FIIs were net sellers with the tune of ` 293.56 crore (prov. cash market fig.).
Nifty closed at 5,386.55, down by 99.80 points or 1.82 percent over the previous day closing of 5,486.35, after witnessing a low of 5,373.00 and a high of 5,456.70. Sensex closed at 17,993.33, down by 332.76 points or 1.82 percent over the previous day closing of 18,326.09. It touched an intraday low of 17,971.02 and high of 18,269.06.
The markets’ breadth was negative. Out of 2,898 stocks traded, 801 stocks advanced, 1,973 stocks declined and 124 stocks remained unchanged. In Sensex, 1 stocks advanced and 29 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a busy & weak session, today. After last two sessions of the concluded week, wherein, indices witnessed some buying, in today’s session, a complete reversal happened. Today, Nifty formed one big bearish candle(bearish engulfing candle) and closed with deep cuts. In today’s session, Nifty breached the vital supports of 5460 & 5400. On account of selling at every levels, Nifty closed on negative note, this may provoke the bearish sentiments. During its downward journey in today’s session, Nifty closed below its 9, 14, 50 and 100 day’s SMA placed at 5473, 5493, 5640 & 5631. These levels may act as new resistances in the coming sessions. Owing to wide based selling, bears overcame the bulls and market breadth declined to negative. In today’s session, VIX closed at a little higher level of 21.04%, indicating higher volatility in market in the forthcoming sessions. RSI (14) for the session was at 35.82 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may witness some range bound movements in coming sessions”.
FAIRWEALTH SECURITIES: “As we were giving the alert from the last few weeks that the Nifty will get bearish and loosened your long position from the level of 5900 repeatedly and today the Nifty has touched the price of 5373 and closed 5386 only because of the strong indication from the ELLIOT WAVE and this usually predicts in advance when people does not know at that time that what will happen in the future. Next session’s range for the Nifty may be at 5365-5411 with the resistance of 5444 and the strong resistance will be at 5465. The support for the Nifty may be at 5348 and if it breaks that level i.e.5348 the key support level will be at 5235-5267”.
BONANZA PORTFOLIO (Shanu Goel): “Nifty found support at the crucial level of 5,370-5,375, trading near the lower level of our given range 5,370-5,525. A breakout on either side will determine the short term trend of the market. Global developments continue to affect the market sentiments. Results of DLF and Power grid due tomorrow, are also likely to influence the sentiments”.
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 in Nifty below 5,380 levels else around 5,400 levels, with stop loss placed at 5,420; targeting 5,350 levels”.
PINC RESEARCH: “We contemplate keeping a watchful eye for any reversal of trend as long as the level of 5325 holds”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The strong support at 5400 did not hold and the market saw tremendous selling pressure negating the up move. Technically 5342 is possible on the downside. The support for the Nifty is at 5400 and resistance at 5470. The crucial support on the Sensex on the downside is 17834 and resistance at 18250”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty support at 5,400 and Sensex immediate support near 18,000 was broken in today’s trading session. So, near term trend is weak, however, some recovery may be seen from support levels. Investors should continue to book profits in rallies or can also take short positions in Nifty around 5,500 level. For daily purpose, trend deciding level is 5,420. If Nifty shows strength above 5,420 levels, then rally to 5,450/5,490/5,515 levels may be seen. If Nifty does not show strength above 5,420 levels then selling pressure till 5,350/5,300/5,230 may also be seen".
IIFL (Amar Ambani): “Going forward, the Indian market will take its cue from the upcoming earnings, F&O expiry, fund flows and of course the overseas markets. One must remain vigilant and avoid taking undue risks at this juncture as the near-term outlook remains cloudy”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has taken support near 5340 several times. So 5340 become a short term crucial base of Nifty. If it breaks 5340, it may further go down to 5230 in the extreme short term. However, a breach of 5520 would indicate the reversal of current trend and in that case Nifty may test the level of 5610 and then 5760. On an intra-day basis Nifty has a support at 5340 and is likely to face a stiff resistance near 5410. If Nifty breaks 5340, it may further go down to 5320 and then 5290. However, if it is able to sustain above 5410, the level of 5450–5480 would become the next target”.
PADMAKSHI FINANCIAL SERVICES (Kusal Kansara): “Nifty has closed at fresh two month lows. Technically, we have breached important support level of 5400.On daily charts, we have a negative crossover between the 200dema and 50dema.The trend continues to remain week, with next support now seen at 5,350 and 5,240. Expect weakness in banking and Sugar stocks to continue. FMCG stocks will continue to outperform the broader market”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,078/5,405 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,185–18,376/5,438–5,489 levels. However, if Nifty trades below 18,078/5,405 levels for the first half-an-hour of trade then it may correct up to 17,887–17,780/5,354–5,322 levels”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5330-5350 level, the level (5300) which consists of the highest OI (i.e. 65.72 lacs shares) among the Nifty May put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5400-5450 level, the level (5400) which consists of the highest addition in OI (i.e. 27.83 lacs shares) among the Nifty May Call Options”.
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