The benchmark 30-share index, BSE Sensex lost 72.45 points or 0.46% at 15,792.41 with 16 components registering drop. Meanwhile, the broad based NSE Nifty fell by 20.85 points or 0.44% at 4,751.30 with 28 components posting drop.
FIIs were net sellers with the tune of ` 1008.87 crore whereas DII were net buyers of ` 322.40 crore on Wedneesday, the 5th October 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after making three weak candles in last three sessions, today Nifty exhibited its weakness further and closed on red note. Thus three bearish signals continuously, which denotes a short term weakness in our markets. Despite a positive opening, Nifty failed to hold onto that and lost its sentimental level of 4800. Inline to a weak show, Bears maintained their supremacy over bulls to regain the full control of the market and because of this, Indices closed with negative market breadth. In today’s session, Nifty not only lost its vital support of 4800 but also closed below the vital supports of 9 & 14 day’s SMA placed at 4884 and 4948. 50 & 100 day’s SMA levels were recorded at 5082 & 5296 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Selling was evident in Large Caps, small cap & mid cap and most of the Sectoral indices too closed on weak note. In today’s session, VIX, the barometer of uncertainty, closed at a very high level of 35.37, but it still indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 36.94 levels and MACD closed below the signal line, thus combined together they are giving the signals that market may continue to witness consolidation in forthcoming session”.
BONANZA PORTFOLIO (Shanu Goel): “This being truncated week, markets are expected to be volatile on Friday. Domestic and global news flows continue to influence the market trend. Good support exists at 4700 level, below which Nifty is likely to test the levels of 4675 and then 4600-4580 levels”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to negative note the next trading day. Trade short in Nifty below 4,780 levels with a stoploss placed at 4,800 levels for targets of 4,750 and 4,720 levels”.
GEPL CAPITAL: “Despite opening positive Nifty dipped in the red as the session progressed and ended at 4751. On Friday it may face stiff resistance at 4830. Till the time it trades below 4830 it remains weak for in the immediate term and the broader term trend also remains bearish till the time it trades below 4955. On Friday if it breaches the level of 4720 then there is a possibility of a severe sell off which can take it down to 4635 and below that 4445 is also a possibility. In an alternate scenario only a move above 4830 would raise the possibility of further bullishness and if Nifty manages to sustain above 4955 then further upside would be confirmed. However we maintain a bearish view till Nifty trades below 4955”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market unfolded flat and technically nothing has changed and analysis still remains the same. The support for the Nifty is at 4720-4682 and resistance at 4910-4950”.
IIFL (Amar Ambani): “Deteriorating situation over Greece and its adverse fallout on the European banking system would continue to haunt investors across the globe. Domestically, a lot would depend on the quarterly earnings which would start pouring in from the next week. In addition, IIP and monthly inflation data will also play an important role in setting the tone for the markets”. (source: myiris)
BONANZA PORTFOLIOS (Puneet Kinra): “Bears are having control at the moment. Further down leg may resume, if Nifty maintains below 4,700 levels. On the other hand, if Nifty maintains above 4,700 levels then some recovery may also be seen. For daily purpose, trend deciding level is at 4,750. If Nifty shows strength above 4,750 levels, then rally to 4,820/4,870/4,900 may be seen. If Nifty does not show strength above 4,750 levels then selling pressure till 4,725-4,700/4,650/4,600 may also be seen”. (source: myiris)
SWASTIKA INVESTMART: “On Daily charts, we can observe that the momentum oscillators RSI and Stochastic are still moving down. For the coming session, we can see 4720/4660/4610 as the supports. On higher levels, 4790 is the immediate resistance for it and any gains above these levels are likely to face stiff resistance at 4830/4870”.
HEM SECURITIES: “Volatility was at the forefront as key benchmark indices weakened once again in late trade as data showing a decline in service sector activity in September 2011. The market breadth was weak. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Markets are trading sideways in the range of 4,720-5,180. Today’s move was an inside day and may not suggest any move for tomorrow. Any close below 4700 could be a final alarm for the traders to cut off long positions. Nifty supports are at 4,700 and upside resistance at 5,050-5,180”.
INDUSIND BANK: “Nifty has completed two rounds of our recommendations: first for a sharp fall from 5,700 to 4700; then up from 4,700 to 5,200. Now, given the weak global and domestic cues, there is no incentive to stay invested in equity assets with combined risk of losing time value and erosion in the capital. We need to stay aside for shift into consolidation phase ahead of setting up bullish trend. Till then, NIFTY will trend down into 4,450 ahead of 4,200. We now shift our near term range into 4,400-4,900 not ruling out extended weakness into 4,200 where it is seen as good risk-reward for strategic investors. The trade recommendation therefore is to sell correction into 4,800-4,900 with stop above 5,000 for 4,450-4,200. Strategic investors can look to buy this move into 4,200 for recovery back into 5,200”. (source: moneycontrol)
GEPL CAPITAL (SHORT-TERM OUTLOOK): “Nifty has been in a persistent downtrend ever since its peak in the month of November 2010. It is now precariously poised near an important swing low of 4,720. An important observation that we would like to put across is every time Nifty has taken support near its 200 Week EMA and bounced back and the resultant bounce back did not sustain, Nifty breached the 200 Week EMA support the next time and gave a breach of its earlier swing low as well. In the present scenario the 200 Week EMA offered support when Nifty made a low of 4,720 but now it has breached the average placed at 4,837 and given a decisive close below it. If the same sequence is repeated again then Nifty would breach the level of 4,720 in next few days and we may see a severe sell off which may take it down to 4,295 which is the 50% Fibonacci retracement level of the entire advance from 2,252 till 6,338. Nifty has also formed an Island Reversal pattern, if we consider the activity of past seven sessions which also confirms the bearish reading. Nifty remains susceptible to severe downsides till it trades below the level of 5,040. We advise high caution at this juncture and advice traders to maintain a strict stop loss of 4,720 for any pending stuck up long positions”. (source: moneycontrol)
BONANZA ONLINE: “Nifty showed selling pressure for 4th consecutive day and closed in red. Bears are having control at the moment. Further down leg may resume, if Nifty maintains below 4700 levels. On the other hand, if Nifty maintains above 4700 levels then some recovery may also be seen. For daily purpose, Trend deciding level is 4750. If Nifty shows strength above 4750 levels, then rally to 4820/4870/4900 may be seen. If Nifty does not show strength above 4750 levels then selling pressure till 4725-4700/4650/4600 may also be seen”.
ANGEL BROKING (Technical): “Indices opened on a quite note and moved towards the hourly 20 EMA during the first half of the session. We observed strong selling pressure near the hourly 20 EMA which was placed at 16076/4832. Subsequently, indices drifted sharply towards 15800/4750 level and closed almost near the lowest point of the day. Considering the Global clues, our benchmark indices are likely to open on a positive note. Going forward, Wednesday’s high of 16045/4828 would act as a near term resistance in coming trading session. A move above this level may lead to short covering and indices then may rally towards the gap area of 16256 to 16404/4879 to 4924. On the downside, 15746/4720 remains to be a crucial support level. Any sustainable move below this level would result in a further fall and can take indices to test lower levels of 15650–15330/4675–4540 levels”.
NIRMAL BANG SECURITIES: “The trend still remains very critical but strong support is seen around 4655–4530–4480-4385 levels where buying is sensible and on the higher side 4850–4930 will act as an important resistance zone. Only stability above these levels will improve this downtrend”.
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green following positive global cues and inch up further during the day. Among the sectoral indices, Oil & Gas and Metal stocks could outpferform”.
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