The BSE Sensex was down 151.49 points or 0.81% to 18,502.38, its lowest closing level since 12 July 2011. The index fell 179.97 points at the day's low of 18,473.90 in mid-afternoon trade. The Sensex jumped 111.73 points at the day's high of 18,765.60 in early trade, its highest level since 15 July 2011. The S&P CNX Nifty was down 46.50 points or 0.83% to 5,567.05, its lowest closing level since 18 July 2011. The Nifty hit a low of 5,555.10 in intraday trade. The Nifty hit a high of 5,645.40 in intraday trade, its highest level since 14 July 2011. The BSE Mid-Cap index fell 0.88% and underperformed the Sensex. The BSE Small-Cap index shed 0.36% and outperformed the Sensex.
The market breadth was negative. On BSE, 1,710 shares declined and 1,197 shares advanced and a total of 119 shares remained unchanged. The breadth was strong in early trade. Among the 30-member Sensex pack, 26 stocks fell while the rest of them rose.
FIIs were net sellers with the tune of ` 90.44 crore on Wednesday, the 20h July 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty witnessed a weak show and after a sharp upmove of last session, settled on weak note after breaching crucial supports of 5610 & 5600. Nifty witnessed big gyrations in negative side owing to which it failed to save its vital lower support of 9 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 5506 & 5574, but still closed below the vital 9 & 14 day’s SMA levels placed at 5590 & 5613 respectively. These levels may act as new ranges in the coming sessions. In today’s session, VIX closed at a little higher level of 19.11%, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 50.50 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 we had mentioned that the Nifty is struggling to cross the level of 5,582 where 200DEMA stands one day up and other day down below that level. The Nifty traded in between 5,645-5,555 and it had tried to touch the upper band of our recommended price that was 5,655 and settled at 5,567. Next session’s range for the Nifty may be at in between 5,526-5,608 and the support for the Nifty may be at 5,495-5,501 and the key support for the Nifty may stand at 5,440 if it breaks the level of 5,526 and the resistance if it crosses the level of 5,608 the resistance may occur at 5,655 and the crucial resistance will be at 5,693-5,710”.
BONANZA ONLINE: “Nifty made piercing candlestick pattern on daily charts from resistance near 5650 levels, which shows that bears are having control at their hands. Bulls also protected support at 5550 levels. Therefore, volatility is being seen in 5550-5650 range. Decisive price strength may be seen, if Nifty manages to sustain above 5650 or below 5550 levels. 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): “A sharp fall was witnessed below the support level of 5,600 in Nifty. Yesterday Nifty has somehow managed to close slightly above the crucial level of 5,600. However, the sentiments have again turned bearish after today’s closing below 5,600. Tomorrow, results of some heavyweights like Kotak Bank, and Sesa Goa are expected-which are 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 to positive note tomorrow. Trade long in Nifty above 5,550 levels else around 5,530 levels, with stoploss at 5,500 for targets of 5,580-5,600 levels. Alternatively, trade short if Nifty fails to cross 5,600 with stop loss placed at 5,610, targeting lower supports”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed below the middle Bollinger band of 5,584 and this level has become its immediate resistance above it has resistance at 5613 and 5650 while the support is there at 5,541 and 5,501 levels. A meeting of Euro zone leaders is scheduled tomorrow to finalize a bailout package for Greece to restrict the spread of the crisis and so expect markets to remain sideways”.
GEPL CAPITAL: “The earlier indication of weakness in Nifty will be seen if it trades below 5540 levels and the breakdown is placed only at 5500 levels on closing basis. Nifty needs to surpass the current double top level of 5660 to continue its uptrend. Nifty also requires to maintain its current weekly close of 5581 levels in order to maintain the upward momentum. The Intermediate trend will stay in downward direction till Nifty trades below 5800 mark”.
PINC RESEARCH: “The markets were back in the trading range, as the Nifty struggled at higher levels closer to 5650-5700. All the good work that the bulls did yesterday got completely reversed in today's trade. This behaviour of the Nifty to struggle at higher levels reaffirms our view of the importance of the resistance around 5650-5700. Hence, our previous view of the fulcrum of the medium term trend stands correct at around 5700 level. In the short-term however, the Nifty can remain sideways to subdued for the next few days. The short-term technical indicators are close to oversold levels signifying that downsides could remain minimal from here on. It will be interesting to watch how the developments unfold in the next few days”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The support for the Nifty is at 5532-5468 and resistance at 5640. The crucial support on the Sensex on the downside is 18437-18233 and resistance at 18813”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 18,581/5589 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,687–18,872/5,623-5,679 levels. However, if Nifty trades below 18,581/5,589 levels for the first half-an-hour of trade then it may correct up to 18,396–18,289/5,533-5,499 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty made piercing candlestick pattern on daily charts from resistance near 5,650 levels, which shows that bears are having control at their hands. Bulls also protected support at 5,550 levels. Therefore, volatility is being seen in 5,550-5,650 range. Decisive price strength may be seen, if Nifty manages to sustain above 5,650 or below 5,550 levels. For daily purpose, trend deciding level is at 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”.
ANGEL BROKING (Technical): “Markets opened higher but in spite of positive global cues, failed to sustain at higher levels and lost early gains due selling pressure in the second half. The trading range for the indices is 18766-18470/5645-5550 levels. Today's high of 18766/5645 may act as a resistance for coming trading session. On the downside, if 18470/5550 level is breached then selling pressure is likely to intensify and indices then may test 18326/5496 level”.
EDELWEISS FINANCIAL ADVISORS (DERIVATIVE): “On the lower side Nifty is likely to face strong support in the vicinity of 5500-5540 level, the level (5500) which consists of the highest OI (i.e. 108.01 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 5600-5640 level, the level (5700) which consists of the second highest OI (i.e 98.79 lacs shares) among the Nifty Call Options”.
SWASTIKA INVESTMART: “On daily charts, we can observe that Nifty was unable to hold above 5,600 marks and it breached its support level of 5,570 in the last trading session making a close below it. For the coming trading session, Nifty will find its immediate support at 5,540; if it breaks this support then it may trail down towards 5,500-5,475. On higher side, it can face immediate resistance at 5,605 while 5,660 is still acting as major resistance for it”.
HEM SECURITIES: “India’s benchmark stock index fell the most in Asia today amid concern rising inflation and interest rates will dent corporate earnings. For tomorrow markets are expected to be sideways”.
HDFC SECURITIES: “Today, the Indian Market could open marginally in the red following negative global cues. However, it could make an attempt to inch up later during the day. Nifty has a strong support at 5540, while stiff resistance is at 5650. Among the indices, FMCG & Realty look good, while Power, Capital Goods & Auto look weak and could underperform”.
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