A man who has committed a mistake and doesn't correct it, is committing another mistake.-Confucius
In a highly volatile session Indian Indices attracted buying in the final hour of the session and closed with good gains. Banking sector appeared as major gainer followed by FMCG while Metals and IT appeared weak.
Both the Indices, Sensex and Nifty plunged around 3% during the week on worries of rising inflation and current account deficit. Investor’s confidence has still not recovered entirely as the unrest in Libya and Middle East continues. Sector-wise, BSE Capital Goods, Auto, Bankex, Realty were hammered badly.
The BSE 30-share Sensex was up 68.50 points or 0.39% to 17,700.91. The index gained 180.03 points at the day's high of 17,812.44 in early afternoon trade. The Sensex fell 162.44 points at the day's low of 17,469.97 in mid-afternoon trade, its lowest since 11 February 2011. The S&P CNX Nifty was up 40.85 points or 0.78% to 5,303.55. The Nifty hit low of 5,232.75 in mid-afternoon trade, its lowest since 11 February 2011. The BSE Mid-Cap index fell 0.22% and the BSE Small-Cap index declined 0.31%. Both of these indices underperformed the Sensex.
The market breadth was negative. The breadth was positive breadth earlier in the day. On BSE, 1601 shares declined while 1269 shares advanced. A total of 94 shares remained unchanged. Among the 30-member Sensex pack, 17 fell while the rest rose.
BSE clocked turnover of Rs 3478 crore lower than Rs 3647.61 crore on Thursday, 24 February 2011.
FOR DETAILS, “READ HERE”.
VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5450-5550 and take Support at 5230-5100”.
IIFL (Amar Ambani): “The overall undertone may continue to be a little nervous, and so one needs to be very watchful before jumping the gun. One has no option but to wait for a trend reversal to take hold. We expect the downward pressure to prevail in the near term and do not rule out the Nifty re-testing its intermediate low of 5,177. Union Budget will be an important event next week. At the same time, one can’t afford to ignore the external developments, especially in the Middle-East”.
FAIRWEALTH SECURITIES: “In the next session, Nifty may trade in the range 5226-5350. Sustaining beyond the range may decide further intraday trend. However, 5177 is a support level while 5413 may act as another resistance level. Traders are suggested to trade according to the given range of Nifty. Telecom, capital goods and auto may appear weak while FMCG and Finance sector may stay strong”.
ANAGRAM: “Technical view on Nifty continues to be negative as we are yet to see negation of the lower-top lower-bottom formation on the daily chart which is in place since 7th January 2011. Only a decisive crossover of 5600, the immediate previous top as shown in the daily chart below would turn the view bullish. Before that the gap around 5425, as shown in the daily chart would act as the immediate resistance. On the downside, 5177, the bottom made on 11th February is the crucial support, a fall below which can take Nifty to around 5100, where the trend line adjoining bottoms of February and May 2010 presents a support. However, one has to be prepared for even steeper fall if 5100 does not hold. In this case, Nifty can plunge all the way to around 4777, which is the 38.2% retracement level of the entire rally from the bottom of 2252 to the top of 6338”.
MANGAL KESHAV (Nitin Bagde): “For today, the important levels to watch are support of 5,240 and resistance of 5,315. The breach of 5,240 may drag down Nifty cash till 5,200 level on intraday basis, whereas the break above 5,315 may push Nifty cash towards 5,380. Even if Nifty cash moves up but it should be used as sell on rise”.
KOTAK SECURITIES (Shrikant Chouhan): “For the coming week, couple of major events and data is scheduled and their outcome will decide the further tone of the market. Technical Indicators are mixed. Closing above the level of 5,340 can pull the index to level of 5,550 with major resistance at 5,450. Any negative close below 5,240 will have negative impact and which can drag the Nifty to lower levels of 5,050 with minor support at 5,155. Market reversal stands at 5,550. Decisive close above 5,550 will signal potential reversal in trend. Till that time medium term trend stands down”.
BUDGET PICKS AND EXPECTATIONS FROM DIFFERENT BROKING HOSUES:
ULJK SECURITIES PRE-BUDGET EXPECTATIONS: "READ HERE"
ULJK SECURITIES PRE-BUDGET EXPECTATIONS: "READ HERE"
IIFL BUDGET PREVIEW: "READ HERE"
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