The 30-share index, Sensex surged 247.35 points, or 1.6%, to 15,738.7 for the week ended Dec. 23, 2011. On the other hand, the broad based NSE Nifty gained 62.40 points, or 1.34%, to 4,714 in the same period.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Markets seem to have taken a breather after two days of gains. It is important that the recent lows of 4640 hold for the bulls to have an upper hand in the coming week. On the upside resistances to watch are at 4778”.
KOTAK SECURITIES (SHRIKANT CHOUHAN): “For the coming week, Nifty is expected to remain choppy in the range of 4,630 and 4,850. Important resistance to watch for the week is of 4,770 on a close basis. Trading above the level of 4,770 will attract short covering in the market and in that case markets can extend its ride minimum to the level of 4,950 and maximum 5,050 on higher side. Closing below the level of 4,670 will be the first alarm to bulls and further slippage below 4,630 will be hard landing on the bulls, sell-off can extend to the tune of 4,550. Extension of the slippage beyond the level of 4,550 will find a rough patch in the market exposing the crucial depth of 4,430 and 4,350 on the lower side. However, if Nifty slips towards 4,670 early in the week might find a soft patch, prices can turn higher hence traders should look for initiating longs at 4,670.Market reversal stands at 4,670 on close basis. Decisive close below 4,670 will signal potential reversal in trend, traders should look at reducing long position below the same”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Next week, too, our market may witness a synchronized movement in accordance with its global peers. The Nifty’s close above the 4700 mark may support the recovery sentiment. The Next week will start with a heavy build-up in the puts of strikes of 4700-4500. On the call side, strikes between 4,900 to 5,100 are experiencing open interest build-up”.
BONANZA ONLINE: “After showing selling pressure from consecutive 2 weeks, bulls showed some recovery, which shows that Nifty has some support near 4500 levels. On Upside, Nifty also has some resistance in 4750-4800 zones. Recovery may be continuing above 4800 levels else profit booking may be seen. Nifty December future expiry due in the week, therefore, volatility may be seen and traders should be cautious. For trading during the coming sessions, trend deciding level is 4700. If Nifty shows strength above 4700 levels then we may see rally 4750-4800/4880/4950-5000. If Nifty doesn’t sustain above 4700 levels then selling pressure till 4640/4580/4500 may also be seen”.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Markets seem to have taken a breather after two days of gains. It is important that the recent lows of 4640 hold for the bulls to have an upper hand in the coming week. On the upside resistances to watch are at 4778”.
KOTAK SECURITIES (SHRIKANT CHOUHAN): “For the coming week, Nifty is expected to remain choppy in the range of 4,630 and 4,850. Important resistance to watch for the week is of 4,770 on a close basis. Trading above the level of 4,770 will attract short covering in the market and in that case markets can extend its ride minimum to the level of 4,950 and maximum 5,050 on higher side. Closing below the level of 4,670 will be the first alarm to bulls and further slippage below 4,630 will be hard landing on the bulls, sell-off can extend to the tune of 4,550. Extension of the slippage beyond the level of 4,550 will find a rough patch in the market exposing the crucial depth of 4,430 and 4,350 on the lower side. However, if Nifty slips towards 4,670 early in the week might find a soft patch, prices can turn higher hence traders should look for initiating longs at 4,670.Market reversal stands at 4,670 on close basis. Decisive close below 4,670 will signal potential reversal in trend, traders should look at reducing long position below the same”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Next week, too, our market may witness a synchronized movement in accordance with its global peers. The Nifty’s close above the 4700 mark may support the recovery sentiment. The Next week will start with a heavy build-up in the puts of strikes of 4700-4500. On the call side, strikes between 4,900 to 5,100 are experiencing open interest build-up”.
BONANZA ONLINE: “After showing selling pressure from consecutive 2 weeks, bulls showed some recovery, which shows that Nifty has some support near 4500 levels. On Upside, Nifty also has some resistance in 4750-4800 zones. Recovery may be continuing above 4800 levels else profit booking may be seen. Nifty December future expiry due in the week, therefore, volatility may be seen and traders should be cautious. For trading during the coming sessions, trend deciding level is 4700. If Nifty shows strength above 4700 levels then we may see rally 4750-4800/4880/4950-5000. If Nifty doesn’t sustain above 4700 levels then selling pressure till 4640/4580/4500 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Buy | 4720-4740 | 4785 | 4700 |
For the Week | Buy | 4660-4720 | 4780-4820 | 4640 |
BONANZA PORTFOLIO (Shanu Goel): “After witnessing a substantial recovery from the lows of 4,530 to the high of 4,763, Nifty had reversed its gaining streak from the strong resistance level at 4,750. Sentiments once again turned jittery and uncertainty still going to take the market towards the lower level of 4,550-4,600 mark. Moreover Data showing selling by foreign funds continuously over the past few days aided the bearish trend in the market”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long in Nifty from lower support at 4,680 for targets of 4,720-4,750 with a stop loss placed at 4,640”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty managed to close above 4700 even though in red. The Nifty VIX jumped around 2% today. Coming week, especially the initial days are expected to be dull and towards the end of the week, we may see year-end selling. Nifty is having resistance at 4753 and 4793 levels while the support is there at 4683 and 4525 levels”.
VENTURA SECURITIES LIMITED: “As per daily chart Nifty is moving within triangle forming lower tops & lower bottoms. Upper resistance of this pattern comes to 4963 & lower support at 4520. On Friday, after making top at 4763, Nifty made a low of 4693 & closed 19 points down at 4714. Now on upper side, Nifty has immediate weekly 200 moving average resistance at 4769. If it crosses this, then 4815 & 4883 are 50% & 62% retracement resistances of the fall from 5100 (07/12/11) to 4531 (20/12/2011). In between, 4847 is 30 DMA resistances. Above 4883, 4964 is major trend-line as well as DMA resistance. On lower side, if Nifty breaks its immediate support of 4693, then it may come down to 4632-4601 levels. Below this, 4520 is major trend-line support”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “we expect volumes to be muted as investors move into holiday mood. Volatility is expected to remain high on account of FNO expiry. Market is expected to oscillate between 4600-4800. Sentiment could also be impacted by the course of the parliamentary proceedings in light of the treat of fast and Jail Bharo proposed by Anna Hazare. Result season and the guidance for the next calendar would set the tone of the market in near future. Corporate India was struggling with Inflation and interest in H1. We expect Q3 results to be worse than Q2 led by continued demand pressure and sharp rupee depreciation which would not only increase input prices impacting operating margins but would also lead to continuing MTM losses on forex borrowings for second quarter in a row”.
ICICI SECURITIES: “With the approaching settlement, rollover activities have already picked up in most of the sectoral heavyweights along with index futures. We expect the Nifty to find stiff resistance at the highest Call base of 4900 strike while 4500 levels should continue to act as a strong support for the December series. The Nifty may exhibit volatile but range bound movement in the settlement week. Immediate resistance for the Nifty can be experienced at 4830. Further weakness may be experienced if the Nifty breaches 4630 levels on the downside. Banking stocks led the underperformance of the Nifty as both PSU and private banks observed severe selling pressure in the early part of the week. However, the Bank Nifty took support at the lower channel of 7750 and bounced back to 8450. The Bank Nifty may continue to remain sluggish if it is unable to sustain above 8530 levels on the higher side. On the downside, immediate support can be experienced at the highest Put base of 8000”.
SMC TRADEONLINE (WISE MONEY): “Nifty trading below most of the moving averages are indicating weakness. Meanwhile, global factors will continue to play an influential role although the trend remains negative. Last week Nifty saw dead cat bounces led by short covering. The put-call ratio of open interest dropped throughout the week to close at 0.88. Currently, the highest concentration of open interest in the December series has shifted to the 5100-strike call from the 4700-strike put, with open interest of more than 78 lakh shares. The 4500 and 4600 put-option strikes have more than 70 lakh shares each in open interest, respectively. The Implied Volatility (IV) of call options closed at 25.10% for the week, whereas it was 24.90% for puts. The market is expected to remain in the broad range of 4500-4800 in the near term. If the Index manages to climb and sustain the 4800 mark, it could gradually inch up towards 4950 levels on the back of short-covering. Alternately, a failure to sustain below the 4650 mark will induce further selling pressure, thereby dragging Nifty down immediately to lower supports of 4500 levels in due course”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically we now head into F&O expiry and the year end and I expect to consolidate and trade higher and near to 4862 zones and close positive for the week... From trading point of view, I would buy dips as 4630 is a strong support to deal with. On daily basis, technically the market can see some up moves until F&O expiry and the next logical target on the way up is 4815-4862. The support for the Nifty is at 4630 and resistance at 4815-4862”.
MICROSEC SECURITIES: “After making a tow year’s low of 4531.15 on Tuesday, Nifty has given a strong pull back rally of almost 5% in last three successive trading sessions. Now we expect this rally would continue to 4825 and then 4920. However, a breach of 4530 would indicate the end of current rally and in that case Nifty may further go down and take support in the band of 4400-4350. For the coming week, first support of Nifty is at 4650 and the resistance is 4770. If Nifty breaks 4650, it may further go down to 4600 and then 4530. However, if Nifty is able to sustain above 4770, the level of 4825-4920 would become the next target”.
INDIRATRADE SECURITIES: “The markets gained momentum during the week and both benchmark indices closed with significant upside. Oil & gas, auto and banking closed with substantial gains while capital goods lost significantly. For the next week, Nifty likely to trade in the range between 4750-4850 in the upper side and 4450-4400 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The technical indicators like Stochastic Oscillators and RSI are rallying towards the overbought zone. MACD is at the verge of a bullish crossover. The critical level for NSE Nifty for further upside is expected at 4770. If closes and sustains above this, the index can possibly target the first resistance of 4860. Upside resistance is 4920. On downside, the first support for the day is 4610 and the short-term lower support is seen at 4460”.
SWASTIKA INVESTMART: “The Market is expected to remain Volatile on account of December month F&O contracts Expiry which will due on Thursday, 29th December 2011. Besides Market will dominate by developments in European Union nations, Volatility in the dollar, foreign Institutional activity and political uncertainty will remain a cause of concern”.
HEM SECURITIES: “High volatility is expected next week as traders roll over positions in futures & options (F&O) segment from the near-month December 2011 series to January 2012 series. The near-month December 2011 F&O contracts expire on Thursday, 29 December 2011. Foreign institutional investors (FIIs) have been sellers in domestic equities recently. The slowing domestic economic growth, high fiscal deficit, current account deficit and government's policy inaction remain a cause for concern. On Monday, markets are expected to have sideways trend”.
INVENTURE GROWTH & SECURITIES: “On the weekly basis, Nifty has made a lower top and lower bottom compared to the previous week. This means that the downtrend is still on. On the upside, the next meaningful resistance is at 4,780-4,840 level. And on the downside supports are placed at 4,640-4,525”.
UNICON WEEKLY: “Technically Nifty on weekly chart has formed bullish candle stick pattern, which shows positive sentiment on weekly closing basis. Oscillators like RSI is showing negative crossover in weekly chart, which shows resistance are good for selling opportunity. Nifty closed below the 20 day moving average (4806) indicating the short term trend could be turning negative. Short term stochastics are showing oversold territory and positive sentiment till support levels at 4600-4500. The market setup is somewhat negative with trading range between 4525-4950 on weekly basis. The next area of resistance is around at 4870-4950 and supports are at 4600-4500. If Nifty trades below 4525, it may take supports at 4400-4300. Weekly Nifty has resistance at 4870-4950 and supports at 4600-4500. Weekly Sensex has resistance at 16240-16545 and supports at 15450-15125. Weekly Bank Nifty has resistance at 8650-9100 and supports at 8000-7770”.
GEPL CAPITAL (SHORT-TERM OUTLOOK): “Nifty was not able to clear the resistance of 4800 and intraday correction was seen forming low at 4697. The current corrective uptrend will remain intact till Nifty trades above 4600 with immediate target between 4800-4850. The upward breakout is placed at 4750 above which Nifty Future is likely to enter in the resistance zone of 4800-4850. Downward breach of 4600 level may show a panic selling in the market and Nifty Futures may move to the current low of 4538”.
FOR TECHNICALS/DAY CALLS, “READ HERE”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade long in Nifty from lower support at 4,680 for targets of 4,720-4,750 with a stop loss placed at 4,640”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty managed to close above 4700 even though in red. The Nifty VIX jumped around 2% today. Coming week, especially the initial days are expected to be dull and towards the end of the week, we may see year-end selling. Nifty is having resistance at 4753 and 4793 levels while the support is there at 4683 and 4525 levels”.
VENTURA SECURITIES LIMITED: “As per daily chart Nifty is moving within triangle forming lower tops & lower bottoms. Upper resistance of this pattern comes to 4963 & lower support at 4520. On Friday, after making top at 4763, Nifty made a low of 4693 & closed 19 points down at 4714. Now on upper side, Nifty has immediate weekly 200 moving average resistance at 4769. If it crosses this, then 4815 & 4883 are 50% & 62% retracement resistances of the fall from 5100 (07/12/11) to 4531 (20/12/2011). In between, 4847 is 30 DMA resistances. Above 4883, 4964 is major trend-line as well as DMA resistance. On lower side, if Nifty breaks its immediate support of 4693, then it may come down to 4632-4601 levels. Below this, 4520 is major trend-line support”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “we expect volumes to be muted as investors move into holiday mood. Volatility is expected to remain high on account of FNO expiry. Market is expected to oscillate between 4600-4800. Sentiment could also be impacted by the course of the parliamentary proceedings in light of the treat of fast and Jail Bharo proposed by Anna Hazare. Result season and the guidance for the next calendar would set the tone of the market in near future. Corporate India was struggling with Inflation and interest in H1. We expect Q3 results to be worse than Q2 led by continued demand pressure and sharp rupee depreciation which would not only increase input prices impacting operating margins but would also lead to continuing MTM losses on forex borrowings for second quarter in a row”.
ICICI SECURITIES: “With the approaching settlement, rollover activities have already picked up in most of the sectoral heavyweights along with index futures. We expect the Nifty to find stiff resistance at the highest Call base of 4900 strike while 4500 levels should continue to act as a strong support for the December series. The Nifty may exhibit volatile but range bound movement in the settlement week. Immediate resistance for the Nifty can be experienced at 4830. Further weakness may be experienced if the Nifty breaches 4630 levels on the downside. Banking stocks led the underperformance of the Nifty as both PSU and private banks observed severe selling pressure in the early part of the week. However, the Bank Nifty took support at the lower channel of 7750 and bounced back to 8450. The Bank Nifty may continue to remain sluggish if it is unable to sustain above 8530 levels on the higher side. On the downside, immediate support can be experienced at the highest Put base of 8000”.
SMC TRADEONLINE (WISE MONEY): “Nifty trading below most of the moving averages are indicating weakness. Meanwhile, global factors will continue to play an influential role although the trend remains negative. Last week Nifty saw dead cat bounces led by short covering. The put-call ratio of open interest dropped throughout the week to close at 0.88. Currently, the highest concentration of open interest in the December series has shifted to the 5100-strike call from the 4700-strike put, with open interest of more than 78 lakh shares. The 4500 and 4600 put-option strikes have more than 70 lakh shares each in open interest, respectively. The Implied Volatility (IV) of call options closed at 25.10% for the week, whereas it was 24.90% for puts. The market is expected to remain in the broad range of 4500-4800 in the near term. If the Index manages to climb and sustain the 4800 mark, it could gradually inch up towards 4950 levels on the back of short-covering. Alternately, a failure to sustain below the 4650 mark will induce further selling pressure, thereby dragging Nifty down immediately to lower supports of 4500 levels in due course”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically we now head into F&O expiry and the year end and I expect to consolidate and trade higher and near to 4862 zones and close positive for the week... From trading point of view, I would buy dips as 4630 is a strong support to deal with. On daily basis, technically the market can see some up moves until F&O expiry and the next logical target on the way up is 4815-4862. The support for the Nifty is at 4630 and resistance at 4815-4862”.
MICROSEC SECURITIES: “After making a tow year’s low of 4531.15 on Tuesday, Nifty has given a strong pull back rally of almost 5% in last three successive trading sessions. Now we expect this rally would continue to 4825 and then 4920. However, a breach of 4530 would indicate the end of current rally and in that case Nifty may further go down and take support in the band of 4400-4350. For the coming week, first support of Nifty is at 4650 and the resistance is 4770. If Nifty breaks 4650, it may further go down to 4600 and then 4530. However, if Nifty is able to sustain above 4770, the level of 4825-4920 would become the next target”.
INDIRATRADE SECURITIES: “The markets gained momentum during the week and both benchmark indices closed with significant upside. Oil & gas, auto and banking closed with substantial gains while capital goods lost significantly. For the next week, Nifty likely to trade in the range between 4750-4850 in the upper side and 4450-4400 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The technical indicators like Stochastic Oscillators and RSI are rallying towards the overbought zone. MACD is at the verge of a bullish crossover. The critical level for NSE Nifty for further upside is expected at 4770. If closes and sustains above this, the index can possibly target the first resistance of 4860. Upside resistance is 4920. On downside, the first support for the day is 4610 and the short-term lower support is seen at 4460”.
SWASTIKA INVESTMART: “The Market is expected to remain Volatile on account of December month F&O contracts Expiry which will due on Thursday, 29th December 2011. Besides Market will dominate by developments in European Union nations, Volatility in the dollar, foreign Institutional activity and political uncertainty will remain a cause of concern”.
HEM SECURITIES: “High volatility is expected next week as traders roll over positions in futures & options (F&O) segment from the near-month December 2011 series to January 2012 series. The near-month December 2011 F&O contracts expire on Thursday, 29 December 2011. Foreign institutional investors (FIIs) have been sellers in domestic equities recently. The slowing domestic economic growth, high fiscal deficit, current account deficit and government's policy inaction remain a cause for concern. On Monday, markets are expected to have sideways trend”.
INVENTURE GROWTH & SECURITIES: “On the weekly basis, Nifty has made a lower top and lower bottom compared to the previous week. This means that the downtrend is still on. On the upside, the next meaningful resistance is at 4,780-4,840 level. And on the downside supports are placed at 4,640-4,525”.
UNICON WEEKLY: “Technically Nifty on weekly chart has formed bullish candle stick pattern, which shows positive sentiment on weekly closing basis. Oscillators like RSI is showing negative crossover in weekly chart, which shows resistance are good for selling opportunity. Nifty closed below the 20 day moving average (4806) indicating the short term trend could be turning negative. Short term stochastics are showing oversold territory and positive sentiment till support levels at 4600-4500. The market setup is somewhat negative with trading range between 4525-4950 on weekly basis. The next area of resistance is around at 4870-4950 and supports are at 4600-4500. If Nifty trades below 4525, it may take supports at 4400-4300. Weekly Nifty has resistance at 4870-4950 and supports at 4600-4500. Weekly Sensex has resistance at 16240-16545 and supports at 15450-15125. Weekly Bank Nifty has resistance at 8650-9100 and supports at 8000-7770”.
GEPL CAPITAL (SHORT-TERM OUTLOOK): “Nifty was not able to clear the resistance of 4800 and intraday correction was seen forming low at 4697. The current corrective uptrend will remain intact till Nifty trades above 4600 with immediate target between 4800-4850. The upward breakout is placed at 4750 above which Nifty Future is likely to enter in the resistance zone of 4800-4850. Downward breach of 4600 level may show a panic selling in the market and Nifty Futures may move to the current low of 4538”.
FOR TECHNICALS/DAY CALLS, “READ HERE”.
1 comment:
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