Nifty closed at 4,839.60, down by 49.30 points or 1.01 percent over the previous day closing of 4,888.90, after witnessing a low of 4,825.05 and a high of 4,915.85. Sensex closed at 16,146.33, down by 138.65 points or 0.85 percent over the previous day closing of 16,284.98. It touched an intraday low of 16,104.34 and high of 16,373.84.
The markets’ breadth was negative. Out of 2,898 stocks traded, 1,138 stocks advanced, 1,638 stocks declined and 122 stocks remained unchanged. In Sensex, 11 stocks advanced and 19 stocks remained unchanged.
FIIs were net sellers with the tune of ` 1440.55 crore whereas DII were net buyers of ` 385.01 crore on Thursday, the 25th August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a flat to negative note. The underlying trend remains weak for the day. Among the sectoral indices, Auto stocks could underperform”.
KOTAK SECURITIES: “Market wide rollover is seen at 60% with pending positions in few mid-caps. We expect strong support at 4,750-4,800 levels led by a bounce back to 5,000/5,200 over the next month. Failure to sustain 4,750-4,800 could push the index down to 4,600-4,620 levels. Select buying is advised at current levels. In the BFSI space we like ICICI Bank, LIC Housing for the medium term. From the capital goods space outperformance by Larsen & Toubro is expected. Metals are expected to witness lackluster activity”.
CANARA BANK SECURITIES (CanMoney): “Technically, after a poor show of previous session, today indices again fell pray to the selling and lost its buying momentum of morning session. This compelled the indices not only to close on a weak note but also in giving up vital supports. This made Nifty to close below its vital supports of 4900 & 4860, which may be a discouraging factor for bulls. Today Nifty – near month future turned to trade at little premium w.r.t. spot, which is a point of respite for bulls. Technically, today’s down move confirmed the short term weakness in our market. In accordance to ongoing trend, Nifty closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 4948, 5017, 5383 & 5500 levels; this may continue to spoil the bulls’ sentiments in forthcoming sessions. Selling proclivity in large caps, small cap & mid cap forced Bulls to yield to bears, because of which, Indices closed with weak market breadth. This may support selling sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 27.65, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 29.4 levels and MACD remained below the signal line, thus combined together they are giving the signals that market may continue to witness downtrend with occasional relief”.
BONANZA PORTFOLIO (Shanu Goel): “The medium term trend continues to be bearish. Nifty is likely to be volatile in the range of 4,700-5,000”.
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 if it holds 4,800, for targets of 4,900-4,950 levels. Alternatively, trade short below 4,800, targeting lower supports at 4,700 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty closed below 4,850 and is having immediate support at 4,800 and below 4,786. Tomorrow being the first day of September F&O series, we may see some value buying but expect a sideways movement ahead of the Federal Reserve meeting”.
GEPL CAPITAL: “After the bounce back of last couple of sessions Nifty has remained under selling pressure since yesterday. It is now close to the swing low of 4796 which may likely be retested in a day or two and a breach of that level may bring in further downside till 4770 to 4730 range. However this range is an important support range for Nifty and if there are signs of stability witnessed near this range then we may see some upsides. We recommend a wait and watch approach at this juncture and recommend a strategy of avoiding fresh short positions. On the higher side the level of 4960 is an important resistance. As long as Nifty trades below that it would trade with a weak bias”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded weak as expected and has closed in the red. Technically the market is weak and has a stiff resistance around 4900 and can drift down to around 4800 zones. The support for the Nifty is at 4850-4800 and resistance at 4950-5020-5050”.
ANGEL BROKING (Technical): “We are witnessing an extreme oversold condition of the “RSI – Smoothened” oscillator. Going forward, yesterday’s high of 16374/4916 may act as resistance. A move beyond this level can take indices higher to test 16550-16660/4966–5000 levels. Moreover, we are witnessing that RSI – Smoothened oscillator is placed well in the extreme oversold zone which indicates a possibility of a bounce in coming trading sessions. On the downside, 16104–15987/4825–4796 levels may act as support in coming trading session. A violation of 15987/4796 can take indices to lower levels of 15650–15330/4675–4540”.
IIFL (Amar Ambani): “The undertone is still cautious amid persistent selling by the FIIs and fear of another rate hike next month. Q1 FY12 GDP data will be released next week. Already, spates of brokerages and private think tanks have scaled down the FY12 GDP growth projections. The Government too has lowered its FY12 GDP forecast to around 8%, from 9% earlier. Global markets are keen to hear out Federal Reserve chairman Ben S. Bernanke on Friday. Some expect him to announce a QE3, but whether Bernanke will oblige or not is a mystery for now. Meanwhile, gold has lost some of its shine in the past two sessions, with New York futures dropping over 5% overnight. Spot gold lost 3.8% overnight. CME has hiked margins on trading at its Comex unit for the second time this month”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,208/4,860 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,312–16,478/ 4,895–4,951 levels. However, if Nifty trades below 16,208/4,860 levels for the first half-an-hour of trade then it may correct up to 16,043–15,939/4,804–4,769 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed selling pressure for 2nd consecutive day and closed in red. Bears are having control at the moment and selling pressure may increase below 4800 levels else some recovery may be seen. Nifty may trade in 4700-5100 range for some days. For daily purpose, trend deciding level is 4,850. If Nifty shows strength above 4,850 levels, then rally to 4,900/4,950/5,000/5,050 may be seen. If Nifty does not show strength above 4,850 levels then selling pressure till 4,800/4,750/4,700 may also be seen”.
INDIRATRADE SECURITIES: “The markets lost moderately on Thursday and IT, metal and banking were the worst performers of trade. Nifty closed down more than 13% in the August series. For today’s trade market likely to trade in the range between 4870 & 4940 in the upper side and 4810 & 4770 in the lower side”.
NIRMAL BANG SECURITIES: “The overall intermediate short term trend remains nervous and cautious but key support is placed at (4780–4745–4725) levels. And unless these levels get broken on the closing basis we believe that any decline should be used as a buying opportunity from a trading perspective. Nifty future will start showing strength if sustains above 4870 in the near term for a target of 4930–4970. Bank Nifty @ 9169 structurally looks very weak but strong support is seen in the range of 9040–8830 levels where buying could emerge on the higher side”.
HEM SECURITIES: “Volatility continued in late trade as the key benchmark indices trimmed losses, soon after hitting fresh intraday lows. Intraday volatility was high traders rolled over positions in the derivatives segment from the near month August 2011 series to September 2011 series. The August 2011 derivatives contracts expired today, 25 August 2011. The market breadth was negative. Data shows sustained selling by foreign funds in the month, rising food inflation and easing monsoon rains weighed on sentiment. For tomorrow, markets are expected to be sideways".
INVENTURE GROWTH & SECURITIES: “Nifty futures saw its expiry at 4,839 which indeed is a weaker expiry compared to previous expiries. Nifty still continues to be in a down trend and most of the frontline stocks were seen losing ground every passing hour of trade. Nifty is now headed toward 4,780-4,720 support levels. On the upside 4,960 continues to be a resistance level”.
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