FIIs were net buyers with the tune of Rs 148.28 cr (prov. cash market fig).
The BSE 30-share sensex was down 271.84 points or 1.47% to 18,167.64, its lowest closing since 28 February 2011. The index slumped 518.93 points at the day's low of 17,920.55 in morning trade. The sensex fell 113.15 points at the day's high of 18,326.33 in mid-afternoon trade. The S&P CNX nifty was down 81.85 points or 1.48% to 5,449.65. The nifty hit a low of 5,373.65 in early trade, its lowest level since 1 March 2011. The BSE mid-Cap index fell 1.43%, outperforming the sensex and the BSE small-Cap index declined 1.63%, underperforming the sensex.
The market breadth was weak. On BSE, 1,983 shares declined while 886 shares gained and a total of 101 shares remained unchanged. Among the 30-share Sensex pack, 26 gained while only four of them declined.
The total turnover on BSE amounted to Rs 3644 crore, higher than Monday's turnover of Rs. 2982 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 5540 whereas it may take support around 5400–5360”.
CANARA BANK SECURITIES (CanMoney): “Nifty give up the vital support levels of 9 and 14 SMA placed at 5,501, 5,455 and these level will act as a new resistance level in coming days. Nifty is trading below the 50, 100 and 200 days SMA which are placed at 5,574, 5,796 and 5,672 respectively and these levels will be acting as the resistance in the coming sessions. VIX closed at 26.63% which is higher when compared to last trading session’s value of 23.30%, thus indicating less volatility in market in the forthcoming sessions. RSI (14) for the day was at 47.28 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 is expected to trade in the range 5373-5537 in the next session. Sustaining below this range, it may test 5340-5310 levels. However, 5571 is another resistance levels. Traders are suggested to sell at rise keeping in view the resistance level. Banking and Auto may face selling at higher levels while Metals and Oil-Gas may appear comparatively stronger. Bank Nifty may trade in the range 10660-10830. 10550 may act as a crucial support breaching of which may cause bank nifty to test 10210 level. 10960 and 11150 may be the other resistance levels”.
IIFL (Amar Ambani): “Indian markets will be at the mercy of developments in Japan and trend in other overseas markets. In the Middle-East the situation appears to be highly volatile with Saudi Arabia sending its troops to Bahrain to quell a rebellion. Hopefully, there will be some improvement in the global sentiment in the coming days”.
BONANZA PORTFOLIO (Avinash Gupta): “The market is expected to consolidate in a range of 5,200 to 5,650. Market is likely to be volatile as Advance tax figures trickle in and the RBI monetary policy is due on Thursday”.
KARVY STOCK: “Trade long in Nifty from 5450, else from 5430 levels with stop loss placed below 5,400 targeting 5480-5,500 levels. The market breadth is negative”.
GABA FINANCIAL ADVISORY (Prakash Gaba): “Technically I would like to say that the bias is down and a strong resistance exists around 5,620. The market unfolded strong, now the level to watch is 5,620 and if that gets taken out then we could see some upside in the days to come. The support for the Nifty is at 5,470 and resistance at 5,620. For sensex, the crucial support on the downside is at 18,250 and resistance at 18,500-18,752”.
ANGEL BROKING (Mileen Vasudeo): “Markets witnessed gap down opening in the wake of weak global cues but recovered some losses during the day to close in red. On the daily chart, we are observing that Indices have tested the 61.8% Fibonacci retracement levels of the previous up move and have formed a narrow body formation. At present the narrow range body formation reflects indecisiveness prevailing at current levels. Hence, if Indices trade above 18,335/5,500 levels then they are likely to test 18,546/5,550. On the downside, 17,953-17,741/5,376-5,313 are the crucial support levels for the Indices. Any breach of 17,741/5,313 would intensify the selling pressure”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is falling on compassionate basis, with no major negatives in the domestic front. For Nifty the major support is there at 5,400 below further downside. On the other hand, the resistance is there at 5,565 and 5,625”.
PINC RESEARCH: “Market trimmed most of the early losses which was on the back of extremely weak Asian cues to close the day at 5449. Yesterday, Nifty made a strong advance to close a shade below 5350 level. However, today’s early gap down, nullified all of yesterday’s upside strength. Nifty recouped more than 126 points from the day’s low of 5372 to make an intraday high of 5499. Today’s recovery from the low suggests that selling is reluctant at lower levels and this could help the build up for a medium term rally that may occur in the near future. For the Nifty in the medium term, we suggest a wait and watch approach for the next few days as long as the level of 5600-5625 is not breached. We see no reason yet to revise our positive bias for the market”.
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