The BSE 30-share Sensex was down 141.97 points or 0.77% to 18,327.98. The Sensex lost 208.69 points at the day's low of 18,261.26 in morning trade. The index fell 39.11 points at the day's high of 18,430.84 in early trade. The S&P CNX Nifty was down 36.60 points or 0.66% to 5,494.40. The Nifty oscillated between 5,516.30 and 5,468.45 during the day.
The BSE Mid-Cap index fell 0.07% and the BSE Small-Cap index declined 0.25%. Both these indices outperformed the Sensex. The market breadth was negative. On BSE, 1562 shares declined while 1279 shares gained and a total of 111 shares remained unchanged. Among the 30-share Sensex pack, 21 declined while rest of them gained.
The total turnover on the BSE amounted to Rs 2487 crore, lower than Wednesday's Rs 3435 crore.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5550-5630 and take Support at 5400-5320”.
DANI SECURITIES: “Nifty may face resistance around 5600–5630 whereas. It may take support around 5400–5390”.
CANARA BANK SECURITIES (CanMoney): “Technically, Today Nifty formed a bearish candle however, it will not create any fear about further fall in the existing levels as market traded in a range bound. Today indices witnessed volatility with negative bias. Volumes in the market for the last three days were very less. Though the vital support level of 5480 maintained, today Nifty broke the support level of 5,520 and another psychological level 5500 and closed below it. Nifty also held the vital support level of 9 and 14 SMA placed at 5,471, 5456 and these level will act as a new support level in coming days. However, Nifty has not been able to break the 50, 100 and 200 days SMA which are placed at 5611, 5813 and 5665 respectively and these levels will be acting as the new resistance in the coming sessions. VIX closed at 23.53% which is a little higher when compared to last trading session’s value of 23.28%, thus indicating some volatility in market in the forthcoming sessions. RSI (14) for the day was at 49.86 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”.
SYKES & RAY EQUITIES: “The week ahead may face next resistance at 18,700/5,600 if these barriers are crossed then weakness may abate and then after indices may attempt to move towards very major barriers of 19,350/5,800. If indices manage to cross the major resistance levels then it would be structural change in the direction of market. On lower side major support is at 17,860/5,340 levels, if these support levels are breached on closing basis then it would be a major breakdown signal and then after probability of revisiting the low of last month would increase”.
FAIRWEALTH SECURITIES: “Nifty is trading in the range 5,463-5,539 from the last three sessions. Also, Nifty failed to sustain above 5,550 and faced selling pressure at rise. In the next session again we expect Nifty to trade in the same range with selling pressure at higher levels. However, if 5463 level is breached Nifty may test 5,440 and 5,408 level. Bank Nifty may trade in the range 10,760-10,970. If 10,760 breached it may test 10,650 and 10,550. Traders are suggested to follow the strategy of selling at rise. Banking and metals may face selling pressure at higher levels while Capital Goods and Oil Gas may stay strong comparatively”.
IIFL (Amar Ambani): “Sentiment was also hit partially amid persistent concerns about the policy impasse under the UPA II and its impact on the economy and investor confidence. Inflation has moderated lately but it still exceeds the lower end of the RBI`s indicative range. On the earnings front, there have been a few disappointments and meaningful upgrades are unlikely till the macro-economic environment improves”.
KARVY STOCK: “Trade short in Nifty from 5480 levels else from 5500 levels with stop loss of 5520 targeting 5450-5430 levels”. Note: This view was given on 10th March, 2011 at mid-session.
PINC RESEARCH: “Wait and watch approach for the next few days as long as the level of 5600 is not breached. Negative to neutral bias should be maintained closer to level of 5600 and only on a successful breach above 5600 should the prevailing bias turn positive. This is an occasion to sit back a bit to wait and watch the developments as they unfold”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “Technically the market is still in sideways and a cautious zone. The support for the Nifty is at 5,450-5,376 and resistance at 5,565-5,654. For Sensex, the crucial support on the downside is at 18,103 and resistance at 18,592”.
IIFL PRIVATE WEALTH (Prashastha Seth): “Oil doesn't seem to be moving down very sharply from these levels. Till that happens, you are unlikely to see a break of major resistance like 5,600 or 5,700. I think for that level to break, you need oil to come down by USD 10-15 per barrel and that doesn't look likely in this series”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty again showed volatile session in small range. Nifty is still trading in 5,440-5,550 range. Until Nifty decisively cross above 5,550 levels or decline below 5,440 levels, Volatility may be seen. Momentum strength may be seen above 5,550 or below 5,440 levels. For daily purpose, trend deciding level is at 5,490. If Nifty shows strength above 5,490 level, then rally to 5,550/5,625/5,700 levels may be seen. If Nifty does not show strength above 5,490 levels then profit booking till 5,460-5,440/5,400/5,350 may also be seen”.
KOTAK SECURITIES (Shrikant Chouhan): “For the coming week, technical indicators are in fairly positive zone. Nifty has critical resistance at 5,650 which is ‘200DMA’. Closing above this level can take index to the higher levels of 5,775. Support for the market is at 5,510. Trading below this level can invite significant unwinding of longs which can drag index to the levels of 5,340 with minor support at 5,440. One should not venture in aggressive longs at the levels of 5,620; instead call options should be traded. Traders should look for initiating level based trading in Nifty. Long around 5,340 for target of 5,550 with stop placed at 5,240. Short below 5,510 for target of 5,340 with stop placed at 5,560”.
ICICI DIRECT: “The Nifty has important resistance in the zone of 5610-5630 while immediate support lays around 5450 levels. The market is expected to exhibit range-bound consolidated movement. Directional movement can be experienced in the index if it is able to breach these levels convincingly”.
SHAREKHAN: “Support for Nifty future is at 5440, 5380 whereas resistances are at 5550 and 5597. Below 5440, Go Short for intraday trading”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened lower and traded with negative bias throughout the day which led the indices to close in red. On the daily charts we are witnessing that prices have tested the 20-day SMA and have managed to close above it. In coming trading session if indices trade above 18,435/5,520 then they are likely to test 18,622-18,737/5,563-5,608 levels. On the downside 18,260/5,465 levels remains crucial. Any breach of this level during the day, would result in loss of momentum on the upside and indices may slide to 18,114-17,962/5,420-5,380 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “For Nifty the major support is there at 5,444; below it can test 5,407. The main thing to watch out for tomorrow is the IIP numbers and if it is on the favourable side, the Nifty has upside resistance at 5,562 and more. Stocks like Kalpataru Power, SAIL, Shipping Corporation, Alstom Power, GE Shipping, Sobha Developers etc can attract buying”.
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