FIIs were net buyers with the tune of ` 517.33 crore on Friday, the 8th July 2011(prov. fig.)
The BSE Sensex was down 220.26 points or 1.15% to 18,858.04. The Sensex rose 53.40 points at the day's high of 19,131.70 in early trade, its highest level since 2 May 2011. The index lost 260.59 points at the day's low of 18,817.71 in late trade. The S&P CNX Nifty was down 68.30 points or 1.19% to 5,660.65. The Nifty hit a high of 5,740.40 in intraday trade, its highest level since 2 May 2011. The BSE Mid-Cap index slipped 0.61% and the BSE Small-Cap index fell 0.86%. Both these indices outperformed the Sensex
The market breadth was weak. On BSE, 1156 shares rose and 1770 shares declined and a total of 121 shares remained unchanged. Among the 30-member Sensex pack, 22 stocks declined while the rest of them gained.
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “While the markets have corrected on Friday after the sharp upmove seen on Thursday, the underlying trend remains up. It is important that the Nifty remains above the trend reversal levels of 5600; else the underlying uptrend would reverse. The 200 day Exponential moving average also trades just below the 5600 levels, thereby giving more strength to this support level”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a corrective movement, wherein, selling was supported with volumes at all levels. After breaching the triangle pattern in upward direction on yesterday, in today’s session, nifty breached several vital supports. First month future was continuously at premium w.r.t. spot, thus ensured the bullishness of our market. Nifty breached the sentimental support of 5700 & 5710 levels and closed below these, thus depicting some concerns. After a range bound movement for most part of the session, Nifty settled with a heavy cut. Bears resolutely controlled the market and indices closed with negative market breadth with illustrious margins. This may support the selling sentiments in coming sessions. Nifty successfully closed above the resistances of 9, 14, 50 and 100 day’s SMA placed at 5635, 5542, 5503 & 5564 and below the 200 day’s SMA placed at 5742. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a modest level of 18.67%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 59.99 levels and MACD was above the signal line, thus combined together they are giving the signals that, market may witness some range bound movement with higher volatility”.
FAIRWEALTH SECURITIES: “As the Nifty has formed the covered clouding pattern and of course the confirmation is still required of this pattern. Still the Nifty is moving above the 50 DEMA and as well above the 200 DEMA. At every decline in the Nifty will get the support at these levels i.e.200 DEMA which stands at 5582 and 50 DEMA stands at 5542. Next session’s range for the Nifty may in between 5608-5693, the resistance may be at 5729 and the crucial resistance for the Nifty may at 5752. The support for the Nifty may at 5592 and key support for the Nifty may be at 5565-71. Bank Nifty is expected to trade in the range 11230-11410. Above the given range 11460 and 11555 may act as a resistance while 11130 may act as strong support level for Bank Nifty”.
BONANZA ONLINE: “Companies First quarter FY12 result session has begun and Nifty’s movement to large extent will depend upon these results. Nifty have resistance in 5750-5800 zone and Support in 5650-5550 zone. Nifty may trade in 5800-5500 range for some days. For trading during the coming sessions, trend deciding level is 5650. If Nifty shows strength above 5650 levels then we may see rally 5750/5800/5925 levels. If Nifty doesn’t sustain above 5650 levels then profit booking till 5600/5550/5500/5450 may also be seen”.
| Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
| For Monday | Buy | 5650-5630 | 5685-5710 | 5610 |
| For the Week | Buy | 5600-5640 | 5740-5785 | 5570 |
BONANZA PORTFOLIO (Shanu Goel): “Nifty has a strong resistance at 5,750-5,760 levels. Result season has started and market sentiments are likely to be affected by the corporate results outcome. On the downside, Nifty has support around 5,550 levels”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat note to positive note on Monday. Trade long in Nifty above 5,650 levels or else from 5,630 levels, targeting 5,700-5,720 levels, with stop loss placed at 5,600”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Markets have put up a strong performance this week, spurred by positive flows towards equity and emerging markets. Monsoon has been okay except for one or two pockets. Domestically, food inflation has started coming down and with fiscal measures supplementing inflation check, there is a possibility of a pause in the RBI monetary tightening spree. Real estate stocks rallied on stronger physical market prices. Internationally, the Greece crisis has been averted which was followed by good employment data from the US, leading to healthy equities world over. Crude has again gone past the pre-IEA release levels (release of 60mn barrels last week), which is bad news for a net commodity importer country like India. Oil and its derivatives are doing the maximum damage on the overall inflation, trade and fiscal deficit, which is negative from the medium term. Therefore on an overall basis, there are no near term triggers that can make the market rally substantially from here and at the same time investors are aware of the big consumer market and the multi decade opportunity, thus keeping the meaningful sell-offs under check. The earning season has started on a healthy note. We do not expect market to do much from here except for the stock specific movements based on earnings and their expectations. We continue to remain positive in the consumption and healthcare space in the short to medium term and recommend adding on every decline. Technically, market is likely to find support at 5606 & 5535 levels and would face resistance at 5700 & 5760 levels”.
ICICI SECURITIES: “The Nifty has immediate support at 5,650. Trade long only if it holds 5,650, else selling pressure can be seen in the index up to 5,600/5,580 levels”.
PINC RESEARCH: “Nifty’s strong up-move in the last few days has vindicated our bullish stance that we had strongly advocated earlier from around 5,300-5,400 levels. The medium term oscillators which are exhibiting positive crossover also support the positive undertone of the Nifty in the coming weeks. A higher high compared to previous week’s price is another supporting reason for a continuing up-move. Going forward, the Nifty should target the area of the 6,050-6,075 which is the upper area of the trend channel”.
IIFL (Amar Ambani): “Global investors are a bit edgy before the release of the US monthly jobs data later today. A good reading on the US jobs market will help extend the current advance. For the Indian markets, corporate earnings will hog the limelight in the coming days apart from FII flows, policy action, macro-economic statistics and overseas cues”.
MICROSEC SECURITIES: “Last week Nifty traded in the band of 5600 and 5745. A breach of 5745 would indicate a bullish break out of 200 DMA and in that case it may go up to the level of 5900 in the extreme short term. However, if Nifty breaches 5600, it may go down further and take support near 5470 in the short term. For the coming week, first support of Nifty lies at 5600 and the resistance is 5745. If Nifty breaks 5600, it may further go down to 5520 and then 5470. However, if Nifty is able to sustain above 5745, the level of 5820-5900 would become the next target”.
INDIRA SECURITIES: “The markets made substantial gains during the week and broader markets complemented the upward movement of benchmark indices. All major sectoral indices closed positive, with realty being the top performer. This week Nifty likely to trade in the range between 5700-5800 in the upper side and 5600-5500 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “As anticipated and mentioned, markets witnessed a 'Profit taking' on Friday after strong rally of 104 points on Thursday. NIFTY posted 'gain' of 33 points (or 0.59% rise), over the week. OI in INDEX FUTURES, in value terms went up by 10.41% to ` 15,018.31 crores over the week (Spot NIFTY during the week witnessed a 'rise' of about 0.59%). This indicates of Fresh 'Build-up' of 'Long' positions on INDEX FUTUREs. Significant addition in CALLs OI (of about 44%) at higher strikes suggests huge 'callwriting' activity, limiting the upside. Rise in 'Volatility' (VIX) is an indication of further downside for markets. Overall F&O data suggests further slippage of Indices in the near term, while absence of 'Positive' triggers may also cause drifting of markets. In view of this market, in the coming week is more likely to show 'volatility' with stock-specific actions. OPTION Distribution data is suggestive of strong Resistance around 5750-5800 levels of NIFTY”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded positive and registered a high at 7540 and reacted. Technically the market is still up but I get a strange feeling that one more down day would spoil the technical structure of the market. The support for the Nifty is at 5600 and resistance at 5792. The crucial support on the Sensex on the downside is 18680 and resistance at 19240”.
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