At the close, the benchmark 30-share index, BSE Sensex declined 204.26 points or 1.33% at 15,175.08 with 25 components registering drop. Meanwhile, the broad based NSE Nifty went down by 68.90 points or 1.49% at 4,544.20 with 43 components posting drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green and inch up further during the day. Among the sectoral indices, Oil & Gas and IT stocks could outperform”.
KOTAK SECURITIES (SHRIKANT CHOUHAN): “Nifty opened higher but failed to sustain at higher levels and closed at almost day’s lowest levels. However, if we correlate today’s trend with a trend of last 9 days then we can say that the markets are oversold in the near term and is trading much closer to major support of falling parallel channel. Any slight positive development may lift the index to the current sell off maximum up to 4,700. 4,700 was the barrier/support for last three months and now it will act as a major hurdle for the market and positional traders can create short around the same. Tomorrow in case the market holds above 4,530 in the first half of the trading sessions then we can enter into long position with the same stop loss for the target 4,700 on the higher side”.
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 with deep cuts. Level wise, closing below the vital 4600 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large- caps, small-cap, 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 4744, 4830, 4988 & 5043. VIX, the barometer of uncertainty, closed at a higher level of 30+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 30.62 levels and MACD closed below the signal line. Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4,650 levels and closed in red below 4,600 levels. After making hammer candlestick pattern on daily charts, Nifty made long black candlestick pattern which shows that Bear are having control at the moment. Selling pressure may be continuing below 4530-4510 zone. On the other hand, if Nifty respect support at 4530-4510 zone then recovery may also be seen. For daily purpose, the trend deciding level is at 4,550. If Nifty shows strength above 4,550 levels, then rally to 4,600/4,640/4,700 may be seen. If Nifty does not show strength above 4,550 levels then selling pressure till 4,510/4,450/4,400 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Bargain buying can be expected around 4,500-4,550 levels. Technical recovery to 4,650-4,710 levels can be expected in coming days. We recommend to exit from long positions on any technical recovery to 4,710-4,740 levels. A close above 4,750 is expected to change the short term trend of the market. Nifty is likely to consolidate within 4,450-4,750 range in medium term”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in Nifty at 4,580 levels with a stoploss of 4,600 for targets of 4,550”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty has crashed in the final hours of trade after moving below the crucial support of 4561. Going forward the sentiment will remain negative as Nifty has been making new lows every day but one positive thing is that the markets have entered in the heavily oversold region with 50 Day RSI at 13 and 3 Day RSI at 4.5. As it managed to get support around 4500, then we may see a bounce back. Nifty is having resistance at 4610 and 4660 while the support is there at 4504 and 4464 levels”.
GEPL CAPITAL: “Nifty Futures was unable to surpass 4650 in last 2 trading sessions and formed intraday low at 4538. If Nifty Futures is able to surpass 4650 corrective trend will be seen in the range of 4730. Till Nifty Futures trades below the intermediate resistance of 4850 the grip of bears will remain on market. Breach of the crucial support o f4520 is likely to push Nifty Futures towards 4450 which is channel support. The RSI on daily charts is in extremely oversold zone but yet to trigger a buy signal indicating winding up of short selling positions. The Long trading positions can be initiated in the range of 4630-4610 with the SL of 4580 and target of 4680-4690. The intermediate trend of Nifty Futures will remain in downward direction till the weekly close is below 5275 mark. The intraday resistance levels for Nifty Futures are placed at 4680 & 4730 and support levels are placed at 4600 & 4550 respectively”.
SMC TRADEONLINE (WISE MONEY): “The market may open higher on firm Asian markets. Asian stocks gained for a second day, with a benchmark index poised for the biggest gain in almost three weeks, after U.S. housing starts rose more than economists forecast and payrolls increased in most states. U.S Stocks rallied, with the Standard & Poor’s 500 Index rebounding from its lowest level of the month, and Treasuries fell as U.S. housing starts topped economists’ estimates and German business confidence unexpectedly grew. As per provisional figures, foreign institutional investors (FIIs) sold shares worth a net ` 526.26 crore on 20th December 2011. Domestic institutional investors bought shares worth ` 186.72 crore on that day”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still weak and now one more harsh dip will setup the market for a sharp reaction. The support for the Nifty is at 4520-4340 and resistance at 4700”.
ANGEL BROKING (Technical): “Indices opened on a quiet note and tried crossing the resistance at 15440/4623 but failed to sustain at higher levels as strong selling pressure intensified during the latter part of the session. As a result indices breached the low of a ‘bullish Hammer’ and negated the bullish implication of the pattern. However, considering the positive global cues it is likely that our markets may open on a positive note. On the upside, 15450/4638 level is expected to act as the first resistance level. A move beyond this may push indices higher to test 15590–15750/4672–4730 levels. On the downside, a fall below 15135/4531 may lead indices to drift towards 14870/4430 levels”.
IIFL (Amar Ambani): “Swelling fiscal deficit, widening current account gap, high interest rates, slowing economy and policy inaction are forcing foreign investors to commit less money to India. As a result, it is tough to find optimists on Indian equities at the moment. Further downside is not ruled out as buying support is dwindling. Scary levels on the frontline Indian indices are being bandied about. Things could improve a bit over the medium to long term, provided the Government signals and/or implements a few important steps to lift the pall of gloom”. (source: myiris)
MICROSEC SECURITIES: “Nifty is expected to get a strong support at 4530 in the short term. If Nifty breaches 4530, it may further go down to 4450 and then 4350. However, a breach of 4720 would indicate a reversal of current trend and in that case Nifty may test the level of 4860 and then 4920 in the extreme short term. On an intra-day basis Nifty has a support at 4530 and is likely to face a stiff resistance near 4590. If Nifty breaks 4530, it may further go down to 4480 and then 4450. However, if it is able to sustain above 4590, the level of 4620–4670 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,253/4,571 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,370–15,565/4,611–4,677 levels. However, if Nifty trades below 15,253/4,571 levels for the first half-an-hour of trade then it may correct up to 15,058–14,941/4,504–4,465 levels”.
INDIRATRADE SECURITIES: “Tuesday was a volatile day in the markets with both benchmark indices closing with significant losses. Metal and capital goods remained the worst performers in session and realty and auto, too, played their roles in pulling the indices down. FMCG was the only sector that managed to close positive. For today’s trade, market likely to trade in the range between 4570 & 4610 in the upper side and 4510 & 4470 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian indices seen up backed by positive cues from global markets, which rose on strong economic data from US, Germany and as Spain's short-term borrowing cost fell. The NSE Nifty is expected to open above the Critical level of 4601 and henceforth, may show a sideways movement with a positive bias. However the index may face stiff resistance at 4648.During the day if the Nifty manages to trade above this level, then further rally can carry the benchmark towards 4679. Below the Critical level at 4601,the index may try to find a lower support at 4578.The major support for the day is at 4553”.
NIRMAL BANG SECURITIES: “Nifty kept a week closing below 4650 in yesterday’s trading session. Nifty is trading in a downward channel and downwards rally is remaining intact. Nifty has a strong support of 4500 level from where a technical bounce, short covering may be seen. Any positive triggered will help the Nifty to cross 4650/4740 mark on closing basis”.
HEM SECURITIES: “A late sell-off pushed the key benchmark indices to their lowest level in almost 28 months. The market breadth was weak. Barring the BSE FMCG index, all the other 12 sectoral indices on BSE were in the red. Capital goods stocks dropped on worries that new order flows will be hit adversely in a slowing economy, with L&T, Bhel, and Jaiprakash Associates hitting 52-week lows. Tata Power also hit 52-week low. Data showing sustained selling by foreign funds over the past few days weighed on sentiment. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Nifty now has key supports at 4,525, below which it could drop to 4410 levels. On the upside resistances are placed at 4,650-4,730 levels”.
GEPL CAPITAL (SHORT-TERM OUTLOOK): “The immediate support for Nifty is placed at 4520 and breach of this level will show panic selling heading towards 4300. But sustaining above 4650 is likely to trigger a bounce back, pushing Nifty Futures in the zone of 4700-4750. The timing cycle day on 19th December is indicating higher probability of bounce back which will get confirmed above 4650. Till Nifty trades below 4850, the bear grip is likely to remain in the market keeping the trend in downward direction”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Today, we expect the Indian Markets to open in the green and inch up further during the day. Among the sectoral indices, Oil & Gas and IT stocks could outperform”.
KOTAK SECURITIES (SHRIKANT CHOUHAN): “Nifty opened higher but failed to sustain at higher levels and closed at almost day’s lowest levels. However, if we correlate today’s trend with a trend of last 9 days then we can say that the markets are oversold in the near term and is trading much closer to major support of falling parallel channel. Any slight positive development may lift the index to the current sell off maximum up to 4,700. 4,700 was the barrier/support for last three months and now it will act as a major hurdle for the market and positional traders can create short around the same. Tomorrow in case the market holds above 4,530 in the first half of the trading sessions then we can enter into long position with the same stop loss for the target 4,700 on the higher side”.
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 with deep cuts. Level wise, closing below the vital 4600 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large- caps, small-cap, 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 4744, 4830, 4988 & 5043. VIX, the barometer of uncertainty, closed at a higher level of 30+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 30.62 levels and MACD closed below the signal line. Market may continue to witness some range bound weak movements in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4,650 levels and closed in red below 4,600 levels. After making hammer candlestick pattern on daily charts, Nifty made long black candlestick pattern which shows that Bear are having control at the moment. Selling pressure may be continuing below 4530-4510 zone. On the other hand, if Nifty respect support at 4530-4510 zone then recovery may also be seen. For daily purpose, the trend deciding level is at 4,550. If Nifty shows strength above 4,550 levels, then rally to 4,600/4,640/4,700 may be seen. If Nifty does not show strength above 4,550 levels then selling pressure till 4,510/4,450/4,400 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Bargain buying can be expected around 4,500-4,550 levels. Technical recovery to 4,650-4,710 levels can be expected in coming days. We recommend to exit from long positions on any technical recovery to 4,710-4,740 levels. A close above 4,750 is expected to change the short term trend of the market. Nifty is likely to consolidate within 4,450-4,750 range in medium term”.
KARVY STOCK: “The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in Nifty at 4,580 levels with a stoploss of 4,600 for targets of 4,550”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty has crashed in the final hours of trade after moving below the crucial support of 4561. Going forward the sentiment will remain negative as Nifty has been making new lows every day but one positive thing is that the markets have entered in the heavily oversold region with 50 Day RSI at 13 and 3 Day RSI at 4.5. As it managed to get support around 4500, then we may see a bounce back. Nifty is having resistance at 4610 and 4660 while the support is there at 4504 and 4464 levels”.
GEPL CAPITAL: “Nifty Futures was unable to surpass 4650 in last 2 trading sessions and formed intraday low at 4538. If Nifty Futures is able to surpass 4650 corrective trend will be seen in the range of 4730. Till Nifty Futures trades below the intermediate resistance of 4850 the grip of bears will remain on market. Breach of the crucial support o f4520 is likely to push Nifty Futures towards 4450 which is channel support. The RSI on daily charts is in extremely oversold zone but yet to trigger a buy signal indicating winding up of short selling positions. The Long trading positions can be initiated in the range of 4630-4610 with the SL of 4580 and target of 4680-4690. The intermediate trend of Nifty Futures will remain in downward direction till the weekly close is below 5275 mark. The intraday resistance levels for Nifty Futures are placed at 4680 & 4730 and support levels are placed at 4600 & 4550 respectively”.
SMC TRADEONLINE (WISE MONEY): “The market may open higher on firm Asian markets. Asian stocks gained for a second day, with a benchmark index poised for the biggest gain in almost three weeks, after U.S. housing starts rose more than economists forecast and payrolls increased in most states. U.S Stocks rallied, with the Standard & Poor’s 500 Index rebounding from its lowest level of the month, and Treasuries fell as U.S. housing starts topped economists’ estimates and German business confidence unexpectedly grew. As per provisional figures, foreign institutional investors (FIIs) sold shares worth a net ` 526.26 crore on 20th December 2011. Domestic institutional investors bought shares worth ` 186.72 crore on that day”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still weak and now one more harsh dip will setup the market for a sharp reaction. The support for the Nifty is at 4520-4340 and resistance at 4700”.
ANGEL BROKING (Technical): “Indices opened on a quiet note and tried crossing the resistance at 15440/4623 but failed to sustain at higher levels as strong selling pressure intensified during the latter part of the session. As a result indices breached the low of a ‘bullish Hammer’ and negated the bullish implication of the pattern. However, considering the positive global cues it is likely that our markets may open on a positive note. On the upside, 15450/4638 level is expected to act as the first resistance level. A move beyond this may push indices higher to test 15590–15750/4672–4730 levels. On the downside, a fall below 15135/4531 may lead indices to drift towards 14870/4430 levels”.
IIFL (Amar Ambani): “Swelling fiscal deficit, widening current account gap, high interest rates, slowing economy and policy inaction are forcing foreign investors to commit less money to India. As a result, it is tough to find optimists on Indian equities at the moment. Further downside is not ruled out as buying support is dwindling. Scary levels on the frontline Indian indices are being bandied about. Things could improve a bit over the medium to long term, provided the Government signals and/or implements a few important steps to lift the pall of gloom”. (source: myiris)
MICROSEC SECURITIES: “Nifty is expected to get a strong support at 4530 in the short term. If Nifty breaches 4530, it may further go down to 4450 and then 4350. However, a breach of 4720 would indicate a reversal of current trend and in that case Nifty may test the level of 4860 and then 4920 in the extreme short term. On an intra-day basis Nifty has a support at 4530 and is likely to face a stiff resistance near 4590. If Nifty breaks 4530, it may further go down to 4480 and then 4450. However, if it is able to sustain above 4590, the level of 4620–4670 would become the next target”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,253/4,571 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,370–15,565/4,611–4,677 levels. However, if Nifty trades below 15,253/4,571 levels for the first half-an-hour of trade then it may correct up to 15,058–14,941/4,504–4,465 levels”.
INDIRATRADE SECURITIES: “Tuesday was a volatile day in the markets with both benchmark indices closing with significant losses. Metal and capital goods remained the worst performers in session and realty and auto, too, played their roles in pulling the indices down. FMCG was the only sector that managed to close positive. For today’s trade, market likely to trade in the range between 4570 & 4610 in the upper side and 4510 & 4470 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian indices seen up backed by positive cues from global markets, which rose on strong economic data from US, Germany and as Spain's short-term borrowing cost fell. The NSE Nifty is expected to open above the Critical level of 4601 and henceforth, may show a sideways movement with a positive bias. However the index may face stiff resistance at 4648.During the day if the Nifty manages to trade above this level, then further rally can carry the benchmark towards 4679. Below the Critical level at 4601,the index may try to find a lower support at 4578.The major support for the day is at 4553”.
NIRMAL BANG SECURITIES: “Nifty kept a week closing below 4650 in yesterday’s trading session. Nifty is trading in a downward channel and downwards rally is remaining intact. Nifty has a strong support of 4500 level from where a technical bounce, short covering may be seen. Any positive triggered will help the Nifty to cross 4650/4740 mark on closing basis”.
HEM SECURITIES: “A late sell-off pushed the key benchmark indices to their lowest level in almost 28 months. The market breadth was weak. Barring the BSE FMCG index, all the other 12 sectoral indices on BSE were in the red. Capital goods stocks dropped on worries that new order flows will be hit adversely in a slowing economy, with L&T, Bhel, and Jaiprakash Associates hitting 52-week lows. Tata Power also hit 52-week low. Data showing sustained selling by foreign funds over the past few days weighed on sentiment. For tomorrow, markets are expected to be sideways”.
INVENTURE GROWTH & SECURITIES: “Nifty now has key supports at 4,525, below which it could drop to 4410 levels. On the upside resistances are placed at 4,650-4,730 levels”.
GEPL CAPITAL (SHORT-TERM OUTLOOK): “The immediate support for Nifty is placed at 4520 and breach of this level will show panic selling heading towards 4300. But sustaining above 4650 is likely to trigger a bounce back, pushing Nifty Futures in the zone of 4700-4750. The timing cycle day on 19th December is indicating higher probability of bounce back which will get confirmed above 4650. Till Nifty trades below 4850, the bear grip is likely to remain in the market keeping the trend in downward direction”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
No comments:
Post a Comment