At the close, the
30-share index, Sensex fell sharply 296.42 points or 1.5% over previous week to
19,484.77. On the other hand, the broad based NSE Nifty dropped 95.40 points,
or 1.59%, to 5,903.50.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Benchmark indices may turn volatile in
the coming week amid various economic data points to be announced. A host of
results will continue to flow in. But the market looks unlikely to stage any major
rally in the coming week. Our downside targets for the Nifty are at 5,840. Any
rallies in the coming week could find resistance at 5950-5980”.
BONANZA ONLINE: “Nifty made long black candlestick pattern on weekly
charts, which shows that bears are having control at the moment. Selling
pressure may be continuing below 5900 levels. On downside, Nifty has some
support near 5800 levels. If Nifty holds support level then recovery may also
be seen. For trading during the coming session, trend deciding level is
5900. If Nifty shows strength above 5900
levels then we may see rally till 5960/6000/6050/6125. If Nifty doesn’t
maintain above 5900 levels then profit booking till 5840/5800/5760/5700 may
also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Buy
|
5900-5920
|
5960
|
5880
|
For the Week
|
Buy
|
5800-5910
|
5980-6020
|
5840
|
BONANZA PORTFOLIO (Rakesh Goyal): “Weak GDP numbers have dampened the market sentiment, however, any
positive cues from global markets may help in
recovery. In coming sessions, 5,900 level shall be crucial deciding level in
near term, and index is likely to witness further selling below this level. Below 5,900,
likely support levels are 5,850-5,820, while above 5,950, likely target is
6,000-6,025”.
GEPL CAPITAL: “We continue to maintain
a downside target of 5850 over the coming weeks. In the immediate term the
level of 550 would now serve as a severe resistance on any bounce back attempts
and beyond that 5980 is the next critical resistance on the upside. Fresh
longs are still not recommended on a positional basis at present juncture as
Nifty still appears bearish with an impending target of 5850 in the immediate
term”.
KARVY STOCK BROKING: “Long positions can be
assumed in Auto and IT if the Nifty sustains above 5900 levels. Short positions
can be accumulated in Banking, Capital Goods, Cement, Realty, Metals, Pharma
and Utilities if the Nifty breaches 5900 levels. Overall, we expect Nifty to
trade in the range of 5850-6000 levels for next week. However, a breakthrough
of this range would lead to high volatility in the market”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Investors will keep a vigil on the Union Budget…..a
non–expansionary and progressive budget, with contained fiscal deficit and
elements to take the economy back on the accelerated growth path. This could
lead to a rally in march. The correction in the market is an opportunity for
the investors to get into the market. We recommend investors to buy quality
stocks with focus on rate-sensitive sectors like Financials, Auto, reforms-led
sectors like Oil and Gas and Media. With revival in US economy, IT can emerge as
an dark horse for FY14”.
ICICI
SECURITIES:
“The Nifty has immediate
resistance at 5940. If the Nifty is unable to move above this level then it
could topple to 5800. In such a scenario, leverage closure could also magnify
selling pressure. The index gave up its out-performance trend as it fell close
to 4% during the week. The index has closed at 12280, which is the lowest close
since December, 2012. Major resistance for the index is at 12500, which was the
major support in the January series. The index is heading towards its highest
Put placed at 12000”.
SMC
TRADEONLINE (WISE MONEY): “The Nifty is expected to trade down trending in coming weeks and the sharp
move may cause the rise in volatility. Hereafter the range of 5800-6000 will
remain crucial in the near term, and the movement is expected to remain
volatile”.
ANGEL
BROKING (Technical): “The sharp fall during the last half an hour on Friday has now confirmed
a breakdown of the 'Upward Sloping Channel' on the daily chart. Please note
that the Sensex has not yet confirmed a breakdown of the 'Upward Sloping
Channel' pattern. Also Indices have now precisely tested 78.6% Fibonacci
retracement level of the rise from 19149/5823 (low on December 18, 2012) to 20204/6112
(high on January 29, 2013). Considering the Channel pattern breakdown and
negative placement of weekly momentum oscillators, we can infer that indices
may experience a severe correction in the coming week if they manage to sustain
below this week's low of 19414/5883. In this scenario, we may witness a
corrective move towards 19000-18870/5800-5735 levels. On the flipside, 19648-19768/5953-5991
levels would act as strong resistance for our benchmark indices”.
IIFL (Amar Ambani): “Benchmark indices may
turn volatile in the coming week amid various economic data points to be
announced. The IIP numbers will be announced next week. The other data
points are WPI, import-export numbers for
the month and CPI. A host of results will continue to flow in. But the market
looks unlikely to stage any rally in the coming week”.
MICROSEC SECURITIES: “For
the coming week, first support of Nifty is at 5870 and the resistance is 5950.
If Nifty breaks 5870, it may further go down 5840 and then 5800. However, if
Nifty is able to sustain above 5950, the level of 6030-6120 would become the
next target”.
INDIRATRADE
SECURITIES: “For the next week, Nifty
likely to trade in the range between 6050-6150 in the upper side and 5750-5700
in the lower side”.
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