The benchmark 30-share index, BSE Sensex lost 365.23 points or 2.17% at 16,501.74 with 27 components registering drop. Meanwhile, the broad based NSE Nifty fell by 112.65 or 2.23% at 4,946.80 with 47 components posting drop.
FIIs were net sellers with the tune of ` 934.74 crore whereas DII were net buyers of ` 427.93 crore on Monday, the 12th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open marginally higher following global cues and then run into resistance, whereafter they will take cues from European markets. Support on Nifty is 4,911 while resistance is at 4,985. Among the sectoral indices, Banking and IT stocks look weak”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty exhibited a very weak show and witnessed its second continuous session of steep losses. Nifty not only closed with deep cuts, but also breached several of its vital supports. After today’s bearish candle, buying momentum has faded and Nifty may be in bearish phase till it crosses vital resistances of 5050 and 5000. Technically, Nifty made higher lows and lower highs in last two sessions and again rejoined its bearish journey. Because of a weak show, Nifty tumbled down below the vital levels of 9 & 14 day’s SMA placed at 5036 & 4975 besides closing below the vital support levels of 50 &100 day’s SMA placed at 5304 & 5416 levels, this may be the new resistances in forthcoming sessions. Selling rush in large caps, small cap & mid cap supported Bears to snatch control from bulls, because of which, Indices closed with negative market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 32.75, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 41.41 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some consolidation”.
BONANZA ONLINE: “Nifty showed selling pressure but bulls also showed some recovery from support near 4900 levels. On upside, Nifty has resistance in 5000-5100 zones. Selling pressure may resume if Nifty maintains below 4900 levels. Nifty’s further price action to a large extent may depend upon inflation, RBI meets and Global indices. For daily purpose, Trend deciding level is 4950 If Nifty shows strength above 4950 levels, then rally to 5000/5050/5100/5160 may be seen. If Nifty does not show strength above 4950 levels then selling pressure till 4900/4840/4800/4750 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “The domestic as well as the global developments are not conducive to a bull trend in the market at this point of time. Bears are having full control at the moment and further downside seems likely. Short and medium term trend is bearish and all eyes are now on the RBI’s monetary policy and its stance in the coming week. Long term trend will be influenced by the policy outcome till then Nifty is likely to trade with a downward bias in the range of 5075-4800”.
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, if Nifty holds below 4,950 targeting 4,920-4,900 levels with a stop loss placed at 4,975 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES: “The outlook remains negative and will remain highly volatile throughout the week. Support for Nifty would be around 4911-4900 and if it moves below these levels then 4862 can be tested while the resistance is at 4975 and 5036 levels”.
GEPL CAPITAL: “The level of 4800 is a critical support to watch out for, if Nifty manages to respect that level on the downside then there may still be a possibility of further upsides in coming few weeks, else we expect a drastic fall which can take the Nifty down to 4720 and even lower”.
PINC RESEARCH: “The short-term technical indicators are also now exhibiting a negative crossover which indicates a continuation of further weakness. The next target on the downside for the Nifty is 4800 followed by the level of 4700”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded as expected and closed deep in the red. Technically the market has not displayed any signs of strength and so I would maintain the market as down with strong resistance around 5100 zones. The support for the Nifty is at 4893 and resistance at 5100”.
FAIRWEALTH SECURITIES: “The Nifty has had a mixed trading session, has had a negative opening, has moved both ways, has received selling pressure even at lower levels, has come off from its intra-day high and has finally ended in negative territory on lower volume. Volatility can be the order of the day; an intra-day downside (seems like a possibility) could come in below the 4942 level while significant support at lower levels (4902)–would limit the downside. The outlook has turned neutral again while resistance comes in at the 5325+ level and support comes in at the 4720 level”.
IIFL (Amar Ambani): “In the coming day’s market direction would depend on important events which are lined up, including August inflation and Advance Tax numbers. Critical among them will be the RBI policy meet on September 16”.
MICROSEC SECURITIES: “Nifty has given a correction of almost 5% in last couple of days. Yesterday the bears created havoc in the market. Now Nifty is expected to get a strong support near 4900. If Nifty breaches 4900, the short term trend would become negative and it may further go down to 4800 in the extreme short term. However, a breach of 5020 would open the gate for 5170. 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 4980. If Nifty breaks 4900, it may further go down to 4860 and then 4830. However, if it is able to sustain above 4980, the level of 5020–5070 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,521/4,948 levels. If nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,649–16,796/4,985–5,022 levels. However, if nifty trades below 16,521/4,948 levels for the first half-an-hour of trade then it may correct up to 16,374–16,246/4,910–4,874 level”.
INDIRATRADE SECURITIES: “On Monday Bad IIP data and negative global cues took their toll on the markets and both benchmark indices closed with substantial losses. All sectoral indices closed negative with IT, metal, banking, realty and consumer durables being the worst among them. Other sectors that closed deeply in the red include auto, capital goods and oil & gas and FMCG was the only sector that closed with only moderate loss. For today, market likely to trade in the range between 4970 & 5040 in the upper side and 4910 & 4830 in the lower side”.
SWASTIKA INVESTMART: “For the coming session, 4910 is the immediate support for Nifty and if this is broken, next support is seen at 4870/4840. On higher levels, 4980 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5015/5050. Traders are advised to trade with strict stop-loss and in small quantities”.
HEM SECURITIES: “Indian equity market fell prey to falling industrial production growth, sliding rupee and rising European woes on the first day of trading week. For tomorrow, markets are expected to be downward”.
NIRMAL BANG SECURITIES: “The trend which was emerged strongly has once again made us stunning whether nifty will hold 4900. Selling is seen across the globe and going forward if nifty future starts trading below 4835 then there is a big possibility of nifty breaking 4700. On the lower side support seen at 4900-4850 levels and this relief rally could damage only if nifty future closes below 4835”.
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