it may further go down to 5250 and then 5200.
However, if Nifty is able to sustain above 5400, the level of 5440-5510 would
become the next target”.
INDIRATRADE SECURITIES:
“For the next week, Nifty likely to trade in the range between 5450-5550 in the upper side
and 5250-5100 in the lower side”.
R K GLOBAL: “In the week ahead, as we go ahead, the July consumer price index due on Tuesday will
be the focus for Indian bond and FX markets in a holiday-shortened week. CPI
data comes a week after the crucial wholesale price inflation data showed an unexpected
fall. The debate will keep following in the coming week as to whether the
stock market is on a course to new highs, or just in the final stages of a head
bottom rally that will end in pain when September rolls around. We advise
clients to remain cautiously optimistic”.
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