The 30-share index, Sensex gained 92.13
points, or 0.52% to 17,733.21 for the week ended Aug 24, 2012. On the
other hand, the broad based NSE Nifty gained 20.40 points,
or 0.38%, to 5,386.70 during the week.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “The market may
remain volatile as traders roll over positions in the futures & options
(F&O). With the Nifty rifting lower, crucial supports to watch early next
week are the recent lows of 5341. The uptrend could resume if these support
levels hold; else we could see a further correction in the markets”.
KOTAK SECURITIES (Dipen Shah): “Valuations are now at about
14.5x FY13E earnings, which is almost at the median level of
the long term band. Risk-averse participants may do well to be slightly
under-weight on the markets at least in the near term. As of now, we continue
to maintain our bias towards companies with able managements, strong balance sheets
and reasonable valuations”.
CANARA BANK SECURITIES (CanMoney): “Next week, global cues will be the major driver for
our market. Major announcement from the ongoing monsoon session of Parliament
may be significant. Owing to F&O expiry of August series, Volatility may be
on the higher side. Major Support & Resistance for Nifty are 5340/5315/5280
and 5415/5450/5490”.
FAIRWEALTH
SECURITIES: “Despite a couple
of days close above the 5410 level, the market hasn’t made any headway and has
slipped below the 5400 level. Volatility is expected as it is an expiry week
while the outlook is mildly negative. Support comes in at the 5330, 5224 while
resistance comes in at the 5410, 5501 levels”.
BONANZA ONLINE: “Nifty made shooting star candle stick pattern on weekly
charts, which shows that bears are trying to enter from higher levels. Buying
interest may be continuing above 5400 levels. If Nifty do not maintain above
5400 levels then profit booking may be seen. For trading during the
coming sessions, trend deciding level is 5400.
If Nifty shows strength above 5400 levels then we may see rally till
5450/5500/5560. If Nifty doesn’t sustain above 5400 levels then selling
pressure till 5350/5300/5250 may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Tuesday
|
Buy
|
5390-5410
|
5455
|
5370
|
For the Week
|
Buy
|
5380-5420
|
5480-5520
|
5350
|
BONANZA PORTFOLIO (Rakesh Goel): “Nifty has made a
shooting star candlestick pattern. This means that if in the coming week,
5365-5350 level shall be deciding levels on the downside and further selling
pressure may be witnessed below these levels. Weekly support was well received
at 5370-5365 and resistance was seen at 5425-5450. On the upside, rally will be
seen only above breakout of 5450 level, until then the indices may consolidate
or witness profit-booking. Buying on dips is recommended”.
VENTURA SECURITIES LIMITED: “On Monday (5385-5376) would be buy levels. Strong Markets won’t break 5382. Above 5385 Nifty could test 5399 (Friday’s high),
further it could open for 5448-5510. Nifty has support at 5371 (Friday’s low). Below it
could open for 5350-5289-5260”.
GEPL CAPITAL: “Though
we have seen some profit taking from under an important resistance of 5,460,
the level of 5,340 continues to remain as an important support for Nifty. In
the immediate term the level of 5,460 would continue to serve as a resistance
for Nifty whereas 5,340 remain as a critical support. Any breach of this
support may induce further weakness till 5,220. In an alternate scenario if it
manages to surpass the level of 5,460 then we may see a swift upside till 5,625
and beyond. Thus it is vital that Nifty sustains above 5,340 in the immediate
term. We recommend a stop loss of 5,340 for any existing long position in Nifty”.
KARVY STOCK BROKING: “Last week, the Nifty witnessed an extremely volatile sessions within
the tight range of 5370-5450 levels and saw stock specific activity. Long
positions can be assumed in Pharma, IT, Auto, FMCG, Capital Goods, and Energy
sectors if markets hold 5280-5250
levels. Short positions can be accumulated in BFSI, Metals, and Utilities if
nifty fails to sustain above 5430-5450 levels or below 5250 levels. Overall, we
expect Nifty to trade in the broad range of 5250-5450 levels for next week”.
ICICI SECURITIES: “The
Nifty may trade with a positive bias till it holds above 5340. Immediate
resistance for the Nifty lies at 5460. A move above this level may trigger
fresh momentum towards 5540. The Bank Nifty has major resistance near 10600 due
to significant open interest at the 10500 Call strike. On downsides, immediate
support can be seen at 10200 levels”.
SMC TRADEONLINE (WISE
MONEY): “The momentum in market finally halted at 5450 levels. The global clues,
which were supporting market faded against domestic factors. The closing below
5400 level indicates that market may go under some correction or consolidation
phase. As coming near to expiry, position rollover percentage will work as a
leading indicator for future trend”.
GABA & GABA
FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The crucial support for the Nifty is at 5253 and the
resistance is at 5449-5500”.
ANGEL BROKING (Technical): “Looking at the weekly 'Line
chart', we can infer that indices have now confirmed a 'Higher Top Higher
Bottom' formation along with the breakout from "Downward Sloping Trend
Line" resistance around 17650/5370 formed by joining the highs 21109/6339
(November 5, 2010)-18524/5630 (February 24, 2012). However, the weekly chart
candlestick pattern resembles a SHOOTING STAR. Also, at this juncture, we are observing
a cluster of narrow range body formations, which signify uncertainty among market
participants. In addition, the momentum oscillators on daily chart are
negatively poised. Thus, we are of the opinion that if indices sustain below
this week's low of 17705/5368, then we may witness a short term loss of current
positive momentum and indices then may slip towards 17450-17285/5290-5240
levels. Conversely, a sustainable move beyond 17973/5449 level would augment
the current positive momentum and then indices may rally towards 18050-18524/5500-5630
levels”.
MICROSEC SECURITIES:
“For the coming week, first support of Nifty is at 5340 and the resistance
is 5450. If Nifty breaks 5350, it may further go down to 5290 and then 5250.
However, if Nifty is able to sustain above 5450, the level of 5510-5570 would
become the next target”.
INDIRATRADE
SECURITIES: “For the next week, Nifty
likely to trade in the range between 5450-5520 in the upper side and 5300-5220
in the lower side”.
EMKAY GLOBAL: “The level of 5,348 is the key pivotal support for the
index. Back in April 2012 and July 2012, 5,348 was a resistance area that may
now pose support for Nifty. While the direction appears to have turned higher
in the index, a drop back below 5,348 marks
will negate some of the bullishness. Move below the support 5,294 mark, means
the trend that started from the low of 5,032 mark got disrupted, and in that
event the index is likely to continue to move sideways or head toward the
support of 5,250”.
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