The 30-share index, Sensex plunged 398.49 points or 2.06% over previous
week to 18, 918.52. On the other hand, the broad based NSE Nifty dropped 130.6
points, or 2.23%, to 5,719.70.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “While the Nifty has bounced back on Friday, the
underlying trend remains down. Immediate downside targets for the Nifty are at
5649, which coincides with the 200-day EMA. Further downside targets are seen
at 5600-5550 once 5649 levels are broken. Any rallies in the coming week could
find resistance at 5775”.
CANARA BANK SECURITIES (CanMoney):
“Immediate downside targets for the Nifty are at 5649, which coincides with the
200-day EMA. Further downside targets are seen at 5600-5550 once 5649 levels
are broken. Any rallies in the coming week could find resistance at 5775”.
BONANZA ONLINE: “Nifty showed selling pressure for 5th consecutive week.
Bears are having control at the moment. Selling Pressure may be continuing
below 5700 levels. If Nifty maintains above 5700 levels then recovery may also
be seen. For trading during the coming session, trend deciding level is 5700.
If Nifty shows strength above 5700 levels then we may see rally till 5760/5850/5925/5960.
If Nifty doesn’t maintain above 5700 levels then selling pressure till
5650/5600/5550/5470 may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Buy
|
5700-5720
|
5770
|
5680
|
For the Week
|
Buy
|
5680-5720
|
5800-5835
|
5650
|
BONANZA PORTFOLIO (Rakesh Goyal): “In coming sessions, 5,680
shall be crucial deciding level in near term, and index is likely to witness
further selling below this level. Below 5680, likely target is 5,625-5,550,
while above 5,765, likely target is 5,815-5,850”.
GEPL CAPITAL: “Now, Nifty may face
severe resistance near 5750 on a bounce back. Once again any bounce back should
be treated as an opportunity to short sell Nifty for a target of 5600 over the
next few days. Long positions are still not recommended at this juncture”.
KARVY STOCK BROKING: “Long positions can be
assumed in Auto, IT, FMCG, Cement and Energy if the Nifty sustains above 5750
levels. Short positions can be accumulated in Banking, Consumer Durables,
Capital Goods, Metals and Utilities as long as the Nifty stays below 5750
levels. Overall, we expect Nifty to trade in the range of 5550-5800 levels for
the next week”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Overall the budget can be construed as a balanced
one. There isn’t anything in the budget which could excite the investors/traders
immediately. However it is good from a medium term perspective given the
constraints and therefore any weakness in the markets should be used as an
opportunity to accumulate quality stocks”.
ICICI SECURITIES: “The
Nifty has immediate support placed at 5640. Intensified selling pressure may be
seen towards 5520 if the Nifty does not hold these levels. On the higher side,
major hurdle for the index lies at 5760/5820 levels. The banking index remained
a major laggard of the market and closed near its highest Put base of 11500. A
breach of these levels may trigger another round of selling pressure towards
its 200 DMA of 11200 levels. On the higher side, 11800 may act as immediate
hurdle”.
SMC TRADEONLINE (WISE MONEY): “The Nifty is expected
to remain in the range of 5600-5800 levels. The sustenance of 5600 levels in
the near term is extremely crucial for any further recovery in the markets.
However, in our view, in the current scenario, the Index is expected to see
stiff resistance at around 5800-5850 levels, while a sustained move below the
5600 mark should take Nifty down to 5500 levels”.
GABA &
GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically, the
market is still down unless it closes above 5850. The crucial support for the
Nifty is at 5645-5535 and the resistance to the up-move at 5750”.
ANGEL
BROKING (Technical): “For the sixth consecutive week, our benchmark indices have closed in the
negative territory. As mentioned in our January 25, 2013 weekly report, the
bearish impact of the 'Hanging Man' (at market top) Japanese candlestick
pattern is now clearly seen. Indices have now finally broken down below the 19149/5823
mark, which has been acting as a crucial support level. This level also
coincides with the '89-day EMA' and the '20-week EMA'. Since the February month
is over, the monthly chart now depicts a 'Bearish Engulfing' pattern. This
pattern has a bearish implication but needs a confirmation. In addition, the
monthly momentum oscillators are signalling a negative crossover. Also, the
weekly 'RSI' momentum oscillator has now sneaked below the 50 mark. RSI level
dropping below 50 from the upside is an additional sign of caution for the
bulls. On the contrary, indices have now precisely closed above the support level
of the 'Downward Sloping Trend Line'. Hence, the impact of all the above
mentioned negative technical evidences would be seen once indices sustain below
this week's low of 18793/5671. In this scenario, indices are likely to fall
towards 18450-18255/5600-5548 levels. On the flipside, this week's high of
19412/5879 would now act as a crucial resistance in the coming week. Only a
move beyond this level may nullify the impact of negative technical evidences.
With such a move the markets may rally towards 19768-19865/5991-6025 levels”.
IIFL (Amar Ambani): “With the Budget out of the way, market participants will look at
the global cues for further direction. A global risk-off may further accentuate
selling pressure in near term. However, with indices at oversold levels, a lot
of beaten down large-caps may attract investors”.
MICROSEC SECURITIES: “For
the coming week, first support of Nifty is at 5635 and the resistance is 5750.
If Nifty breaks 5635, it may further go down 5600 and then 5540. However, if
Nifty is able to sustain above 5750, the level of 5800-5880 would become the
next target”.
SHAREKHAN: “The
Nifty’s short-term bias would remain negative for a target of 5660 with reversal
around 5880. The key support will be at around 5679 and resistance will be at
5762”.
R K GLOBAL: “As the uncertainty on the taxation issue abates we
might witness some pull back in the market during the next week”.
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