Nifty closed at 5,541.60, down by 25.45 points or 0.46 over the previous day closing of 5,567.05, after witnessing a low of 5,532.70 and a high of 5,578.90. Sensex closed at 18,436.19, down by 66.19 points or 0.36 over the previous day closing of 18,502.38. It touched an intraday low of 18,415.36 and high of 18,566.99.
The markets’ breadth was negative. Out of 2,957 stocks traded, 1,187 stocks advanced, 1,643 stocks declined and 127 stocks remained unchanged. In Sensex, 9 stocks advanced and 21 stocks declined.
Among the sectors, BSE Consumer Durables, BSE Realty and BSE Bankex were the main losers of the day, which declined by 2.20 percent, 1.43 percent and 0.98 percent respectively.
FIIs were net sellers with the tune of ` 577.64 crore on Thursday, the 21st July 2011(prov. fig.)
FIIs were net sellers with the tune of ` 577.64 crore on Thursday, the 21st July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a positive note and could further inch up during the day. An upswing in returns, earnings, cash generation and potential easing in macro and growth concerns could drive the market higher. Among the sectoral indices, Banking stocks could do well while Metal stocks could underperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak show and after a dull move of last session, settled on weak note after breaching crucial supports of 5,550. Nifty witnessed sudden outburst in negative side owing to which it failed to save its vital lower support of 100 day’s SMA, instrumental to keep positive momentum intact. Nonetheless, near month future of Nifty closed at premium w.r.t. spot that may support buying in coming session. Bulls lost the control of the market to bears and indices closed with weak market breadth. This may offer support to the selling sentiments in coming sessions. Nifty managed to close above the vital supports of 50 & 100 Day’s SMA placed at 5,508 and 5576, but still closed below the vital 9 & 14 day’s SMA levels placed at 5,578 and 5,607 respectively. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a modest level of 18.82%, indicating less than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 48.29 levels and MACD was below the signal line, thus combined together they are giving the signals that, market may again slip into a range bound movement with higher volatility”.
FAIRWEALTH SECURITIES: “As the range we had given i.e.5526-5608 and the Nifty traded in this range with the negative bias and also confirmed the formation of bearish engulfing pattern on the daily chart. To maintain the trend in favors of bulls the Nifty has to close above 5582 being the weekly closing or if the Nifty closes below 5526 the bears will again take the charge and there may be a possibility that the Nifty may test the level of 5400. Next session’s range for the Nifty may be in between 5526-5582 and the support for the Nifty may be at 5495 and the key support for the day can be 5440 and the resistance for the Nifty if it breaches the level of 5582 may be 5608 and the crucial resistance for the Nifty may be at 5655. Have a careful watch on the two crucial levels if the Nifty closes below 5526 or closes above 5582.Thses two levels will be the trendsetter for the coming weeks”.
BONANZA ONLINE: “Nifty showed selling pressure for consecutive second day. Bears are having control at the moment and selling pressure is being seen. Nifty is hovering around 5550 levels and marginally trading below it. Selling pressure may continue if Bulls don’t manage to protect 5550 decisively the selling pressure may be continuing. For daily purpose, Trend deciding level is 5550 .If Nifty shows strength above 5550 levels, then rally to 5600/5650/5700 levels may be seen. If Nifty does not show strength above 5550 levels then selling pressure till 5500/5450/5400 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “After 5,600, the level of 5,550 was the next crucial support level for Nifty. Nifty has given a break down form this level in intraday and has closed below it. With today’s closing below 5,500 level, the medium term trend has become bearish. Furthermore, corporate results continue to disappoint the market men leading to further downfall. However, the outcome of EU summit is likely to influence the market trend in short term. Tomorrow, results of Axis bank are expected-which are also likely to shape the general trend of the market”.
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 5,560-5,570 levels, with stoploss place above 5,580 targeting 5,520-5,500 levels. Alternatively, trade long if Nifty holds 5,500, with stop loss placed below 5,480”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed below 5,550 mark and is if it falls below 5508 then it can move towards 5,478 levels and on the upside it has resistance at 5,569 and 5,597 levels”.
GEPL CAPITAL: “ Nifty appears to have stuck in a narrow range and is near an inflection point. In the immediate term the level of 5530 is now an important support followed by 5500.If Nifty manages to sustain above this support range then one must go long / book profit in short position in this range. On the higher side the level of 5620 is now an important resistance. A breach of that on the higher side can take the Nifty at least till the recent swing high of 5740 and even higher. If it breaks 5500 then there is a possibility of decline till 5440. However the overall uptrend remains intact till the time Nifty sustains above 5350. To sum up, sustenance above 5500 is the key for further upsides to come in the immediate term”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market gapped down but has taken support like a dot on our support of 5532 and has closed in the red. The market has seen a low like a dot and so I would not be surprised if it bounces back. But technically a structure has been created that one more down day could start a prolonged down move…will it? The support for the Nifty is at 5532-5468 and resistance at 5610-5640. The crucial support on the Sensex on the downside is 18437-18233 and resistance at 18700”.
ANGEL BROKING (Technical): “We witnessed a lackluster movement throughout the trading session but a selling pressure was seen in some of the index heavyweights (Reliance Industries, Kotak Mahindra bank, Reliance Communication) which dragged indices lower to close marginally below its downside support level of 18470/5550. If Indices breach today's low of 18415/5532 then they are likely to test 18326-18223/5496-5468 level. On the upside, if 18567/5580 level may act as resistance for the day”.
IIFL (Amar Ambani): “The undertone was nervous due to continuing trepidation among the global investors over the lingering credit crisis in the euro-zone and the political impasse in the US over budget talks. Weaker-than-expected PMI reports from China and euro-zone also weighed on the sentiment. Back home, market participants ignored the drop in food inflation as they expect the RBI to hike policy rates by another 25 bps at its next meeting on July 26. Also, the Finance Ministry says that inflation is unlikely to come down sharply before the end of the year”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,473/5,551 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,530–18,624/5,569-5,597 levels. However, if Nifty trades below 18,473/5,551 levels for the first half-an-hour of trade then it may correct up to 18,379–18,321/5,523-5,505 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed selling pressure for consecutive second day. Bears are having control at the moment and selling pressure is being seen. Nifty is hovering around 5,550 levels and marginally trading below it. Selling pressure may continue if Bulls don’t manage to protect 5,550 decisively. For daily purpose, trend deciding level is 5,550. If Nifty shows strength above 5,550 levels, then rally to 5,600/5,650/5,700 levels may be seen. If Nifty does not show strength above 5,550 levels then selling pressure till 5,500/5,450/5,400 may also be seen”.
INDIRATRADE SECURITIES: “The markets traded in a range with a negative bias in Thursday’s session, with banking and realty pulling the indices down. Mid-cap stocks faced more selling pressure than large-cap counters. Consumer durables and oil & gas were also beaten down heavily. For today’s trade market likely to trade in the range between 5570 & 5610 in the upper side and 5510 & 5470 in the lower side”.
EDELWEISS FINANCIAL ADVISORS (DERIVATIVE): “On the lower side Nifty is likely to face strong support in the vicinity of 5480-5500 level, the level (5500) which consists of the highest OI (i.e. 109.35 lacs shares) among the Nifty put options. On the other hand on the higher side Nifty is likely to face strong resistance in the vicinity of 5580-5600 level, the level (5600) which consists of the third highest OI (i.e 96.63 lacs shares) among the Nifty Call Options”.
NIRMAL BANG SECURITIES: “The ongoing trend still continues to remain choppy as the direction of the market is in doubt. Nifty is under tremendous selling pressure at higher levels and going forward it is very important to maintain above its 200-day EMA of 5590 for a strong positive development. The short term trend is about to fizzle out only if nifty future starts trading below 5502. For the Sensex strong support exits at 18300 levels and resistance seen at 18700 levels and rally could be seen only if Sensex starts trading above 18700 levels”.
HEM SECURITIES: “Key benchmark indices fell for the second straight day tracking weak European stocks and lower US index futures. For tomorrow markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Going forward, Nifty has resistance at 5,680-5,750 and supports at 5,550-5,460. Overall, view on the markets stays neutral as there is no definite trend in the market. Nifty is seen consolidating between 5,550 and 5,650 since last seven trading session”.
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