The BSE Sensex was up 200.03 points or 1.24% to 16,341.70. The Sensex lost 95.19 points at the day's low of 16,046.48 in early afternoon trade. The index jumped 228.79 points at the day's high of 16,370.46 in late trade, its highest level since 18 August 2011. The S&P CNX Nifty was up 53.15 points or 1.23% to 4,898.80. The Nifty hit a high of 4,910.05, its highest level since 18 August 2011.
The market breadth was strong. On BSE, 1,831 shares rose and 1,038 shares declined and a total of 96 shares remained unchanged. The breadth had turned negative for a brief period in afternoon trade. Among the 30-share Sensex pack, 24 gained while only six of them declined.
FIIs were net sellers with the tune of ` 786.32 crore whereas DII were net buyers of ` 143.34 crore on Monday, the 22nd August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after a weak session of Friday, today indices mustered some buying support and closed on positive note. Nifty closed below vital support of 4900 after regaining it, which may be a hindering factor for bulls. In a range bound session, today’s upmove was important and may create a pitch for a limited recovery in our market. Despite a serious recovery attempt, Nifty closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5025, 5124, 5418 & 5527 levels; this may continue to spoil the recovery sentiments in forthcoming sessions. On account of good buying support in large cap, small cap & mid cap, today Bulls again snatched the control from bears, because of which, Indices closed with firm market breadth. This may support buying sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed after correcting to 27.08, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 27.31 levels and MACD remained below the signal line, thus combined together they are giving the signals that; market may witness some temporary relief”.
BONANZA PORTFOLIO (Shanu Goel): “Smart recovery was witnessed today in Nifty. After a fall of almost 900 points from the high of 5,700, in a short span of 1 month, a technical recovery was on the cards. However the sentiments still remain bearish and any fresh long position in interest rate sensitive should be avoided. Domestic issues of high inflation, lack of corporate governance and loss in confidence for Govt. due to Anna Hazare’s campaign continues to plaque the stock market. Market is likely to consolidate in the range of 4,780-5,000”.
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 above 4,900 levels, with stop loss at 4,880, targeting 4,950-4,980 levels. Alternatively, trade short in Nifty below 4,880, with stoploss at 4,900, targeting 4,850-4,820 levels”.
GEPL CAPITAL: “We had indicated the level of 4800 as an important support. Nifty managed to bounce back from this important level today. However in the immediate term the level of 4935 is an important resistance to watch out for. If Nifty manages to clear this resistance then it may edge higher to 5018. However the odds are high that if it continues to trade below 4935 then we may see yet another round of selling pressure which may take the Nifty down to 4800 and below that 4770 to 4730 range is a possibility”.
PINC RESEARCH: “Nifty attempted to fill the gap that was created as a result of a gap down on Friday. This zone of gap between 4890-4920 should be the initial area of resistance on the upside on any pullback. While the short term trend firmly remains down, there are certain parameters, which favour an impending bounce back. 1) Short term and Medium term oscillators are firmly entrenched in the oversold zone. 2) Convergence of medium term supports at 4800 level. The possibility of a pull back is a high till 5050 or may be more on the back of these two reasons. Hence, under the current market conditions while one should be keeping an eye for a bounce back, a continuation of the declines below 4800 cannot be ruled out as well”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected and what we got was a short covering bounce now market should see some up move to around 5050 in the next few days. The support for the Nifty is at 4778 and resistance at 4950-5020-5050. The crucial support on the Sensex on the downside is 15986-15762 and resistance at 16469-16617-16812”.
IIFL (Amar Ambani): “Volatility is likely to remain elevated for a while amid fragile global economic conditions. The global mayhem has dampened the sentiment even as worries have grown about moderation in the domestic economy. India’s Q1 GDP report will be out on August 31. But before that we will have to contend with the F&O expiry. Only a sustained recovery in the overseas markets can lift the pall of gloom. For the time being, one should adopt a measured approach. Valuations have come off in many leading counters; so it is worthwhile to make some quality purchases”.
MICROSEC SECURITIES: “After making a high of 5702.95 on 26th July, 2011, Nifty has given a correction of almost 15.9% in a time span of just one month. Now the short term crucial support of Nifty lies at 4790. If Nifty breaches 4790, it may further go down to 4650 in the extreme short term. However, Nifty has made a gap between 5330 and 5229. So a short term pull back rally can not be ruled out in the short term. On an intra-day basis Nifty has a support at 4860 and is likely to face a stiff resistance near 4945. If Nifty breaks 4860, it may further go down to 4830 and then 4790. However, if it is able to sustain above 4945, the level of 4980–5020 would become the next target”.
SWASTIKA INVESTMART: “On Daily charts, we can observe that the momentum indicator RSI has started moving northwards from the Oversold Region. For the coming session, 4870 is the immediate support for Nifty and if this is broken, next support is seen at 4840/4800. On higher levels, 4930 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 4960/5000”.
HEM SECURITIES: “Gains in European shares and higher US index futures aided a recovery in battered Indian shares today, 22 August 2011. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Nifty has strong supports around 4,720 and immediate resistance stands at 4,960-5,110 levels”.
BONANZA ONLINE: “Nifty showed some strength and closed in green. Nifty has support in 4800-4700 zone and resistance in 5000-5100 zone and Nifty may trade in 4700-5100 zones for next few days. For daily purpose, Trend deciding level is 4900. If Nifty shows strength above 4900 levels, then rally to 4950/5000/5050/5100 may be seen. If Nifty does not show strength above 4900 levels then selling pressure till 4860/4800/4750 may also be seen”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,253/4,873 levels. If nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,459–16,577/ 4,936–4,974 levels. However, if nifty trades below 16,253/4,873 levels for the first half-an-hour of trade then it may correct up to 16,135–15,929/4,835–4,771 levels”.
INDIRATRADE SECURITIES: “Monday market closed a choppy day of trade on a strong note after a smart pullback in the second half of the session on the back of short covering. Some select stocks closed with broad gains, reversing the losses of Friday. The broader markets too showed strength. For today’s trade market likely to trade in the range between 4940 & 4990 in the upper side and 4870 & 4840 in the lower side”.
ANGEL BROKING (Technical): “...'A Bullish Hammer' pattern is confirmed after crossing Friday’s high of 16288/4894. Going forward, if indices manage to cross 16433/4932 level in the coming session then they are likely to rally towards 16450–16750/4950–5050 levels. On the downside, Friday’s low of 15987/4796 would remain to act as a strong support in coming trading session. A violation of Friday’s low of 15987/4796 would signal a fall to lower levels of 15650–15330/4675–4540”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a flat to positive note and inch up during the day. Support for Nifty is at 4,786-4,850 while resistance is at 4,950. Among the sectoral indices, Banking and PSU stocks could outperform”.
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