The 30-share benchmark index, Sensex fell sharply by 385.54 points, or
2.05%, to 18,450.23 in the week ended Apr. 05, 2013. On the other hand, the
broad based NSE Nifty declined 129.30 points, or 2.28%, to 5,553.25 in the same
period.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the Nifty drifting down further, traders will
need to watch if the Nifty can hold above the previous intermediate lows of
5548 in the coming week. Being strong supports, they are crucial levels to
watch as a close below it could lead to an extended correction and possibly a
testing of the 5448-5215 levels in the coming weeks”.
KOTAK
SECURITIES (Dipen Shah): “Focus of the markets would now be on the
upcoming earnings season, government policy moves in the budget session and
global developments (Political uncertainty in Italy and monetary stimulus by
Japan). Reversing the deceleration in the industrial and infrastructure investment remains a focus area for the Government”.
KARVY STOCK BROKING: “Long positions can be assumed in FMCG, IT, Pharma if the Nifty sustains
above 5600 levels in the coming week. Short positions can be accumulated in Automobiles,
Banking, Capital Goods, Cements, Consumer Durables, Energy and Metals if the
Nifty slips below 5550 levels. Overall, we expect Nifty to trade in the range
of 5450-5650 levels for the next week”.
ICICI SECURITIES: “Nifty
has breached its major support of 5630. We expect selling pressure to continue
towards 5400. On upsides, the Nifty is not expected to sustain at higher
levels. Even on any short covering, it is likely to face stiff resistance at
5740 where FIIs had created major shorts. The banking index has immediate
resistance at 11200. Selling pressure among banking heavyweights may intensify
if the Bank Nifty remains below these levels. On the lower side, 10500-10600 is
expected to remain a major support”.
GABA &
GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The crucial
support for the Nifty is at 5535-5401 and the resistance to the up-move at 5620”.
ANGEL
BROKING (Technical): “Indices are now approaching the next support level at the weekly
'89-EMA' placed around 18200/5500 level. The momentum oscillators on the daily charts
are extremely oversold and the possibility of a bounce thus cannot be ruled
out. However, one must remember that to time the bounce will be difficult;
traders looking to initiating long positions should wait for the indices to
cross the Friday's high of 18525/5577. Only a sustainable move beyond this level
may push markets higher to test the next resistance levels placed at
18727-18960/5645-5720. On the other hand the 'Lower Top - Lower Bottom'
formation on the weekly chart is still intact and the momentum on the down side
is quite strong. The charts of global markets too appear weak and may add on to
the prevailing negative sentiment. A fall below 18200/5500 may reinforce
selling pressure in the market. In this
scenario, we may witness a continuation of the concluded week's pessimism,
possibly leading indices to slide towards 17976/5441 levels, or even further
down. We advise traders to stay light on the positions and follow strict stop
losses. Initiating fresh short positions on the index at current levels is not recommended
as the risk-reward ratio is not favourable and may incur losses”.
IIFL (Amar Ambani): “A combination of
domestic and overseas headwinds continues to play havoc with the markets
sentiment. Upcoming, Q4 results season could keep investors on the sidelines.
On Friday, Infosys will announce its quarterly and yearly numbers. Investors
will hope it can spring a surprise last quarter. The guidance will be closely
tracked. A wait and watch approach may seem prudent to tide over the current
turbulence”.
MICROSEC
SECURITIES: “For the coming week, first support of Nifty is at 5500 and the
resistance is 5600. If Nifty breaks 5500, it may further go down 5440 and then
5400. However, if Nifty is able to sustain above 5600, the level of 5650-5720
would become the next target”.
EASTERN FINANCIERS LTD.: “After a week that
saw blood-bath on Dalal Street, markets are likely to trade within a tight
range as it enters an eventful week. Market movement from here on would be
predominantly decided by the fourth quarter earnings of Corporate that would
start trickling in from next week”.
INDIRATRADE
SECURITIES: “Next week, Nifty likely to trade in the range between 5750-5800
in the upper side and 5400-5350 in the lower side”.
R K GLOBAL: “The Indian economy is facing a temporary downturn, and
average rates of economic growth above 8% are possible in the medium term. There
could be some weakness, given that there has been political uncertainty for
quite some time, there is a possibility of high volatility to persist”.
