FIIs were net sellers with the tune of Rs 532.51 cr (prov. cash market fig).
The BSE 30-share Sensex was down 271.06 points or 1.49% to 17,878.81. The index lost 300.34 points at the day's low of 17,849.53 in late trade. The Sensex gained 109.74 points at the day's high of 18,259.61 in early trade. The S&P CNX Nifty was down 72.95 points or 1.34% to 5,373.70 after gyrating between 5,483.05 and 5,366.40 during the day. The BSE Mid-Cap index slipped 0.43% and the BSE Small-Cap index declined 0.78%. Both these indices outperformed the Sensex.
The market breadth was weak. On BSE, 1818 shares declined while 1079 shares advanced and a total of 107 shares remained unchanged. Breadth weakened after showing strength in opening trade.
The total turnover on BSE amounted to Rs. 2856 crore, lower than Rs. 3000 crore on Thursday, 17 March 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5400-5500 and take Support at 5320-5170”.
DANI SECURITIES: “Nifty may face resistance around 5430-5500 whereas it may take support around 5320–5230”.
KOTAK SECURITIES (Dipen Shah): “we expect Indian markets to remain range-bound, due to the lack of any domestic triggers. The next trigger will be the quarterly numbers in mid-April, which may lead to stock-specific movements depending on the performance for the quarter. Needless to say, any major global event, either positive or negative, will have repercussions on India also. We maintain our positive bias for sectors like Banking, Capital Goods and IT with a medium-to-long term perspective”.
CANARA BANK SECURITIES (CanMoney): “Technically today Nifty broke the major vital support level of 5380 and 5420 closed below these levels. The psychological level of 18000 in Sensex also gave up. Nifty also closed fair below the vital resistance levels of 9 and 14 SMA placed at 5478.25, 5478 .42. Nifty is trading below the 50, 100 and 200 days SMA which are placed at 5533, 5777 and 5677 respectively and these levels will be acting as the resistance in the coming. VIX closed at 25.89% which is higher when compared to last trading session's value of 25.26%, thus indicating less volatility in market in the forthcoming sessions. RSI (14) for the day was at 43.24 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in the coming session”.
FAIRWEALTH SECURITIES: “Nifty has breached previous 11 days range. In the next session Nifty may trade with the high probability of breaching of important support level 5330. However, Nifty would be in the range 5323-5446, if sustained below this range, 5308 and 5263 level might be tested. 5510 would be other resistance level. Bank Nifty is expected to trade in the range 10660-10860. Still, 10550 may act as an important support level. 10930 and 11090 may act as other resistance levels. Traders are suggested to buy at declines keeping in view the support levels. Metals may appear stronger while IT and Oil-Gas may attract more selling”.
BONANZA PORTFOLIO (Avinash Gupta): “Rising international crude prices further rattled the market. Nifty closed with a loss of 1.45%. The number of declines was more than twice that of advances. The market is expected to consolidate in a range of 5,200 to 5,650”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive on Monday. Trade long in Nifty from current levels else from 5350 with stop loss placed below 5330 targeting 5400–5420 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “The Indices are already trading well below its crucial support levels of its 200 day simple moving averages, and it is weak therefore a small bad news can cause heavy sell-off with volatility. As the Nifty is trading below 5,400, there are chances that Nifty may test its lower support levels at 5,300 -5,200 in the immediate future”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “With multiple headwinds and positive catalysts missing, the market will continue to face challenges at higher levels. Over the weekend, China again increased bank reserve requirement by 50 bp to tame inflation (3rd hike in CY11) thereby raising risk to global growth. Having broken the crucial support at 5400, next support for the market is 5300. It is likely to face resistance around 5410 & 5480 levels”..
ICICI SECURITIES: “Despite finding multiple supports at 5450 levels, the Nifty failed to capitalise on the momentum and closed the week at the lowest level. We expect the Nifty to trade with a negative bias till it remains below 5450. On the downside, below 5370 we may test the 5250 levels as well. The Bank Nifty closed at its important support zone of 10700/10740. Breaching these levels may trigger downsides till 10450 in the near term”.
SMC GLOBAL: “Global market factors are likely to weigh on the markets in the days to come as no major domestic events are coming up in the coming days. Nifty has a strong resistance between 5420-5500 and Sensex between 18200-18600”.
PINC RESEARCH (Sadanand Raje): “The medium term chart of the Nifty has taken support at a perfect technical level. With indicators reaching oversold levels odds for a further decline are very low. We can expect the Nifty to make a bounce from current levels. It is a wait and watch as far as the medium term trend is concerned”.
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