Nifty closed at 5,526.15, down by 89.95 points or 1.60 percent over the previous day closing of 5,616.10, after witnessing a low of 5,496.95 and a high of 5,580.25. Sensex closed at 18,411.62, down by 309.77 points or 1.65 percent over the previous day closing of 18,721.39. It touched an intraday low of 18,326.42 and high of 18,589.19.
The markets’ breadth was negative. Out of 2,931 stocks traded, 946 stocks advanced, 1,848 stocks declined and 137 stocks remained unchanged. In Sensex, 2 stocks advanced and 28 stocks declined.
FIIs were net sellers with the tune of ` 969.44 crore on Monday, the 11h July 2011(prov. fig.) after 13th straight session.
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a corrective movement, wherein, selling was supported with volumes at all levels. After breaching the vital support of 5650 in last session, in today’s session, Nifty breached vital support of 5600, thus depicting serious concerns. Despite the massive slide, first month future of Nifty closed at premium w.r.t. spot that may support a recovery, if any. Bears determinedly controlled the market and indices closed with negative market breadth with illustrious margins. This may support the selling sentiments in coming sessions. Nifty breached the vital support of 9, 14 & 100 day’s SMA placed at 5635, 5584 & 5586 but managed to close above the resistances of 50 day’s SMA placed at 5500. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a higher level of 20.83%, indicating average volatility in market in the forthcoming sessions. RSI (14) for the session was at 48.23 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: “In the next session, Nifty is expected to trade in the range 5495-5570. If sustained below this range, 5450 may act as a strong support level while 5434 may be the key support level for the session. If moved above the given range, 5601-5608 may act as strong resistance level while 5650 may be the key resistance level for the session. Bank NIFTY is expected to trade in the range 10910-11190. Above the given range 11240 and 11310 may act as strong resistance while 10780 may act as strong support level for Bank Nifty”.
BONANZA ONLINE: “Nifty showed selling pressure for 3rd continuous day and closed in red. Weak Global clues and weaker INFY results were main reasons for market to show selling pressure. Selling pressure may be continuing if Nifty starts trading below 5500 levels. On the other hand, If Nifty shows respect for 5500 levels then some recovery may also be seen. For daily purpose, Trend deciding level is 5500-5530 .If Nifty shows strength above 5530 levels, then rally to 5575/5600/5650 levels may be seen. If Nifty does not show strength above 5500 levels then selling pressure till 5450/5400/5350 may also be seen”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long if Nifty holds 5,500 levels, with stoploss placed at 5,490, targeting 5,530-5,550 levels. Alternatively, trade short below 5,490, targeting lower supports”.
PINC RESEARCH: “The bears filled the lacunae of the down move that was lacking in yesterday’s trade, volume and momentum. By doing so, they have snatched the advantage that was at the behest of the bulls in the short term. The closing also has happened below our mentioned support level of 5550-5580. A closer look at the daily chart suggests that the Nifty has retraced from the red trend line, which has been acting as a resistance for quite some time. Our medium term upside targets of 6050-6075 now only open up once this red trend line gets decisively breached. 5700 is the value above which Nifty should advance towards 6050-6075. The medium term oscillator is also above its buy trigger line which should support the Nifty in the case of an upside breakout. At this juncture, we prefer to wait on the sidelines and allow the severe volatility to pass”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected. It opened gap down and continued its journey down to close negative. Technically the market is still weak and if reactions come then they ought to be sold. The support for the Nifty is at 5468-5404 and resistance at 5580. The crucial support on the Sensex on the downside is 18223-18009 and resistance at 18590”.
MICROSEC SECURITIES: “Yesterday the bears were dominated the entire market. Now Nifty is expected to get a strong support near 5440. If Nifty breaches 5440, it may further go down and take support near 5300. However the short term crucial resistance of Nifty lies at 5745. A breach of 5745 would open the gate for 5900. Traders are advised to maintain a stop loss at 5440 of the long positions. On an intra-day basis Nifty has a support at 5500 and is likely to face a stiff resistance near 5565. If Nifty breaks 5500, it may further go down to 5470 and then 5440. However, if it is able to sustain above 5565, the level of 5610–5650 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,442/5,534 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,558–18,705/5,572-5,618 levels. However, if Nifty trades below 18,442/5,534 levels for the first half-an-hour of trade then it may correct up to 18,296–18,180/5,489-5451 levels”.
EDELWEISS FINANCIAL ADVISORS: “We had clearly mentioned in our last weekly technical as well as subsequent daily reports that Nifty is likely to test 5500 if 5610 is breached on the downside. Yesterday, the benchmark plunged all the way to 5497, vindicating our view. We had Earlier expressed our view that the uncomforting part about the 5196-5740 rally was that it was too steep and without any in between correction. Therefore, we welcome last 3 days' correction. However, this correction should not extend itself beyond 5404, which is the 61.8% retracement level of the 5196-5740 up-move. It that happen, the credibility of whole up move will come under question mark and Nifty could retest 5196. Therefore, those who want to bottom fish should do so with the strict stop loss of 5404 on closing basis. Having said that, let me also point out that the hourly chart suggests that weakness still persists and there are fairly good chances of yesterday's low, 5497, getting breached”.
NIRMAL BANG SECURITIES: “The short term trend for Nifty has turned negative after it closed below its 45-day EMA of 5550 and long term 200-day EMA of 5590 on the closing basis. Going forward the next important support is seen at 5402 which is the trend-line joining from the lows of 11 Feb (5175) to 25 May low of (5328). This current uptrend could damage only if nifty starts trading below 5400 levels, till then there is a possibility that nifty could bounce back after shedding 258 points in three trading sessions. For a positive move to trigger nifty future has to trade above 5565 levels. For the Sensex strong support exits at 18060 levels and resistance seen at 18565 levels and rally could be seen only above 18600 levels. Bank Nifty still holding its long term 200-day EMA of 10980 which is a Positive sign. If breaks then final next important support exits at 10870 and only break of this point could bring fresh sell-off in the entire banking pack, till then buying into selective bank stocks is sensible”.
SWASTIKA INVESTMART: “On daily charts, we can see that Nifty is moving downwards breaking the support zone of 5605. The momentum oscillator MACD has given a negative crossover and RSI is southbound indicating further bearishness. For the coming session, Resistance for Nifty is seen at 5570-5605 levels whereas support for the day is seen at 5490-5450”.
HDFC SECURITIES: “After a sharp correction yesterday, we expect the Indian markets to open higher on the back of positive Asian cues. However, it could witness selling pressure at higher levels later during the day. Immediate resistance for Nifty is at 5580, while the support is at 5,495. Among the sectoral indices, IT, Realty & Auto looks weak and could under-perform, while defensives like FMCG & Healthcare are expected to do well”.
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