At the close, the benchmark 30-share index, BSE Sensex lost 44.67 points or 0.28% at 15,836.47 with 17 components posting drop. Meanwhile, the broad based NSE Nifty fell by 16.90 points or 0.35% at 4,746.35 with 32 components posting drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green in line with global cues. Today’s Mid Quarterly Review of the Monetary Policy would be keenly watched for further course of action”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting significant losses in last session, Nifty witnessed a very volatile & choppy session and despite displaying an excellent recovery closed on weak note. Level wise, closing below the vital 4760 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large- caps, small-cap and mid-cap were under sellers’ grip. Owing to this, bears outnumbered the bulls with significant margin. Due to selling Nifty continued to close below its vital 9, 14, 50 & 100 day’s SMA placed at 4932, 4868, 5017 & 5105. VIX, the barometer of uncertainty, closed at a higher level of 28+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 43.94 levels and MACD closed below the signal line. Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 4688-4788. If sustained below this range Nifty may face severe fall and expected to test 4630-4580. However, 4815 and 4848 are strong resistance level in Nifty. 8300 may act as a crucial support level in Bank Nifty likely to be tested”.
BONANZA ONLINE: “Nifty showed some recovery from support near 4700 levels and closed on flat note. RBI meet may be the key in sentiment preparation and market may take further clue from this policy. If Nifty manages to maintain above 4770 levels then buying momentum may be continuing. Selling pressure may be seen if Nifty decisively maintain below 4700 levels. For daily purpose, Trend deciding level is 4750-4770. If Nifty shows strength above 4770 levels, then rally to 4850/4900/4950 may be seen. If Nifty does not show strength above 4770 levels then selling pressure till 4700/4650/4600 may also be seen.
BONANZA PORTFOLIO (Shanu Goel): “High volatility continues to prevail throughout the session with more bias towards selling. The short term trend of the market remained bearish. Today market took support right at the 4,650-4,700 level, now market men eyes are on monetary policy scheduled tomorrow”.
KARVY STOCK: “The market will take cues from the global markets as well as the outcome of the monetary policy meet. Trade short in Nifty at 4,750 levels for targets of 4,700 with a stoploss placed at 4780. Alternatively trade long in Nifty if sustains above 4,800 levels with a stoploss of 4,780”.
SMC TRADEONLINE (WISE MONEY): “The market is likely to open flat taking cues from global market. The Reserve Bank of India will announces the Mid-Quarter Review of Monetary Policy 2011-12 at 12 noon today”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is weak though it tried a weak attempt to climb...the market could now trade sideways to a mild positive as 4700 seems to be a psychological support to deal with…The support for the Nifty is at 4700 and resistance at 4850-4950”.
ANGEL BROKING (Technical): “Weakening currency and negative global cues continued to hurt our markets in yesterday’s session. However, buying interest near to crucial support level of 15700/4700 helped indices to close marginally in negative territory. Going forward, yesterday’s low of 15596/4674 would act as support in coming trading sessions. A breach of this low may intensify selling pressure and indices may slide to test 15478/4639 level. Conversely, yesterday’s high of 15908/4769 may act as immediate resistance level. A move above this level may take indices to test 16142/4841 level”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,957/4,784 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,058–16,235/4,818–4,874 levels. However, if Nifty trades below 15,957/4,784 levels for the first half-an-hour of trade then it may correct up to 15,780–15,678/4,729–4,695 levels”.
INDIRATRADE SECURITIES: “The markets remained volatile on Thursday and recovered significantly in the last hour of trade to close with only moderate declines. Capital goods, auto and consumer durables were the worst performers in session while FMCG and oil & gas closed with substantial gains. For today’s trade market likely to trade in the range between 4780 & 4830 in the upper side and 4710 & 4650 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to hold the 4700 level during the day and kept a closing above the same. We expect the nifty to trade in the range bound 4650-4840. Any positive triggered will help the Nifty to cross 4840 mark on closing basis”.
INVENTURE GROWTH & SECURITIES: “Market participants are awaiting the RBI policy meeting’s outcome. After weak IIP numbers and high inflation data, it is widely expected that RBI could soften its stance and could look forward toward monetary easing now or in near future. Nifty bounced back sharp from the day’s low and closed near the day’s high. So although markets ended the day on a negative note, what is noteworthy is the 100 point recovery from the day low. USDINR rates continue to rise and it made a new life high of 54.58 on MCX-SX. Rising Dollar puts pressure on equities. If RBI adopts a softer stance towards rates, Nifty could see a rise to 4,950 in the short term. However, if the meeting is non-eventful, Nifty could see some weakness to its next level of supports of 4,630-4,525”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green in line with global cues. Today’s Mid Quarterly Review of the Monetary Policy would be keenly watched for further course of action”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting significant losses in last session, Nifty witnessed a very volatile & choppy session and despite displaying an excellent recovery closed on weak note. Level wise, closing below the vital 4760 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large- caps, small-cap and mid-cap were under sellers’ grip. Owing to this, bears outnumbered the bulls with significant margin. Due to selling Nifty continued to close below its vital 9, 14, 50 & 100 day’s SMA placed at 4932, 4868, 5017 & 5105. VIX, the barometer of uncertainty, closed at a higher level of 28+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 43.94 levels and MACD closed below the signal line. Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in the range 4688-4788. If sustained below this range Nifty may face severe fall and expected to test 4630-4580. However, 4815 and 4848 are strong resistance level in Nifty. 8300 may act as a crucial support level in Bank Nifty likely to be tested”.
BONANZA ONLINE: “Nifty showed some recovery from support near 4700 levels and closed on flat note. RBI meet may be the key in sentiment preparation and market may take further clue from this policy. If Nifty manages to maintain above 4770 levels then buying momentum may be continuing. Selling pressure may be seen if Nifty decisively maintain below 4700 levels. For daily purpose, Trend deciding level is 4750-4770. If Nifty shows strength above 4770 levels, then rally to 4850/4900/4950 may be seen. If Nifty does not show strength above 4770 levels then selling pressure till 4700/4650/4600 may also be seen.
BONANZA PORTFOLIO (Shanu Goel): “High volatility continues to prevail throughout the session with more bias towards selling. The short term trend of the market remained bearish. Today market took support right at the 4,650-4,700 level, now market men eyes are on monetary policy scheduled tomorrow”.
KARVY STOCK: “The market will take cues from the global markets as well as the outcome of the monetary policy meet. Trade short in Nifty at 4,750 levels for targets of 4,700 with a stoploss placed at 4780. Alternatively trade long in Nifty if sustains above 4,800 levels with a stoploss of 4,780”.
SMC TRADEONLINE (WISE MONEY): “The market is likely to open flat taking cues from global market. The Reserve Bank of India will announces the Mid-Quarter Review of Monetary Policy 2011-12 at 12 noon today”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is weak though it tried a weak attempt to climb...the market could now trade sideways to a mild positive as 4700 seems to be a psychological support to deal with…The support for the Nifty is at 4700 and resistance at 4850-4950”.
ANGEL BROKING (Technical): “Weakening currency and negative global cues continued to hurt our markets in yesterday’s session. However, buying interest near to crucial support level of 15700/4700 helped indices to close marginally in negative territory. Going forward, yesterday’s low of 15596/4674 would act as support in coming trading sessions. A breach of this low may intensify selling pressure and indices may slide to test 15478/4639 level. Conversely, yesterday’s high of 15908/4769 may act as immediate resistance level. A move above this level may take indices to test 16142/4841 level”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,957/4,784 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,058–16,235/4,818–4,874 levels. However, if Nifty trades below 15,957/4,784 levels for the first half-an-hour of trade then it may correct up to 15,780–15,678/4,729–4,695 levels”.
INDIRATRADE SECURITIES: “The markets remained volatile on Thursday and recovered significantly in the last hour of trade to close with only moderate declines. Capital goods, auto and consumer durables were the worst performers in session while FMCG and oil & gas closed with substantial gains. For today’s trade market likely to trade in the range between 4780 & 4830 in the upper side and 4710 & 4650 in the lower side”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to hold the 4700 level during the day and kept a closing above the same. We expect the nifty to trade in the range bound 4650-4840. Any positive triggered will help the Nifty to cross 4840 mark on closing basis”.
INVENTURE GROWTH & SECURITIES: “Market participants are awaiting the RBI policy meeting’s outcome. After weak IIP numbers and high inflation data, it is widely expected that RBI could soften its stance and could look forward toward monetary easing now or in near future. Nifty bounced back sharp from the day’s low and closed near the day’s high. So although markets ended the day on a negative note, what is noteworthy is the 100 point recovery from the day low. USDINR rates continue to rise and it made a new life high of 54.58 on MCX-SX. Rising Dollar puts pressure on equities. If RBI adopts a softer stance towards rates, Nifty could see a rise to 4,950 in the short term. However, if the meeting is non-eventful, Nifty could see some weakness to its next level of supports of 4,630-4,525”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
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