Nifty closed at 5,056.60, up by 20.80 points or 0.41percent over the previous day closing of 5,035.80, after witnessing a low of 5,017.25 and a high of 5,112.15. Sensex closed at 16,840.80, up by 109.86 points or 0.66 percent over the previous day closing of 16,730.94. It touched an intraday low of 16,708.98 and high of 17,000.38.
The markets’ breadth was negative. Out of 2,948 stocks traded, 890 stocks advanced, 1,954 stocks declined and 104 stocks remained unchanged. In Sensex, 20 stocks advanced and 10 stocks declined.
FIIs were net sellers with the tune of ` 407.68 crore whereas DII were net buyers of ` 169.42 crore on Wednesday, the 17th August 2011(prov. fig.)
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VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open lower following weak Asian cues and remain rangebound in the initial part of the day. Among the sectoral indices, Capital Goods, IT and FMCG could outperform while Auto and Banking stocks look weak”.
CANARA BANK SECURITIES (CanMoney): “Technically, today market witnessed volatile and a see-saw movement. Today Nifty closed positive after a series of consecutive negative closing. However, today’s up move was limited and selling in heavyweights forced Nifty to close below a vital resistance level of 5,065. Nifty for the thirteenth successive session closed below the vital support levels of 9, 14, 50 and 100 day’s SMA placed at 5,133, 5,253, 5,455 and 5,551 levels; for any positive movement Nifty has to break and sustain above these levels. Though mainline indices closed positive bears dominated and weakness observed in small cap & mid cap and Indices closed with negative market breadth. This may support selling sentiments in coming sessions. In today’s session, VIX, the barometer of uncertainty, closed after correcting to 25.48 indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 29.50 levels and MACD remained below the signal line, thus combined together they are giving the signals that market may witness some range bound movement with negative bias in coming days”.
BONANZA ONLINE: “Nifty showed volatile session and closed in green. Nifty is trading in 4950-5250 range for 8 days. Until Nifty manages to breakdown below this range, volatility may be seen. Sentiment may remain weak. For daily purpose, Trend deciding level is 5050. If Nifty shows strength above 5050 levels, then rally to 5130/5170/5225 may be seen. If Nifty does not show strength above 5050 levels then selling pressure till 5000/4950/4900/4850 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 5,050, with stop loss at 5,030, targeting 5,080-5,100 levels. Alternatively, trade short if Nifty fails to breach past 5,100, with stop loss at 5,120, else short below 5,030 levels targeting lower supports”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty is now non-trending and so positional calls should be taken only for a short to medium term perspective. The kind of selling that we are seeing in mid-cap and small-cap stocks is an early indication of more weakness in coming days. Major support for Nifty is at 5,000 below it can fall towards 4946 levels and the resistance still remains at 5,200 levels”.
GEPL CAPITAL: “Nifty continues to appear weak and trades in bear territory. There is a possibility that it may retest the level of 4946 and even drift lower over the next few sessions. On the down side the range of 4890 to 4860 is a strong support for Nifty where there may be some sustained efforts for an up move. On the higher side the level of 5130 appears to be a stiff resistance for the immediate term. Till the time it trades below 5130 it continues to appear weak”.
ANGEL BROKING (Technical): “On daily chart of Sensex we are observing a Japanese candlestick pattern which resembles a “Bullish Harami”. This pattern requires confirmation. However, no such formation is seen on daily chart of Nifty. The candlestick pattern formation
on daily chart of Sensex suggest that a minor pullback is on the cards but requires a confirmation in the form of a closing above the high i.e. 17000/5112 level. If yesterday’s high of 17000/5112 is crossed indices are likely to test 17050-17250/5135-5195 levels. On the other hand if indices breach 16708/5017 then are likely to test 16430/4945 level”.
IIFL (Amar Ambani): “Lingering worries over the worsening external environment, particularly in the US and the eurozone continue to haunt global investors. Back home, inflation showed signs of cooling off in July, but a rate hike is still likely on Sept 16. The fact that CMIE has scaled down the FY12 GDP growth forecast is a cause for concern as well. Monsoon has not been as good as last year. All in all, the markets are facing some headwinds, both locally as well as overseas”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,850/5,062 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,991–17,141/5,107–5,157 levels. However, if Nifty trades below 16,850/5,062 levels for the first half-an-hour of trade then it may correct up to 16,700–16,559/5,012–4,967 levels”.
BONANZA PORTFOLIOS (Puneet Kinra): “Nifty showed volatile session and closed in green. Nifty is trading in 4,950-5,250 range for 8 days. Until Nifty manages to breakdown below this range, volatility may be seen. Sentiment may remain weak. For daily purpose, trend deciding level is 5,050. If Nifty shows strength above 5,050 levels, then rally to 5,130/5,170/5,225 may be seen. If Nifty does not show strength above 5,050 levels then selling pressure till 5,000/4,950/4,900/4,850 may also be seen”.
JRG EQUITY RESEARCH (IndiTrade): “We expect, Intra-day positive momentum once the trade stabilizes above 5085 wherein which, it will try to Target 5130 mark. However, during the day if market loses its Critical Support, it will enhance the hold of Bears who might push the Benchmark towards the next Support at 4980. The Major Support range for today is seen at 4960”.
INDIRATRADE SECURITIES: “Expect another volatile market today. Nifty spot if manages to trade and sustain above 5070 then some recovery can be seen in the market and it could touch 5120/5160 levels, if Nifty spot breaks and trade below 5025 then it could touch 5000/4970 levels”.
NIRMAL BANG SECURITIES: “Nifty continues to consolidate with tremendous selling pressure seen among broader indices. Technically the trend still remains vulnerable and this trend could again get worse only if nifty future breaks and trades below 5000. Avoid buying below these levels. On the higher side nifty future faces strong resistance around 5130 levels and big move expected only if nifty closes and sustains above 5130”.
SWASTIKA INVESTMART: “On daily charts, we can observe that the momentum indicator RSI is flat. For the coming session, 5,015 is the immediate support for Nifty and if this is broken on closing basis, next support is seen at 4,950-4,900. On higher levels, 5,115 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5,155-5,200. Traders are advised to trade with strict stop-loss and in small quantities”.
HEM SECURITIES: “Key benchmark indices edged higher amid high intraday volatility as bargain hunting emerged after recent steep losses. Index heavyweights Reliance Industries (RIL) and ICICI Bank hit 52-week lows. Auto major Tata Motors also hit 52-week low. Reliance Communications hit a lifetime low. The market breadth, indicating the overall health of the market, was weak. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “5,200-5,330 will act as a resistance for coming days and Nifty can claw back to new lows after taking a resistance. Nifty is consistently making new swing lows and lower swing tops suggesting a bearish pattern. Nifty has closed below 5,116 on closing basis which is a sign of bear markets to be continued in the future”.
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