FIIs were net sellers with the tune of ` 1305.55 crore whereas DII were net buyers of ` 743.47 crore on Thursday, the 22nd September 2011(prov. fig.)
The BSE Sensex tanked 704 points or 4.13% to settle at 16,361.15 and the S&P CNX Nifty was down 209.60 points or 4.08% to settle at 4,923.65
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a sharply negative note following weak Global cues. Support on Nifty is at 4,875-4,825 while resistance is at 5,068”.
KOTAK SECURITIES (Sanjeev Zarbade): “The Fed in its statement said that significant risks remain in place for the global economy. The Fed also decided against a QE3. This spooked the US markets, which closed sharply lower yesterday. Given the negative global cues emerging from the US and Asian market, the Indian markets opened lower and continued losing ground. The sell-off was further exacerbated by the weak opening of the European markets. There was selling pressure witnessed across most sectors”.
CANARA BANK SECURITIES (CanMoney): “Technically, after yesterday’s candlestick pattern of Hanging man, in today’s session, Nifty witnessed a big fall and breached several of its vital supports. Bears were able to gain full control of the market and because of this, Nifty closed near day’s low. Today’s movement further confirmed the deteriorating strength of buyers. In today’s session, Nifty breached its vital supports of 5000 and 4960 besides losing the vital supports of 9 & 14 day’s SMA placed at 5032 and 5051. 50 &100 day’s SMA levels were recorded at 5207 & 5354 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Severe selling in small cap & mid cap boosted Bears to snatch control from bulls, because of which, Indices closed with deep negative market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 33.88, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 41.68 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation”.
BONANZA ONLINE: “Nifty showed weak session closing near 4900 level at 4923.65. Nifty has near term support at 4910 levels. If Nifty breaks below 4910 levels then selling pressure may be seen. Nifty may face resistance near 5000 levels on recoveries. For Daily Purpose, Trend deciding level is 4950. If Nifty shows strength above 4950 levels, then rally to 5000/5050/5080 may be seen. If Nifty does not show strength above 4950 levels then selling pressure till 4860/4790 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 4,970 levels, with stoploss placed at 5,000 for the targets of 4,920 and 4,900 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today closed near to the crucial support of 4911 and is looking weak. Minor recovery may be seen in the markets in the initial session but overall trend still remains weak and bounce back can be used to sell. Below 4911-4900 Nifty may fall towards 4800 and more while 5000 will remain the major hurdle for Nifty”.
GEPL CAPITAL: “We had a bearish opinion on the market till the time it trades below 5150 to 5200 range. Nifty was unable to clear that range and we witnessed a severe sell off throughout the day. It was the single most bearish candle since the 2010 high. In the immediate term Nifty may face severe resistance at 5050 but we don’t see any bounce back sustaining as it can go down to 4835 and below that a retest of 4720 is a distinct possibility. The sell off may not be limited to 4720 and we may see even lower levels in the coming few sessions”.
PINC RESEARCH: “The pessimistic stance that we had been advocating for the last few days stands vindicated today. In the process, the Nifty closed well below the psychologically important level of 5000. As we had stated earlier, the previous support level of around 4700-4800 or possibly lower now becomes the most likely target on further declines. Earlier in the short term, the sideways to positive move of the last few days has only placed the technical indicator in the neutral territory. Hence, any declines will have the backing of short term technical as well”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The 5000 mark broke and the market cracked like 9 pins. To me the market is flat and weak and short covering may come in but it is weak. The support for the Nifty is at 4910-4840-4804 and resistance at 5000”.
ANGEL BROKING (Technical): “After a strong gap down opening the benchmark indices continued to drift downwards as the day progressed. This mammoth intraday fall of 4% led to a breakdown from “Symmetrical Triangle” pattern at 16700/5019 level. In addition, we are also observing a negative crossover in RSI and Stochastic oscillators which may result in a sharp fall in our benchmark indices. Consequently, Indices are likely to slide further down and may test 16000–15765/4800–4720 levels. The said pattern will ONLY be negated if we witness a closing above yesterday’s high of 16834/5060. On the upside, 16700–16834/5019–5060 levels may act as resistance in coming trading sessions”.
IIFL (Amar Ambani): “The Fed’s ‘operation twist’ was expected to swing the mood in favour of the risky assets, but ended up doing the opposite. The debt-swap fell short of expectations. Downgrade of top three US banks coupled with downbeat PMI reports from China and the euro-zone hit the sentiment across markets. For India, the biggest negative was the slump in the Rupee below 49 per dollar. One has to see how the FIIs behave from here on and what steps policymakers take to stem the slide in the rupee”.
MICROSEC SECURITIES: “Yesterday we have seen huge selling pressure in our markets. Now Nifty is facing a strong support near 4900. If it breaches 4900, the short term trend would become negative and Nifty may further go down to 4800 and then 4650. Traders are advised to maintain a strict stop loss at 4900 of all long positions. On an intra-day basis Nifty has a support at 4900 and is likely to face a stiff resistance near 4970. If Nifty breaks 4900, it may further go down to 4845 and then 4800. However, if it is able to sustain above 4970, the level of 5020–5060 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,504/4,964 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,691–17,021/5,020–5,116 levels. However, if Nifty trades below 16,504/4,964 levels for the first half-an-hour of trade then it may correct up to 16,174–15,986/4,868–4,812 levels”.
INDIRATRADE SECURITIES: “The Indian markets closed in negative sign on Thursday with both benchmark indices losing about 4.10%. Telecommunication, Retail & Real Estate was the biggest loser of the day. All Sectorial indices closed with negative sign. The BSE Mid-cap index was down by 3.10% and the BSE Small-cap index lost 3.14%. The market breadth was negative with advances at 606 against declines of 2235 on the BSE. For today’s trade, market likely to trade in the range between 4980 & 5040 in upper side and 4880 & 4810 in lower side”.
SWASTIKA INVESTMART: “The pessimistic stance that we had been advocating for the last few days stands vindicated today. In the process, the Nifty closed well below the psychologically important level of 5000. As we had stated earlier, the previous support level of around 4700-4800 or possibly lower now becomes the most likely target on further declines. Earlier in the short term, the sideways to positive move of the last few days has only placed the technical indicator in the neutral territory. Hence, any declines will have the backing of short term technical as well”.
NIRMAL BANG SECURITIES: “Going forward it seems that 4850–4835 should act as an immediate support and trading below these levels could bring more pressure up to 4750–4650-4540 levels in the near term. On the higher side nifty future will face resistance around 4980–5015 levels”.
INVENTURE GROWTH & SECURITIES: “The Fed’s so called ‘Operation Twist’ did not have any pleasant surprise for the equity investors across the world. In fact, it gave warning signals of significant downside risks to the US economy. Nonetheless, worries in Euro zone are larger at the moment. Unless a comprehensive bail-out is not acted upon, we could see high risks to European banks holding euro-assets, which could lead to a domino effect in other continents as well. The resistance levels for Nifty (spot) are at 5,050 and 5,180. And on the downside, 4,900-4,830 remains supports. While the rise and fall in Nifty in the entire September 2011 has been sharp, it is oscillating between a range of 4,900 and 5,180 levels. Thus a break of 4,900 will make Nifty to fall to 4,830. However, any fall in USD-INR could again make Nifty rise toward the upper end of the range”.
SMC INVESTORS & ADVISORS: “Today’s fall has come as market felt Feds 400 billion dollar package may not be sufficient to solve the crisis. Further, the rumors that European insurance company Lloyds pulling out the bank deposits from the European banks also added to the nervousness. With this rupee weakness to two year low is expected to add up to the inflationary figures putting further pressure on the economy”.
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