Nifty closed at 5,072.85, down by 45.65 points or 0.89 percent over the previous day closing of 5,118.50, after witnessing a low of 4,946.45 and a high of 5,167.00. Sensex closed at 16,857.91, down by 132.27 points or 0.78 percent over the previous day closing of 16,990.18. It touched an intraday low of 16,432.00 and high of 17,135.04.
The markets’ breadth was negative. Out of 2,969 stocks traded, 829 stocks advanced, 2,036 stocks declined and 104 stocks remained unchanged. In Sensex, 12 stocks advanced and 18 stocks declined.
FIIs were net sellers with the tune of ` 2104.56 crore whereas DII were net buyers of ` 1412.96 crore on Tuesday, the 9th August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green after the big fall witnessed over last 2 days. The underlying trend for the day remains bullish. Among the sectoral indices, Auto and Banking stocks could outperform while Metals look weak”.
CANARA BANK SECURITIES (CanMoney): “Technically, lower highs and higher lows pattern continued in today’s trade and as per ongoing bearish trend, Nifty exhibited yet another weak show. As a characteristic of bearish trend, despite recovery, indices failed to hold the gains and closed in red. Despite low RSI, heavy selling with good volumes took Nifty hard and it drifted into red zone. In today’s trade, Nifty lost its vital supports of 5100 and closed below this. Today’s weak candle further supported the hypothesis of elongation of bearishness in our market. On account of weakness, Nifty for the tenth successive session closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5342, 5433, 5501 & 5568 levels; this may continue to spoil the recovery sentiments in forthcoming sessions. On account of weakness in small cap & mid cap, today Bears completely knocked down the bulls, because of which, Indices closed with extensively weak market breadth. This may hamper any recovery sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed at all time high level of 34.88%, indicating more volatility in market in the forthcoming sessions. RSI (14) for the session was at 24.16 levels and MACD remained below the signal line, thus combined together they are giving the signals that; market may witness some temporary relief but to discontinue its weak trend it has to decisively overcome the resistance of 5450”.
BONANZA ONLINE: “Nifty showed selling pressure for 7th consecutive day and closed in red below 5100 levels. Despite Nifty is trading in oversold zone still it not showing sign of recovery. However, traders should be cautious. Global indices shall play deciding factor for further trend. For daily purpose, Trend deciding level is 5100. If Nifty shows strength above 5100 levels, then rally to 5150/5200/5250 levels may be seen. If Nifty does not show strength above 5100 levels then selling pressure till 5050/5000/4950/4900 may also be seen”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to negative note tomorrow. Trade short in Nifty below 5050 levels, with stop loss at 5080, targeting 5000 levels. Alternatively, trade long of Nifty manages to hold above 5080 level, with stop loss placed at 5050, targeting 5130-5150 levels”.
GEPL CAPITAL: “Nifty closed at an important level and is now trading above 5000 level. In the immediate term if Nifty sustains above 5000 level then there may be an upside till 5235, however if there is a breach of 5000 then there is a possibility that it may come down to 4950 yet again. The most likely move would be on the opening bell itself, whether on the upside or down, In case Nifty manages to open higher, then 5235 and beyond that 5324 are resistance levels for next few days, one may exit from pending stuck up long positions in that range rather than add fresh long positions. On the other hand if we witness a correction back to 4950 odd levels then one may buy with a short term perspective for a possible upside till 5200 at least".
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically nothing changes and I would say we could see some back as 5000 seems to be a psychological support. The support for the Nifty is at 5000-4778 and resistance at 5250-5340. The crucial support on the Sensex on the downside is 16620-15986 and resistance at 17500-17737”.
ANGEL BROKING (Technical): “On the Daily chart, we are witnessing a candlesticks pattern which resembles a “Spinning Top”. This pattern needs a confirmation. Due to negative sentiments across global markets in yesterday’s session, our benchmark indices drifted towards the immediate support level of 16750/5050 and then bounced sharply towards 17250/5200 level. In-spite of strong intraday bounce, indices could not sustain at higher levels and closed marginally above the initial opening level. Looking at the global cues it can be said that Indices would open gap down and the low of the “Spinning Top” might not hold. On the downside, 16180/4850 level may provide support in coming session. Any violation of this level, would lead to further selling pressure and indices may drift towards the next support at 15725/4692 level. On the upside, 16750/5050 can now be considered as immediate resistance”.
MICROSEC SECURITIES: “Nifty has given very volatile movement yesterday. Now the short term crucial support of Nifty lies at 4940. If Nifty breaches 4940, the downward movement would be continuing and Nifty may test the level of 4720 in the extreme short term. However some leading indicators (like Stochastic & RSI) are giving oversold signal of Nifty. So some pull back rally to 5330 can not be ruled out. On an intra-day basis Nifty has a support at 5035 and is likely to face a stiff resistance near 5110. If Nifty breaks 5035, it may further go down to 4990 and then 4940. However, if it is able to sustain above 5110, the level of 5150–5180 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,808/5,062 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,185–17,511/5,178–5,283 levels. However, if Nifty trades below 16,808/5,062 levels for the first half-an-hour of trade then it may correct up to 16,482–16,105/4,957–4,842 levels”.
INDIRATRADE SECURITIES: “It was a volatile session for the markets on Tuesday with both benchmark indices recovering significantly after a gap down opening. The markets rallied with Asian markets and were trading with moderate gains when negative opening of European markets doused the sentiments and made the indices tumble. But in the last one hour they recovered and closed with about 0.75% losses. IT, metal and healthcare were the biggest losers of trade while auto and FMCG made substantial gains. For today’s trade market likely to trade in the range between 5130 & 5210 in the upper side and 5040 & 5010 in the lower side”.
EDELWEISS FINANCIAL ADVISORS: “On the hourly chart, oscillators are in oversold region as well as Nifty had formed Higher Bottom. Going forward in the intraday, Nifty has resistance in the range of 5150‐5185, where 5150 is the lower band of the Bollinger and 5185 is the resistance of the falling Trendline which is there on the hourly chart. Thus if Nifty starts trading above the mentioned resistance range, then we can witness some bounce back in the markets. However, we still believe that the near term trend is still bearish as depicted by Nifty closing below the lower band of the Bollinger placed on weekly chart. Besides this, Nifty continue to form Lower top and Lower bottom on the daily chart and trading below the short term averages. In the Near term, we still maintain our second downside target of 4923 and bounce back should be used as an exit opportunity from the long positions”.
HEM SECURITIES: “Stocks once again cut losses in late trade as bargain hunting emerged after a recent sharp sell-off in share prices. The 50-unit S&P CNX Nifty regained the psychological 5,000 level after falling below that mark for the first in more than 14 months at the onset of the trading session. For tomorrow, markets are expected to be sideways”.
NIRMAL BANG SECURITIES: “The market saw huge swings from the lows of the day on huge short covering after a massive sell-off seen from the high of 18440 to hit an intra-day low of 16432, almost a 2008 point correction in seven trading sessions. Technically the trend was extremely oversold and a bounce back was imminent. The intermediate trend still looks very bearish and any pullback should be used to cut positions or go short. On the higher side nifty future will face resistance at 5240-5270 levels and stability above this point might extend the rally up to 5330–5370 levels in the near term. Lower side support seen at 5018 and trade below could again weaken the trend. or Sensex @ 16857, strong support exits at 16440 and only break of this point could again trigger for a big fall, till then any dip is a buying opportunity. Resistance seen at 17300 levels and only stability above this level could further extend the rally”.
SWASTIKA INVESTMART: “On Daily charts, we can observe that the momentum indicator RSI is still in the oversold region. For the coming session, 5055 is the immediate support for Nifty and if this is broken on closing basis, next support is seen at 5010/4975. On higher levels, 5115 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5155/5200”.
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