The 30-share index, Sensex plunged 402.46
points, or 2.26% to 17,380.75 for the week ended Aug. 31, 2012. On the other
hand, the broad based NSE Nifty dropped 128.20
points, or 2.38%, to 5,258.50 during the week.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the markets witnessing a sell-off this week and technical indicators looking weak, the current downtrend looks set to continue. We expect the Nifty to play down towards the 5220-5200 levels in the coming week. These are crucial supports as they also correspond to the 200-day EMA”.
KOTAK SECURITIES (Sanjeev Zarbade): “The market sentiment has been cautious ahead of the Fed meeting at Jackson Hole. If there is no clear signal on the much anticipated QE3, then markets would be disappointed. On the Euro-zone front, a fresh concern on Spain has dampened investor sentiment. The ECB meet on September 6 remains an important event as it would give details on its plan to re-launch its government bond buying programme to help fight the region’s economic crisis”.
CANARA BANK SECURITIES (CanMoney): “Next week, global cues will be the major driver for our market. Major Support & Resistance for Nifty are 5205/5180/5140 and 5280/5315/5380”.
VENTURA SECURITIES LIMITED: “On Monday (5265-5279)-(5302-5318) would be sell levels. Weak Markets won’t cross 5291. Above 5302 Nifty could test 5303 (Friday’s high), further it could open for 5319-5343-5368-5405. Nifty has support at 5238 (Friday’s low). Below it could open for 5220-5191-5122”.
GEPL CAPITAL: “The level of 5240 is a strong support for Nifty. Any breach of this support would aggravate the selling in coming weeks. However, if Nifty manages to respect the support of 5240 then we may see an up-move till 5340 and a move beyond 5340 may indicate further upside till 5450 and beyond that 5540 is a possibility. We recommend a strict stop loss of 5240 for existing long positions and continue to maintain a cautious approach. Any breach of 5240 may induce a sell off till 5190 and below that 5029 is a possibility”.
KARVY STOCK BROKING: “Long positions can be assumed in pharma, IT and FMCG sectors if markets hold 5200-5230 levels. Short positions can be accumulated in BFSI, metals, auto, capital goods and cements if Nifty fails to sustain above 5350-5400 levels or below 5200 levels. Overall, we expect Nifty to trade in the broad range of 5200-5400 levels for next week, however, a breach of 5200 levels leads to a sharp descent towards 5050 negating any upside potential”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Next week, markets would keenly follow the outcomes of the annual Jackson Hole meet of the US Fed and the ECB monetary policy meet. Markets would especially look for indications from the Fed on another round of quantitative easing (QE3) and from the ECB on measures to reduce borrowing costs of the large European peripheral countries of Spain and Italy. Global cues are likely to inform our markets next week”.
ICICI SECURITIES: “The Nifty may continue to find resistance around 5400 while 5200 on downsides should act as a crucial support level. A move below 5200 may aggravate selling pressure among high beta stocks. The Bank Nifty has given a weekly close at its highest Put base at the 10000 strike. Sustainability below these levels may trigger downsides towards 9800. On the higher side, 10350 levels should continue to act as stiff resistance”.
SMC TRADEONLINE (WISE MONEY): “Nifty is expected to trade in the range of 5200-5400 levels this week”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “We could see lover levels even to around 5132 in the days to come. However, 5340 seems to be a strong resistance to work with. From a trading point of view I would continue the shorts as long as 5340 is not taken out”.
ANGEL BROKING (Technical): “We are now observing a negative crossover in the weekly momentum oscillators. The impact of these tools can be seen if our indices sustain below this week's low of 17338/5239. In such a scenario, the markets may test 17123-16892/5190-5120 levels which are the 61.8% and 78.6% Fibonacci Retracement levels of the rise from 16598/5032 to 17972/5449, respectively. However, the weekly 'Higher Top Higher Bottom' formation mentioned in our earlier report is still intact. The said formation would be negated only if indices break the important weekly swing low of 16598/5032. Also, looking at the extreme oversold condition of 'Stochastic' momentum oscillator on the daily chart, the possibility of a bounce towards 17712/5360 levels cannot be ruled out. Under normal circumstances, this bounce should be treated as a corrective up move. However, in case we see some positive global news flow on the back of the Jackson Hole meeting and if the US Fed commits to more quantitative easing, then a close beyond 17712/5360 level in the initial part of the week would indicate a strong reversal of current pessimism. The Sensex/Nifty may rally towards 17972/5449 levels”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5190 and the resistance is 5320. If Nifty breaks 5190, it may further go down to 5140 and then 5030. However, if Nifty is able to sustain above 5320, the level of 5380-5440 would become the next target”.
INDIRATRADE SECURITIES: “For the next week, Nifty likely to trade in the range between 5350-5450 in the upper side and 5250-5100 in the lower side”.
BONANZA ONLINE: “After making shooting star candlestick pattern, Nifty showed selling pressure during the week, which shows that bears are having control at the moment. Selling pressure may be continuing below 5250 levels. If Nifty holds 5250 levels then recovery may be seen. Traders may take delivery based position in good stocks with stop-loss levels. For trading during the coming sessions, trend deciding level is 5250. If Nifty shows strength above 5250 levels then we may see rally till 5325/5400/5450/5540. If Nifty doesn’t sustain above 5250 levels then selling pressure till 5190/5150/5100/5050 may also be seen”.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the markets witnessing a sell-off this week and technical indicators looking weak, the current downtrend looks set to continue. We expect the Nifty to play down towards the 5220-5200 levels in the coming week. These are crucial supports as they also correspond to the 200-day EMA”.
KOTAK SECURITIES (Sanjeev Zarbade): “The market sentiment has been cautious ahead of the Fed meeting at Jackson Hole. If there is no clear signal on the much anticipated QE3, then markets would be disappointed. On the Euro-zone front, a fresh concern on Spain has dampened investor sentiment. The ECB meet on September 6 remains an important event as it would give details on its plan to re-launch its government bond buying programme to help fight the region’s economic crisis”.
CANARA BANK SECURITIES (CanMoney): “Next week, global cues will be the major driver for our market. Major Support & Resistance for Nifty are 5205/5180/5140 and 5280/5315/5380”.
VENTURA SECURITIES LIMITED: “On Monday (5265-5279)-(5302-5318) would be sell levels. Weak Markets won’t cross 5291. Above 5302 Nifty could test 5303 (Friday’s high), further it could open for 5319-5343-5368-5405. Nifty has support at 5238 (Friday’s low). Below it could open for 5220-5191-5122”.
GEPL CAPITAL: “The level of 5240 is a strong support for Nifty. Any breach of this support would aggravate the selling in coming weeks. However, if Nifty manages to respect the support of 5240 then we may see an up-move till 5340 and a move beyond 5340 may indicate further upside till 5450 and beyond that 5540 is a possibility. We recommend a strict stop loss of 5240 for existing long positions and continue to maintain a cautious approach. Any breach of 5240 may induce a sell off till 5190 and below that 5029 is a possibility”.
KARVY STOCK BROKING: “Long positions can be assumed in pharma, IT and FMCG sectors if markets hold 5200-5230 levels. Short positions can be accumulated in BFSI, metals, auto, capital goods and cements if Nifty fails to sustain above 5350-5400 levels or below 5200 levels. Overall, we expect Nifty to trade in the broad range of 5200-5400 levels for next week, however, a breach of 5200 levels leads to a sharp descent towards 5050 negating any upside potential”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Next week, markets would keenly follow the outcomes of the annual Jackson Hole meet of the US Fed and the ECB monetary policy meet. Markets would especially look for indications from the Fed on another round of quantitative easing (QE3) and from the ECB on measures to reduce borrowing costs of the large European peripheral countries of Spain and Italy. Global cues are likely to inform our markets next week”.
ICICI SECURITIES: “The Nifty may continue to find resistance around 5400 while 5200 on downsides should act as a crucial support level. A move below 5200 may aggravate selling pressure among high beta stocks. The Bank Nifty has given a weekly close at its highest Put base at the 10000 strike. Sustainability below these levels may trigger downsides towards 9800. On the higher side, 10350 levels should continue to act as stiff resistance”.
SMC TRADEONLINE (WISE MONEY): “Nifty is expected to trade in the range of 5200-5400 levels this week”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “We could see lover levels even to around 5132 in the days to come. However, 5340 seems to be a strong resistance to work with. From a trading point of view I would continue the shorts as long as 5340 is not taken out”.
ANGEL BROKING (Technical): “We are now observing a negative crossover in the weekly momentum oscillators. The impact of these tools can be seen if our indices sustain below this week's low of 17338/5239. In such a scenario, the markets may test 17123-16892/5190-5120 levels which are the 61.8% and 78.6% Fibonacci Retracement levels of the rise from 16598/5032 to 17972/5449, respectively. However, the weekly 'Higher Top Higher Bottom' formation mentioned in our earlier report is still intact. The said formation would be negated only if indices break the important weekly swing low of 16598/5032. Also, looking at the extreme oversold condition of 'Stochastic' momentum oscillator on the daily chart, the possibility of a bounce towards 17712/5360 levels cannot be ruled out. Under normal circumstances, this bounce should be treated as a corrective up move. However, in case we see some positive global news flow on the back of the Jackson Hole meeting and if the US Fed commits to more quantitative easing, then a close beyond 17712/5360 level in the initial part of the week would indicate a strong reversal of current pessimism. The Sensex/Nifty may rally towards 17972/5449 levels”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5190 and the resistance is 5320. If Nifty breaks 5190, it may further go down to 5140 and then 5030. However, if Nifty is able to sustain above 5320, the level of 5380-5440 would become the next target”.
INDIRATRADE SECURITIES: “For the next week, Nifty likely to trade in the range between 5350-5450 in the upper side and 5250-5100 in the lower side”.
BONANZA ONLINE: “After making shooting star candlestick pattern, Nifty showed selling pressure during the week, which shows that bears are having control at the moment. Selling pressure may be continuing below 5250 levels. If Nifty holds 5250 levels then recovery may be seen. Traders may take delivery based position in good stocks with stop-loss levels. For trading during the coming sessions, trend deciding level is 5250. If Nifty shows strength above 5250 levels then we may see rally till 5325/5400/5450/5540. If Nifty doesn’t sustain above 5250 levels then selling pressure till 5190/5150/5100/5050 may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Buy
|
5280-5300
|
5350
|
5255
|
For the Week
|
Buy
|
5270-5310
|
5370-5390
|
5245
|
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