The FIIs were net buyers with investment worth Rs 207.67cr (prov. cash market fig).
The BSE 30-share Sensex was down 295.30 points or 1.6% to 18,211.52. The index rose 184.15 points at the day's high of 18,690.97 in morning trade, its highest level since 28 January 2011. The Sensex fell 347 points at the day's low of 18,159.82 in late trade. The S&P CNX Nifty was down 87.50 points or 1.58% to 5,458.95. The Nifty hit high of 5,599.25 in early trade, its highest level since 28 January 2011. The BSE Mid-Cap index fell 1.98% and the BSE Small-Cap index fell 2.35%. Both these indices underperformed the Sensex.
The market breadth is weak in contrast with a strong breadth earlier in the day. On BSE, 2,140 shares declined while 776 shares advanced and a total of 64 shares remained unchanged. Among the 30-member Sensex pack, 25 declined while the rest rose. BSE clocked turnover of Rs. 3710 crore higher than Rs. 3314.22 core on Thursday, 17 February 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
FORTUNE FINANCIAL (Abhijit Chakraborty): “Pre-budget rally might take the Nifty to 5,600 and beyond”.
CHARTPUNDIT.COM (Hemen Kapadia): “We have been down for four months, we are overdue for a bounce back and we should be around 5,800 to 6,000 on Nifty. I am not sure of 6,000 but more than 5,800 are possible before or after the budget”.
ICICI SECURITIES (Amit Gupta): “If you look at the initial upward move from 5170 onwards, we had short covering in the market but after that we have seen some good delivery-based buying also in the cash segment especially in the mid-cap space. So, I think before budget there is an induced buying happening in that particular segment”.
ANGEL BROKING HOUSE (Phani Sekhar): “Unless the market consolidates around 5500-5600 levels, the broader market sentiment won’t improve. It is not essential that the market rallies by 5%-6% in a span of one week”.
MORGAN STANLEY PRIVATE WEALTH MANAGEMENT-INDIA (Gaurav Doshi): “Market consolidation is in the range of 5400 to 5500 and will set the market up for a rally to 5800 levels on the time near budget. It is good that the market has very low expectations from the budget”.
INDIAN INFOLINE (Amar Ambani): “Some softening was always on the cards after the strong pullback witnessed over the past five trading sessions. The market will be a little bit edgy in the run up to the Union Budget. Also, there may be some extra volatility owing to the F&O expiry next week. The Budget will be presented on Feb. 28, which is post the derivative settlement. Hopefully, the Budget will have some favourable measures to give a fresh impetus to the Indian markets. The broad range for the Nifty is expected between 5,300 and 5,700 in the near term”.
ANGEL BROKING (Mileen Vasudeo): “After a sharp bounce, indices have faced resistance near to the 200-day SMA of 18,776/5,636. On the daily chart, we are observing a Bearish Engulfing candlestick pattern. Any close below 18,159/5,441 levels would activate the bearish implication of the candlestick pattern. As a result, the indices could test 18,157-17,993/5,438-5,388 levels (Fibonacci retracement levels). In case of further downside, the upward gap area (17,752 to 17,857/5,319 to 5,340) formed during the bounce is a crucial support for the market. On the upside, the high (18,690/5,599) of the candlestick pattern mentioned above is the resistance in the near term. Any move beyond this level would only negate the bearish pattern. At present, any reversal from the support levels mentioned would be the first sign of higher-bottom on the indices. A higher-top higher- bottom cycle, defining a sustainable uptrend, would be confirmed only above 18,690/5,599 levels”.
FAIRWEALTH SECURITIES: “In the next session, NIFTY may get support in the range 5402-5408 while 5506 may act as a resistance level. Breaching of the above support zone might cause NIFTY to test 5340. Traders are suggested to follow the strategy of selling at rise. Some heavyweights from Banking, Realty and Auto may participate in the downward journey while FMCG, Capital Goods and Metals may stay comparatively stronger”.
SKP SECURITIES: Nifty is having support at 5420 and 5360 whereas its resistance are around 5550 and 5630.
SWASTIKA: Union Budget and Railway Budget will be announced next to next week so markets will be volatile with lot of expectations and sectoral movement will be witnessed.
PRE BUDGET REPORT FROM ICICI SECURITIES: READ HERE
BUDGET SPECIAL FROM SHAREKHAN: READ HERE
PRE BUDGET PICKS FROM ANAGRAM: READ HERE
WEEKLY NEWSLETTER FROM SUSHIL FINANCE: READ HERE
WEEKLY TREND FROM SKP SECURITIES: READ HERE
MARKET MANTRA BY INDIAN INFOLINE: READ HERE
FOR TODAY: It was a very disappointing end to the week as benchmark indices nosedived nearly 2.5% from the top of the day to end with cuts of more than a percent and half. Despite Nifty achieving the downside target of 5200(made a low of 5177), the technical view on the benchmark would continue to be negative until we see a negation of the lower-top lower-bottom formation on the daily chart, which would happen only if Nifty was to decisively cross the immediate previous top of 5556. Nifty did go above 5556 intraday on Friday (made a high of 5199.25) but could not sustain above it, reconfirming the importance of this resistance. Looking at Friday's movement, it is quite possible that the benchmark can shed some more weight in the coming week. On the downside, the gap created between 5319-5340 on 14th February, as shown in the daily chart below, would work as the first support, a failure to hold where can take Nifty back to 5178, the low made last week. On the upside, decisive crossover of 5599, the high made during this week, would turn the view bullish.
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