The 30-share benchmark index, BSE Sensex ended flat with a decline of 20.76 points or 0.13% at 16,536.47, with 14 components registering drop. Meanwhile, the broad based NSE Nifty went down by 5.25 points or 0.11% at 4,974.35 with 21 components posting drop.
FIIs were net buyers with the tune of ` 114.15 crore whereas DII were net sellers of ` 108.17 crore on Tuesday, the 11th October 2011(prov. fig.)
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open on a flat note and later trade in a range. Among the sectoral indices, Oil & Gas stocks could outpferform while FMCG stocks look weak”.
CANARA BANK SECURITIES (CanMoney): “Technically, after making bullish candles in last two trading session, today Nifty closed on red note and made modest loss. Nifty formed a small bearish candle and couldn’t complete three soldiers bullish pattern. After a positive opening, Nifty failed to hold onto its gain but maintained its sentimental level of 4960. Owing to good buying in small cap and mid-cap, Bulls managed to prove their supremacy over bears to regain the full control of the market and because of this, Indices closed with positive market breadth. In today’s session, Nifty though closed weak yet it not only saved its vital support of 4920 but also closed above the vital supports of 9 & 14 day’s SMA placed at 4902 & 4918. As per ongoing trends, Nifty closed below 50 & 100 day’s SMA placed at 5042 and 5280. These levels may be the new ranges in forthcoming sessions. Buying was evident in small cap & mid cap but most of the Sectoral indices pared morning gains, this may be a cause of worry in coming sessions. In today’s session, VIX, the barometer of uncertainty, though corrected yet closed at a very high level of 30.30, indicating a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 50.19 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some range bound movements in forthcoming session”.
BONANZA ONLINE: “Nifty’s opening may depend upon IT leader INFY Sept quarter results and volatility may also be seen. On Tuesday, Nifty showed profit booking from 5050 levels and closed on flat note. Bulls could not hold their gains. On downside, Nifty has support at 4950 levels and resistance at 5050 levels. In 4950-5050 zone volatility may be seen. For daily purpose, Trend deciding level is 4950. If Nifty shows strength above 4950 levels, then rally to 5000/5050/5100/5150 may be seen. If Nifty does not show strength above 4950 levels then selling pressure till 4900/4850/4800 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “IIP and WPI monthly Inflation numbers will be announced this week, which will lead to heavy volatility on the bourses. Earning season will also kick off, with Infosys announcing the Q2FY12 results on October 12; this along with global news flows will have a significant impact on market trend. Good support exists at 4,700 level, below which Nifty is likely to test the levels of 4,675 and then 4,600-4,580 levels. On upside level of 5,200 is acting as a strong resistance”.
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 below 4,980 levels else from 5,000 levels with a stop loss placed at 5,020 levels for targets of 4,950 and 4,920 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Tomorrow markets will draw cues from IIP numbers and Infosys Q2 numbers. If there at these are favourable for an uptrend, then we may see Nifty moving once again towards 5045 and thereafter 5075 levels while the support is 4944 and 4915 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Tomorrow markets will draw cues from IIP numbers and Infosys Q2 numbers. If there at these are favourable for an uptrend, then we may see Nifty moving once again towards 5045 and thereafter 5075 levels while the support is 4944 and 4915 levels”.
PINC RESEARCH: “The Nifty's move for the last three days has been quite interesting. Though the volumes haven't been a striking feature, the structure of the up-move suggests that the bulls are trying to undermine the grip of the bears that's been present for some time. The medium term technical continue to favour the bears and the bulls need to push the Nifty beyond certain key levels before a trend change could come about. The important resistance levels are 5050 followed by 5250. As long as the Nifty remains below these levels and above 4750, it will continue to remain in this corridor of uncertainty. We have been stuck in this corridor for the last few weeks and we see no escape from it unless key levels are broken. The next few days are likely to remain a test of patience”.
ANGEL BROKING (Technical): “Indices opened higher and moved towards the resistance level of 16800/5050 but failed to sustain at higher levels. The gap area in the range of 17000/5110 and16834/5060 remains to be a significant resistance level for the markets. Also we are now observing a “Downward Sloping trend line” joining two highs of 18945 and 17191/5702 and 5168. Thus, yesterday’s price action cannot be construed as a break out of from this trend line. However, we are also witnessing a positive crossover in ADX (9) indicator which indicates does not rule out the possibility of an upside momentum if indices manage to sustain above yesterday’s high of 16774/5045. In this case, indices may rally towards 17000/5110 level. On the downside, 16510-16348/ 4964–4923 level may act support in coming trading session”.
MICROSEC SECURITIES: “After making a low of 4728.30 on 3rd October, Nifty has given a pull back rally of almost 7.98% in a time span of just five trading sessions. Now Nifty is likely to move in the range of 4800 and 5110 in the short term. If Nifty breaches 4800, it may further go down to 4700 and then 4650. However, a breach of 5110 would open the gate for 5230 in the extreme short term. On an intra-day basis Nifty has a support at 4940 and is likely to face a stiff resistance near 5020. If Nifty breaks 4940, it may further go down to 4900 and then 4860. However, if it is able to sustain above 5020, the level of 5065–5110 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,607/4,994 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,703–16,871/ 5,025–5,076 levels. However, if Nifty trades below 16,607/4,994 levels for the first half-an-hour of trade then it may correct up to 16,440–16,344/4,944–4,913 levels”.
INDIRATRADE SECURITIES: “On Tuesday markets made significant gains in the morning but came down sharply in the afternoon to close negative. The main cause of weakness was IT, and all the large-cap counters from the sector remained among the worst performers in session. Auto, capital goods and metal closed with moderate gains and banking also closed positive. For today’s trade, market likely to trade in the range between 4995 & 5030 in the upper side and 4950 & 4930 in the lower side”.
NIRMAL BANG SECURITIES: “It was a day of consolidation as the bulls took a breather after a two day of strong rally. Traders were also nervous ahead of I-T major Infosys' Q2 results and IIP numbers that are slated to come out today. The overall trend still remains cautious as nifty was not able to sustain above its resistance level of 5050 and corrected sharply. We still maintain a stock specific approach rather focusing on nifty movements. On the lower side, support seen around 4880–4830 levels”.
HEM SECURITIES: “Key benchmark indices extended losses to hit fresh intraday lows in late trade as European stocks declined and US index futures edged lower ahead of a parliamentary vote in Slovakia on changes to the euro zone's rescue fund. For tomorrow, markets are expected to be sideways”.
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