The benchmark 30-share index, BSE Sensex lost 188.48 points or 1.11% at 16,745.35 with 21 components registering drop. Meanwhile, the broad based NSE Nifty fell by 52.30 points or 1.03% at 5,031.95 with 35 components registering drop.
FIIs were net sellers with the tune of ` 166.21 crore whereas DII were net buyers of ` 37.50 crore on Monday, the 19th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the red following weak global cues and later could witness a bounce-back during the day. Among the sectors, Metal stocks could underperform”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty exhibited a weak and volatile show amidst weak volumes and discontinued its positive momentum of last few sessions. Amidst higher volatility, though Nifty pared most of its earned gains but despite an extended instance in red, it managed to save its vital support of 5000 level. This may motivate latent buying and recovery sentiments in coming sessions. In today’s session, Nifty not only lost the vital support of 5050, but also closed below it vital support of 9 day’s SMA placed at 5048. Nifty, however, closed the session above the vital resistance of 14 days’ SMA placed at 5034. Vital 50 & 100 day’s SMA levels were also placed at 5243 & 5375 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. All-round selling in large cap, small cap & mid cap forced Bulls to yield control to Bears, because of which, Indices closed with negative market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 29.60, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 47.14 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation with some negative spikes”.
BONANZA ONLINE: “Nifty showed selling pressure but also showed good respect for support in 5020-5000 range. Volatility may be seen in 5000-5080 range. Decisive price action may be seen above 5080 or below 5000 levels. Traders should be cautious in 5000-5080 range. For daily purpose, Trend deciding level is 5030. If Nifty shows strength above 5030 levels, then rally to 5060-5080/5150 may be seen. If Nifty does not show strength above 5030 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 negative tomorrow. Trade long if Nifty holds above 5,020 levels, else around 5,000 levels with stop loss placed at 4,980 levels for targets 5,050-5,080 levels. Alternatively, trade short below 4,980 levels with a stoploss at 5,000 for targets of 4,950-4,930 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES: “Nifty closed below the 14 Day simple moving average of 5033.69 and is having a psychological support at 5000 below it can fall towards 4982 and 4967 while the resistance is there at 5068 and 5094-5113 levels”.
PINC RESEARCH: “The Nifty remained largely subdued today and did not violate any significant support or resistance levels. As there is a lack of discernible trend, it is better to be cautious in the short term. The technical indicators are also in the neutral territory supporting a 'status quo' view. In the medium term however, we remain skewed towards weakness, which is also aided by the weak technical indicators. A test of earlier lows closer to 4700-4800 or lower cannot be ruled out in the event of a breakdown. Any attempt of advances by the buyers could face hurdle at around 5200-5250 zone”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically I see some selling pressure and I would say that 5100 is a stiff resistance to deal with. The support for the Nifty is at 4984 and resistance at 5100-5150”.
ANGEL BROKING (Technical): “The “Upward sloping Trend Line” is the next support and is placed at 16600/4980 levels. Looking at the global clues and lack of volumes in yesterday’s session, in today’s session too Indices are likely to trade with no clear direction. In case Indices trade convincingly below the mentioned support level, we may witness some selling pressure and Indices then may drift towards recent swing low of 16374/4911. On the upside, 16990–17125/5068–5144 levels may act as resistance in coming trading sessions”.
IIFL (Amar Ambani): “The uncertainty over the worsening euro-zone situation and US efforts to slash its mounting debt may continue to haunt world markets in the near term. Investors will await the outcome of the Federal Reserve’s two-day meeting on Wednesday apart from today’s address by President Barack Obama on the plan to cut swelling public debt. No major economic reports are due this week as far as India is concerned. The next big trigger could come from the corporate earnings. Till then the indices are likely to be sideways and will mostly dance to the tune of overseas events. We would continue to urge caution as the Nifty has struggled to move past 5,200”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,774/5,040 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,838–16,930/5,060–5,089 levels. However, if Nifty trades below 16,774/5,040 levels for the first half-an-hour of trade then it may correct up to 16,681–16,617/5,011–4,991 levels”.
INDIRATRADE SECURITIES: “The Indian markets closed on Monday amidst significant losses with both benchmark indices losing about 1%. Capital goods were the biggest loser of the day. The CNX Midcap index was down 0.2% and the BSE Smallcap index lost 0.05%. The market breadth was negative with advances at 633 against declines of 800 on the NSE. For today’s trade market likely to trade in the range between 5070 & 5120 in upper side and 4990 & 4950 in lower side”.
NIRMAL BANG SECURITIES: “Indian equity benchmarks ended 1% lower on European debt woes. The trend is once again slightly turning worse as nifty is facing huge selling pressure at higher levels. Going forward its very important that nifty holds 4990–4970-4940 levels on the closing basis. On the higher side if nifty future maintains above 5072 then possibly we could see the trend turning stronger”.
SWASTIKA INVESTMART: “For the coming session, we can see 5000 as the immediate support and if this is broken, next support is seen at 4960/4930. On higher levels, 5060 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 5090/5130”.
HEM SECURITIES: “Key benchmark indices snapped thee-day winning streak as world stocks fell after a meeting of European finance ministers over the weekend made no progress toward resolving the euro zone debt crisis. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Markets will turn its focus to global triggers and developments from the 2-day Federal Reserve meeting. Any announcement on QE3 - quantitative easing, or a similar economy boosting measure would lead to buying action in the equity markets. However, a failure to do so and brewing worries in the Euro-zone could take equities further down. The next support levels for Nifty are at 4,990-4,923. And 5,180 remains a strong resistance on the upside. On the weekly charts, previous week made a lower top and lower bottom over the week before it. This suggests that the downtrend in Nifty is intact”.
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