The BSE 30-share Sensex was down 117.83 points or 0.64% to 18,178.33. The index rose 81.32 points at the day's high of 18,377.48 in mid-afternoon trade. The Sensex fell 146.15 points at the day's low of 18,150.01 in late trade. The S&P CNX Nifty was down 31.85 points or 0.58% to 5,437.35. The BSE Mid-Cap index underperformed the Sensex, falling 0.67%. The BSE Small-Cap index outperformed the Sensex, falling 0.31%.
The market breadth turned negative compared with positive breadth earlier in the day. On BSE, 1638 shares declined while 1215 shares advanced and a total of 115 shares remained unchanged. Among the 30-member Sensex pack, 19 declined while the rest rose.
BSE clocked turnover of Rs. 3125 crore, lower than Rs. 3276.23 crore on Tuesday, 22 February 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
IIFL PRIVATE WEALTH (Prashastha Seth): “Nifty won’t break the bottom 5200 until budget happens. It may remain range bound and volatile till the budget. What happens beyond budget is something that only time will tell. I think we need to wait for budget and what the Government announces in that to take a call on whether we will not breach 5200 level in March as well”.
MITESHTHACKER.COM (Mitesh Thacker): “At least for the next few days despite the fact that we have a lot of events in terms of F&O expiry, impending budget, the start of the Parliament Session on Monday, very clearly my belief is that given the fact that we have held on 5400 and rebounded from there strongly, we might probably head towards and retest 5550 or even 5600”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short from 5450 levels for targets of 5400 and 5380 levels with a stop loss placed above 5470 levels”.
SKP SECURITIES: “Resistance for Nifty future is 5550 and 5630 whereas support is at 5410 and 5360”.
ANGEL BROKING (Mileen Vasudeo): “Market opened lower and traded in a narrow band with negative bias to close in red. On the daily chart, we are witnessing that indices have closed near the crucial support of 18,050/5,400 levels. In coming trading session if indices trade below 18,050/5,400 levels, then they are likely to test 17,930-17,842/5,360-5,330 levels. On the upside 18,378-18,460/5,500-5,530 levels are likely to act as resistance for the day. Volatility is expected to be high on account of derivative expiry on Thursday”.
BONANZA PORTFOLIO (Puneet Kinra): “Nifty showed indecision in range 5,445-5,500, and closed below short term support level of 5,440. Volatility is likely to continue with negative bias. Traders should be cautious. Decisive price action may be seen only above 5,600 or below 5,400 levels. For daily purpose, the trend deciding level is at 5,445. If Nifty shows strength above 5445 level, then rally to 5,500/5,525 levels may be seen. If Nifty does not show strength above 5445 levels then selling till 5,400/5,350 may also be seen”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is having strong support at around 5,410 and 5,400 while the resistance is there at 5,496 and if it trades above further upside expected. But investors should be cautious as tomorrow is the day of February F&O expiry as so the volatility can remain on a higher note”.
MANSUKH: “Below 5,630 (200 dma) sentiments remain subdued and we might see some sharp drift near to 5,200-5,250. We likely to continue this approach in the upcoming week though possibility of consolidation due to oversold technical indicators wouldn’t be ruled out. Hence traders are advised to remain cautious at this stage and use ‘sell on rally’ strategy rather than creating any fresh long ones. On the flip side any bounce back from current levels may reap indices towards 5,630-5,650 level where we might see some sort of consolidation. Any break out above this may generate some suggestive buying opportunities though 5,800-5,850 might be the next resistance zone”.
CHARTPUNDIT.COM (Hemen Kapadia): “If we don’t break 5410, then we should be around 5480-5500 in terms of expiry”.
FOREFRONT CAPITAL MANAGEMENT (Radhika Gupta): “The indices are headed in a strong direction but weak global cues over the last couple of days have created a negative impact on the markets again. We are unlikely to see any major upward or downward trend pre-budget. So, I think the market is really looking at the budget for a signal of where things have to go because a lot of questions remain unanswered”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is expected to trade in the range 5408-5506. F&O expiry being ahead, market is expected to remain highly volatile. NIFTY, if sustains below 5402 may attract heavy selling pressure. While above 5506, it may face further resistance at 5556 and 5600. IT and Oil & Gas may attract buying while Auto and Capital Goods may face selling”.
CANARA BANK SECURITIES (CanMoney): “Technically, after yesterday’s decline, today, Nifty formed another bearish candle, strengthening the fear about further correction in the existing levels. In today’s session bulls witnessed initial support but bears finally overcome the bulls and despite extended support from the indices heavy weight, i.e. RIL and ADAG group, continued its negative movement as of yesterday. Today, Nifty has breached the vital support of 5480 and 5440 & closed with cuts without showing any recovery. Today’s weak closing may strengthen the bears and possibly may lead the present series of F&O to close on lower note. Owing to the fragile show earmarked with profit booking, Nifty slipped to below the vital level of 9 day’s SMA placed at 5467 but still closed above its14, 50 and 100 day’s SMA level placed at 5,410, 5,715 and 5,882 levels; these levels may act as new ranges, in coming sessions. VIX jumped to a very high value of 26.55%, thus indicating higher volatility in market in the forthcoming sessions. RSI (14) for the day was at 43.76 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in coming session”.
IIFL (Amar Ambani): “The F&O expiry on Thursday, global geopolitical concerns and the upcoming Budget will ensure that caution reigns supreme on the Indian bourses. We expect the Nifty to perhaps retest the 5,330 levels in the short term, especially if it breaks below 5,400. Also, there might be further oil price volatility if the Middle-East turmoil persists for long. For India, which relies mostly on imports of crude, any further increase in oil prices will be a major blow”.
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