The benchmark 30-share index, BSE Sensex lost 110.96 or 0.69% at 16,051.10 with 21 components registering drop. Meanwhile, the broad based NSE Nifty fell by 32.35 or 0.66% at 4,835.40 with 37 components registering drop.
FIIs were net sellers with the tune of ` 1083.83 crore whereas DII were net buyers of ` 575.21 crore on Monday, the 26th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to bounce back after yesterday’s fall and the trend remains bullish following strong global cues. Among the indices, Oil & Gas and Cement stocks could do well”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty is continuing its downward bias and lower lows and lower high patterns. Despite some intelligent recovery, Nifty witnessed a significant fall again and breached some of its vital supports. As market was refuelled with buying, in heavyweights we may witness some actions in forthcoming sessions. On account of selling dominance, Bears were able to gain full control of the market and because of this, Nifty failed to give any breakout in positive direction. In today’s session, Nifty breached its vital supports of 4860 and 4800, though it closed above 4800, yet bias is still weak. Nifty continue to close below the vital supports of 9 & 14 day’s SMA placed at 5012 and 5024. 50 & 100 day’s SMA levels were recorded at 5178 & 5340 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Selling in Large Caps, Small cap & Mid cap boosted 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 35.43, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 37.84 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation”.
FAIRWEALTH SECURITIES: “The Nifty has had a mixed trading session, has had a positive opening, has moved both ways, has received buying support at lower levels, has come off from its intra-day low and has finally ended in negative territory on lower volume. Volatility can be the order of the day; an intra-day upside (seems like a distinct possibility) could come in above the 4839 level while significant resistance at higher levels (4902) – would limit the upside. The outlook has turned negative again while resistance comes in at the 5182+ level and support comes in at the 4293 level”.
BONANZA ONLINE: “Nifty showed a volatile session with selling seen in first half and smart recovery seen in latter half of the trading day. For daily purpose, Trend deciding level is 4870. If Nifty shows strength above 4870 levels, then rally to 4930/5000/5050 may be seen. If Nifty does not show strength above 4870 levels then selling pressure till 4800/4760/4720 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “The short term and medium term trend of the market has become bearish and the trend is likely to change only upon some significant global or domestic positive developments. As it is the domestic current state of affairs relating to corporate governance and government accountability has taken a beating with new developments in 2G scam and other issues. Nifty is expected to be volatile within the range of 4700-5100”.
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 at 4,850 levels with a stoploss placed at 4,870 levels for the targets of 4,800 and 4,780 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still weak but I would say 4751 is a strong support to deal with and we could see some sideways move and some recovery due to F&O expiry. The support for the Nifty is at 4751 and resistance at 4915-4964”.
ANGEL BROKING (Technical): “Markets traded with immense volatility as indices recovered substantially after falling nearly 2 percent during the first half of the session. Looking at the global clues, it can be seen that today our markets may open with a positive bias. Going forward, yesterday’s high of 16210/4880 may act as resistance in coming session. A sustainable move beyond this level can take indices towards the next resistance levels of 16368–16490/4930–4960 in coming sessions. On the downside, 15765/4720 level continues to be a crucial support level. If indices breach this level, then they are likely to drift towards 15650–15330/4675–4540”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has made four red candles in last four successive trading sessions. Now Nifty is expected to get a strong support in the band of 4650-4700. Nifty has also made a gap between 5060 and 5110 on Thursday. So a short term pull back rally to 5110 can not be ruled out. Traders are advised to initiate long positions near 4700 with a stop loss of 4650. On an intra-day basis Nifty has a support at 4800 and is likely to face a stiff resistance near 4880. If Nifty breaks 4800, it may further go down to 4755 and then 4720. However, if it is able to sustain above 4880, the level of 4925–4960 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,020/4,825 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,240–16,429/ 4,891–4,946 levels. However, if Nifty trades below 16,020/4,825 levels for the first half-an-hour of trade then it may correct up to 15,832–15,612/4,770–4,704 levels”.
INDIRATRADE SECURITIES: “Monday was a volatile trade in the markets with both benchmark indices closing with moderate losses. For today’s trade, market likely to trade in the range between 4860 & 4890 in the upper side and 4810 & 4770 in the lower side”.
NIRMAL BANG SECURITIES: “The trend continues to remain negative but looking at the current development we believe that nifty future is not willing to close below 4735 and therefore it seems that from a short term trading perspective one can buy with a stop-loss of 4700 for a minimum target of 5040”.
SWASTIKA INVESTMART: “On Daily charts, we can observe that the momentum oscillators RSI and Stochastic are southbound. For the coming session, we can see 4800/4760/4720 as the supports. On higher levels, 4870 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 4910/4940. Traders are advised to trade with strict stop-loss and in small quantities”.
HEM SECURITIES: “A handsome recovery from lowest point of the day could not save the market from registering its third consecutive session of loss on Monday. While short covering and a rebound in global markets drove the recovery in the last couple of hours of trade, a steep cut in oil & gas, capital goods, metals, FMCG, power and auto stocks forced a negative closure. A drastic fall in international commodity price too weighed on the market today. For tomorrow, markets are expected to be sideways”.
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