FIIs were net seller with the tune of Rs 92.24 cr. (prov. cash market fig).
The BSE 30-share Sensex was down 263.78 points or 1.43% to 18,222.67. The Sensex slumped 427.74 points at the day's low of 18,058.71 in afternoon trade. The index fell 124.80 points at the day's high of 18,361.65 in early trade.
The S&P CNX Nifty was down 75.60 points or 1.36% to 5,463.15. The BSE Mid-Cap index fell 1.41% to 6,499.15 and outperformed the Sensex. The BSE Small-Cap index slipped 1.43% to 7,884.86.
The market breadth was weak. On BSE, 1,962 shares declined while 893 shares advanced and a total of 104 shares remained unchanged. On NSE, 320 shares advanced against 984 declines.
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VIEWS FROM DIFFERENT BROKING HOUSES:
SKP SECURITIES: “Nifty may face resistance at 5550-5630 and take Support at 5400-5300”.
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 another bearish candle, increasing the fear about further correction in the existing levels. As per candlestick pattern, Nifty formed two bearish candles after the three continuous bullish candles, which depicts a bearish trend in short term. In today’s session bulls and bears had tough fight and bulls gave up in the initial and subsequently in the second half try recover from the day’s low. Today Nifty was not able to hold the vital support level of 5520 and 5480, the psychological level of 5,500 also breached and closed on the lower side. However another psychological level of 18,000 in Sensex was maintained. Nifty also held the vital support level of 9 and 14 placed at 5,430, 5,454 and these level acts 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 5,640, 5,832 and 5,656 respectively and these levels are acting as the new resistance in the coming sessions. VIX closed at 25.22% which is a little low when compare to last trading session value of 22.91%, thus indicating lesser volatility in market in the forthcoming sessions. RSI (14) for the day was at 48.24 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”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed volatiles session and closed in red. Nifty is trading in 5,400-5,550 range. Until Nifty decisively cross above 5,550 levels or decline below 5,400 levels, Volatility may be continuing. However, crossover move on any side will take Nifty move near 200 points on particular side of breakout/breakdown. For daily purpose, the trend deciding level is at 5,460. If Nifty shows strength above 5,460 level, then rally to 5,500/5,550/5,625 levels may be seen. If Nifty does not show strength above 5,460 levels then profit booking till 5,400/5,350/5,300 may also be seen”.
ANGEL BROKING (Mileen Vasudeo): “Markets opened lower in the wake of weak global cues and traded with negative bias during the first half, but recovered some losses towards the end of the session to close in red. On the daily chart the indices have retraced the prior up move (17,469 to 18,736/5,232 to 5,608) by 50% and have closed above it. In coming trading session, if indices trade above 18,370/5,500 levels then they are likely to test 18,500-18,642/5,540-5,580 levels. On the downside, support levels are at 18,103-17,953/5,420-5,376”.
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: “In the next session, NIFTY is expected to trade in the range 5408-5493. Nifty may find support around 5380-5342, breaching of this level may cause heavy selling. Above 5500 Nifty may find resistance at 5540-5550. Since 5608 is a strong resistance level for Nifty, traders are suggested to sell at rise as long as it is trading below this level. Bank-nifty may face resistance around 10880-10930. trader may follow the same strategy of selling at rise keeping in view the strong support level in Bank nifty around 10530-40”.
FOR TODAY: Yesterday all EU and US markets were closed in RED due to unrest in Libya, crude crisis and uncertainty in Global market. However, today all Asian markets are trading in positive since they have already made their loss yesterday. SGX Nifty is trading around 5463 indicates that Nifty spot may open flat and will try to cover some of its loss made on yesterday. A minor support is around 5420-5424 area below which we may see 5400 level. If breaches 5400 level too, our market will be in great trouble. On the upside, major multiple resistances are around 5500/5511 level. Thereafter 5528-5531, and so on.
MOST OF THE EXPERTS HAVE ADVISED TO WAIT AND WATCH POLICY.
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