FIIs were net sellers with the tune of ` 370.79 crore (prov. cash market fig.)
Nifty closed at 5,348.95, down by 45.90 points or 0.85 percent over the previous day closing of 5,394.85, after witnessing a low of 5,328.70 and a high of 5,389.10. Sensex closed at 17,847.24, down by 164.73 points or 0.91 percent over the previous day closing of 18,011.97. It touched an intraday low of 17,786.13 and high of 17,976.36.
The markets’ breadth was negative. Out of 2,878 stocks traded, 1,060 stocks advanced, 1,649 stocks declined and 149 stocks remained unchanged. In Sensex, 5 stocks advanced and 25 stocks declined.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a busy and weak session, today. After last sessions` consolidation, Nifty witnessed a heavy correction today and closed with losses. In today’s session, Nifty breached the vital support of 5,350 and closed below this. This may add to the ongoing worries of the bulls. On account of the F&O expiry ahead, volatility was on higher side. Nifty closed the session below its 9, 14, 50 and 100 day’s SMA placed at 5,439, 5,475, 5,636 and 5,617. These levels may act as new resistances in the coming sessions. Owing to net selling in mid-cap and small-cap space, bears overcame the bulls and market breadth declined to negative. In today’s session, VIX closed at a little higher level of 20.66%, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 34.08 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 it is already mentioned Nifty is in bearish mode from the last so many weeks from the level of 5900 with the target of in between 5235-5267 in the coming weeks. Well now we are just near to our predicted level. There we will review ourselves at that time. Next session’s range for the Nifty may be in the range between 5333-5373 and resistance may be at 5386/5408 and the key resistance will be at 5452 and the support may be at 5303 and the major support level will be at in between 5235-5267”.
BONANZA ONLINE: “Nifty traded below 5400 level all through the trading day. Sensex also is struggling to sustain above 18000 level and closed below this level. 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 in rallies. For daily Purpose, Trend deciding level is 5365. If Nifty shows strength above 5365 levels, then rally to 5390/5425/5450 levels may be seen. If Nifty does not show strength above 5365 levels then selling pressure till 5300/5230 may also be seen”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat note tomorrow. Trade short in Nifty from 5,350-5,370 levels with stop loss placed above 5,400 level, targeting 5,300-5,280 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today continued its downtrend and closed below 5,350 and is looking at supports of 5,307 and 5296 levels. Tomorrow being the expiry day we may see volatile movement with, may be a downside opening but second part of the day we may see some recovery”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded weak as expected and closed in the red. We are now heading into F&O expiry and technically the market is still weak and so the logical target would be 5296 and strong resistance around 5420. The support for the Nifty is at 5296 and resistance at 5420. The crucial support on the Sensex on the downside is 17705 and resistance at 18320”.
ANGEL BROKING (Mileen Vasudeo): “On the daily chart, we are observing that Indices have tested the important support levels of 5448 and have closed marginally above it. A bounce up to 17,990-18,110/5,380-5,420 levels in coming trading session cannot be ruled out as the hourly are in an oversold zone. However, any breach of the above support level would lead Indices to test sub 17,750/5,300 levels”.
MICROSEC SECURITIES: “Technically, Nifty is expected to get a strong support in the band of 5340 and 5310. If it breaks 5310, it may further go down to 5230 in the short term. However, some leading indicators (like RSI and Stochastic Oscillator) are giving over sold signal of Nifty. So a pull back rally is expected from the current level. The immediate crucial resistance of Nifty lies at 5480. If it is able to maintain above 5480, an upward rally might carry it to 5610 in the extreme short term. On an intra-day basis Nifty has a support at 5310 and is likely to face a stiff resistance near 5390. If Nifty breaks 5310, it may further go down to 5280 and then 5230. However, if it is able to sustain above 5390, the level of 5425–5480 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 17,870/5,356 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,954–18,060/5,382–5,416 levels. However, if Nifty trades below 17,870/5,356 levels for the first half-an-hour of trade then it may correct up to 17,763–17,680/5,322–5,295 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty traded below 5,400 levels all through the trading day. Sensex also is struggling to sustain above 18,000 levels and closed below this level. 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 in rallies. For daily purpose, trend deciding level is 5,365. If Nifty shows strength above 5,365 levels, then rally to 5,390/5,425/5,450 levels may be seen. If Nifty does not show strength above 5,365 levels then selling pressure till 5,300/5,230 may also be seen”.
EDELWEISS FINANCIAL ADVISORS: “On the lower side Nifty is likely to face strong support in the vicinity of 5280-5300 level, the level (5300) which consists of the highest OI (i.e. 83.96 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 5400-5430 level, the level (5400) which consists of the highest OI (i.e. 73.29 lacs shares) among the Nifty May Call Options”.
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