The 30-share index,
Sensex declined 75.25 points or 0.39% over previous week to 19,242.00. On the
other hand, the broad based NSE Nifty too dipped 31.90 points, or 0.54%, to
5,847.70.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Markets could ride the global cues next week. If the US ‘fiscal cliff’
is not sorted out, it could further continue its downward movement and trade in
a range of 18,800 to 19,400 on the Sensex. With the
markets diving lower today, the short term trend reversal levels of 5823 are
under threat. Traders will need to watch if the Nifty can hold above these
levels in the coming week; else we could be headed for more declines”.
KOTAK SECURITIES (Dipen Shah): “Markets are hoping for a
solution to the US 'fiscal cliff' issue because if a solution is not reached,
it can impact sentiments negatively. We expect the issue to be resolved and the
same can provide relief in short term. However, markets will trend up sustainably,
only if further core sector reforms are announced and implemented. We believe,
this is necessary for FY14 earnings estimate to be revised upwards which, in turn, will
likely support the markets”.
CANARA BANK SECURITIES
(CanMoney):
“As Nifty index fell down to trade below 5850 levels, now any upside targets
would hold only if the resistance of 5900 is overcome. Else, the Nifty could
then be headed towards a consolidation in the coming week”.
BONANZA ONLINE: “Nifty is consolidating in 5965-5825 zone for 3 weeks.
Until decisive breakout or breakdown occurs, volatility may be continuing.
Sentiment to large extent may depend upon Global indices. Decisive break down
below 5825 may lead to selling pressure and lower levels may be seen. On the
other hand, if Nifty holds 5825 levels then recovery may be seen. Traders
should not take fresh delivery call below 5825 levels. For trading during the
coming sessions, trend deciding level is 5850.
If Nifty shows strength above 5850 levels then we may see rally till
5900/5960/6000/6050. If Nifty doesn’t sustain above 5850 levels then profit
booking till 5800/5750/5700/5650 may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Sell
|
5880-5900
|
5840
|
5920
|
For the Week
|
Sell
|
5880-5900
|
5810-5785
|
5960
|
GEPL CAPITAL: “Nifty breached the support level
of 5880 and now has a critical support placed at 5800. Any decline below this
support may aggravate the selling pressure and it may come down to 5750 which
is yet another important support of an accelerating Channel which has been in
place since past six months. On the higher side the range of 5865 to 5890 would
now serve as resistance for Nifty”.
KARVY STOCK BROKING: “Long positions can be
assumed in banks, auto, pharma, IT, and metals sectors if markets hold
5830-5800 levels. Short positions can be accumulated in capital goods,
utilities, consumer durables, and energy, if nifty fails to cross 5950-6000
levels or below 5800 levels. Overall, we expect Nifty to trade in the broad
range of 5800-6000 levels for next week”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “With the current strong
reforms momentum generated by the government, likely interest rate cuts and
lack of high yielding asset avenues for global investment flows, our markets
are likely to continue to attract strong FII flows, which would support our markets.
We recommend investors to accumulate quality plays in private sector
financials, media, discretionary consumption like autos and consumer durables,
industrials and infrastructure, and pharma”.
ICICI
SECURITIES:
“The Nifty has major support
placed near 5750, 5820 levels as significant Put writing was observed at 5800
and 5700 strikes. A move below 5820 can extend profit booking towards 5750. On
upsides, the Nifty may find immediate hurdle at 5920. A move above this level
may trigger short covering towards the highest Call base of 6000. The Bank
Nifty may continue to find resistance at its highest Call base of 12500 above
which short covering towards 12700 cannot be ruled out. On the lower side,
12000 is expected to remain a crucial support”.
GABA &
GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The crucial
support for the Nifty is at 5830-5735 and the resistance is at 5900-6000”.
ANGEL
BROKING (Technical): “Both the upper as well
as the lower band of the trading range 19613/5965-19193/5839. Similar to last
week, indices have closed precisely at the strong support of '20-Day EMA'.
However, this time the price structure along with few technical tools, such as
the daily momentum oscillators, '3 & 8 EMA' and the ADX (9), indicate a relatively
higher probability of a short term correction in the market. The said
possibility will be confirmed only if indices sustain below last week's low of
19149 / 5823. In this scenario, we may witness a downward corrective move
towards 19100-18930/5806-5755. These levels are the 38.20% and 50% Fibonacci
retracement levels of the rise from 18255/5548 (low on November 20, 2012) to 19612/5965
(high on December 11, 2012), respectively. On the flipside, last week's high of
19512/5965 would act as a strong resistance in the coming trading sessions. A
move beyond this level would result in an extended rally towards 20050-20218/6000-6070
levels. Considering the overall weekly chart structure we continue to remain
positive on the market and any corrective move towards 19000-18900/5800-5750
levels should be used by positional traders as a buying opportunity”.
IIFL (Amar Ambani): “The market appears to be in a sort of
uncertainty with some kind of year-end fatigue. Christmas is round the corner
but no signs of a Santa Claus rally here. Nifty has been
stuck in a trading band of 5,800-5,960 for last two weeks so a breakout either
side is anxiously awaited to determine the near term direction. Global cues also
were not supportive as fiscal cliff issues continue to overshadow any other economic news. In the coming curtailed week, volatility is likely
to escalate due to F&O expiry”.
MICROSEC SECURITIES: “For
the coming week, first support of Nifty is at 5800 and the resistance is 5975.
If Nifty breaks 5800, it may further go down 5730 and then 5630. However, if
Nifty is able to sustain above 5950, the level of 6030-6080 would become the
next target”.
INDIRATRADE SECURITIES: “For
the next week, Nifty likely to trade in
the range between 5960-6100 in the upper side and 5750-5700 in the lower side”.
SHAREKHAN: “The
coming week will remain volatile for the markets as traders roll over positions
in the futures & options (F&O) segment from the near month December
2012 series to January 2013 series. Nifty has taken support around theprevious swing low, ie 5,840, and bounced which indicates
strength in the short term. The short-term bias has changed to positive for a
target of 5,965. The medium-term outlook remains positive, as the index has
started forming higher tops and higher bottoms on the weekly chart and made a
bullish island with support around 5,649. Nifty is trading below the 20-hourly simple moving average and the 40-hourly exponential moving average, ie 5,906 and 5,892 respectively, which are
crucial levels in the immediate run”.
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