The benchmark 30-share index, BSE Sensex lost 34.30 points or 0.21% at 16,467.44 with 18 components registering drop. Meanwhile, the broad based NSE Nifty went down by 5.85 points or 0.12% at 4,940.95 with 26 components posting drop.
FIIs were net sellers with the tune of ` 468.41 crore whereas DII were net buyers of ` 121.19 crore on Tuesday, the 13th September 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty exhibited a very busy show and witnessed yet another negative closing. After two big bearish candles, today Nifty formed one DOJI star pattern, which may indicate about reversal of ongoing bearish trend. Nifty, though closed with modest cut, yet it breached the lower support of 5000 after regaining it in intraday session. Volumes were thin and apparently buying momentum has faded and Nifty may be in bearish phase till it crosses vital resistances of 5050 and 5000. Because of a weak show, Nifty tumbled down below the vital levels of 9 & 14 day’s SMA placed at 5039 & 4978 besides closing below the vital support levels of 50 & 100 day’s SMA placed at 5290 & 5407 levels, this may be the new resistances in forthcoming sessions. Modest buying in small cap & mid cap supported Bulls to snatch control from bears, because of which, Indices closed with flat positive market breadth. In today’s session, VIX, the barometer of uncertainty, closed at a higher level of 32.77, indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 41.13 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness some consolidation”.
FAIRWEALTH SECURITIES: “The Nifty has had a mixed trading session, has had a positive opening, has moved both ways, has received selling pressure at higher levels, has come off from its intraday high and has finally ended in negative territory on higher volume. Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 4944 level while significant resistance at higher levels (5005) – would limit the upside. The outlook has turned neutral again while resistance comes in at the 5325+ level and support comes in at the 4720 level”.
BONANZA ONLINE: “Nifty showed volatile session and closed on flat note. Volatility may be continuing till RBI monetary policy on coming Friday. However, Inflation data on Wednesday may also play important role in sentiment preparation. On upside, Nifty has resistance in 5000-5100 zones. Selling pressure may resume if Nifty maintains below 4900 levels. 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): “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. Investors will keenly watch monthly inflation numbers tomorrow and data on second quarter September 2011 corporate advance tax payment due on Thursday, 15 September 2011, which may provide cues on Q2 September 2011 results. Till the outcome of RBI’s monetary policy 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, or from 4,980 targeting 4,900 with a stop loss placed at 5,000 level”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES: “Nifty is having support at 4911 below 4867 while the resistance is there at 5000 and 5030 if it can close above these levels only then we may see further upside in the markets”.
GEPL CAPITAL: “We were of the opinion that the entire up move from 4720 was a corrective bounce to the entire fall from 5740 level. Nifty faced severe resistance near 5200 level and has been trending down since then. In the immediate term Nifty continues to remain weak as long as it trades below 5100. In the event there is any bounce back till 4970 to 5000 level the bounce may not sustain and Nifty may drift lower to 4890 to 4870 range. The level of 4800 is now a critical support. In case Nifty breaches this level then it may retest 4720 in next few sessions".
PINC RESEARCH: “The recovery that the Nifty had attempted after testing low of 4910 fizzled out after reaching the highs of around 5030. The steep fall from 5030 and the break of yesterday's low of around 4910 suggests that further weakness should come as no surprise in the days ahead. The short-term technical indicators too seem to toe the line of the downtrend at this stage. There was no significant breach of support or resistance level in the trading session to warrant any change to our earlier bearish view”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has been giving very volatile movement for last few days. We expect this volatility would be continuing for another couple days. 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 5055 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 4985. If Nifty breaks 4900, it may further go down to 4860 and then 4830. However, if it is able to sustain above 4985, the level of 5020–5055 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,536/4,961 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,698–16,928/ 5,010–5,080 levels. However, if Nifty trades below 16,536/4,961 levels for the first half-an-hour of trade then it may correct up to 16,306–16,145/4,891–4,842 levels”.
INDIRATRADE SECURITIES: “It was a volatile day of trade in the markets on Tuesday with selling pressure returning in the afternoon. IT gained the most in session followed by oil & gas and metal while auto, capital goods, banking and healthcare closed with moderate losses. For today, market likely to trade in the range between 4970 & 5030 in the upper side and 4910 & 4870 in the lower side".
NIRMAL BANG SECURITIES: “The trend is weak as stability is not visible at higher levels. Huge selling is seen in heavyweight index stocks like SBI, Tata Motors, Bharti Airtel, ICICI Bank, Hind Lever which are dragging the index down. Going forward it’s very important to see if nifty holds 4850–4835 level on the closing basis. Avoid buying below 4835. Important resistance area 5030 and big rally could be seen if nifty holds above this point”.
SWASTIKA INVESTMART: “For the coming session, as we have seen that 4910 has acted as a strong support in the previous two sessions, so we can keep 4910 as the immediate support 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”.
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