At the close, the benchmark 30-share index, BSE Sensex declined 96.80 points or 0.61% at 15,873.95 with 22 components posting drop. Meanwhile, the broad based NSE Nifty fell by 28.50 points or 0.60% at 4,750.50 with 36 components registering drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Level wise, Nifty closing above the threshold 4740 levels may extend support to the recovering strength of the bulls in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large-caps, small-cap, mid-cap were under bear’s clout. Owing to this, bulls lost the control to the bears with significant margin. Due to buying Nifty recover significantly and closed above 9 & 14 day’s SMA placed at 4692 & 4742 but, continued to close below its vital 50 & 100 day’s SMA placed at 4967 & 5001. Though, VIX, the barometer of uncertainty, corrected sharply and closed at 26+, yet it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.70 levels and MACD closed above the signal line. Market may continue to witness limited upward movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in a range 4700-4800. Below 4693, there may be heavy selling pressure; however, 4640 and 4611 are major support levels. In Bank Nifty 8550-80 would be major resistance level. Bank Nifty is in the range 8000-8400, sustaining beyond the range either side may dictate the trend”.
BONANZA PORTFOLIO (Shanu Goel): “In the last 3-4 trading sessions, Nifty has posted decent recovery from the lows of 4531 levels and gained almost 270 points to the high today of 4800 levels. However, heavy intraday volatility has continued to play spoilsport for the position holders. The short term trend has turned slightly bullish however cautious approach is recommended since volatility is expected to remain high during the current weak as December Derivative series comes to an end on. 29th Dec. Above 4,750, next resistance on upside is placed at 4,820-4,840 level. Downside support exists at 4,660-4,670”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to marginally positive note. Trade short in Nifty if it fails to cross 4,800 levels with a stop loss at 4,820 for targets of 4,750 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “On the sectoral front, we saw selling pressure in realty, metal, banking and PSU stock while consumer durable was the lone gainer. Telecom stock witnessed profit taking after telecom commission suggested a uniform license fee of 8% as against existing 6-10% depending upon type of services and circle”.
PINC RESEARCH (PINCTREND): “The last few days' price move of the Nifty confirms the view that the short-term uptrend that has begun from 4530 could be losing momentum. However, this doesn't change the fact that the uptrend from the last week's low of 4530 is still on. The last few days move only means that the Nifty could face hurdles on any further advances. Resistance on the upside should emerge at 4800-4850 zones. The level of 4700 is a pivotal support below which it could result in another leg of decline possibly towards the earlier low of 4530”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market saw the high at 4801 and profit booking came in and the market closing flat for the day. Technically we are just 2 days into F&O expiry and volatility is not ruled out with 4815 being a strong resistance. The support for the Nifty is at 4720 and resistance at 4815-4862”.
GEPL CAPITAL: “The level of 4800 is likely to provide a strong resistance, resulting in sideways movement for next 2 trading sessions in Nifty Futures. The expected range for Nifty Futures is placed between 4800-4650 as volumes are shrinking for last 8 trading sessions on daily chart. In any downward movement below 4700 long positions can be created with stop loss of 4600 and initial target of 4850. If Nifty Futures is able to surpass 4800 then next resistance level is placed near 4950 which is also a falling trend line resistance. The Short term positive RSI and falling trading volumes are suggesting still some steam left in the current bounce back. The crucial support is placed at 4600 and only in case of downward breach of this level, again sell off may be seen. 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 4780 & 4820 and support levels are placed at 4700 & 4650 respectively”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4800 levels, however, Nifty also showed some recovery from lower levels. Buying interest may be seen if Nifty maintains above 4800 levels else selling pressure may be continuing. Nifty Dec Future expiry due within two days, therefore volatility may be seen and traders should be cautious. For daily purpose, Trend deciding level is 4750. If Nifty shows strength above 4750 levels, then rally to 4800/4840/4900 may be seen. If Nifty does not show strength above 4750 levels then selling pressure till 4700/4670/4620 may also be seen”.
INDIRATRADE SECURITIES: “Tuesday the markets traded range-bound for most part of the day but lost in the last one hour to close with moderate declines. Barring FMCG, all sectoral indices closed negative with realty, metal and banking being the worst performers. For today’s trade market likely to trade in the range between 4770 & 4810 in the upper side and 4720 & 4670 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,908/4,758 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,016–16,157/4,793–4,835 levels. However, if Nifty trades below 15,908/4,758 levels for the first half-an-hour of trade then it may correct up to 15,766–15,658/4,716–4,681 levels”.
ANGEL BROKING (Technical): “As expected and mentioned in our previous report, 16020–16070/4800–4820 levels acted as stiff resistance for the markets. This resistance zone also coincides with 20 Day EMA. After a flat opening, indices moved towards this resistance zone and then corrected to close well below the 20 day EMA. We are now observing a ‘Narrow Range’ body formation on the Daily chart. This indicates uncertainty among the bulls and the bears. Thus, if indices sustain below yesterday’s low of 15799/4723, then they are likely to drift towards 15671–15592/4693–4665 levels. Conversely, the positive crossover in ‘RSI–Smoothened’ is still intact. This impact of this crossover would be witnessed if Indices manage to sustain above upper range of the resistance zone i.e. 16070/4820. In this case, indices are likely to move towards 16286–16421/4881–4920 levels”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to keep the closing above support levels i.e. 4740. Range bound trading is expected in the Nifty. Résistance 4780/4840 with support of 4710/4670”.
HDFC SECURITIES: “With the markets ending lower, it is important that the immediate lows of 4690 hold for the bulls to have an upper hand in the coming sessions. On the upside resistances to watch are at 4840”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian indices are likely to open flat-to-lower, but trade is seen choppy as most investors may remain on the sidelines on account of New Year holidays. The NSE Nifty may take an opening support around 4731 and may remain in a trading range between the Critical level at 4714 and the first resistance at 4770. When market moves out of this range, a clear trend may be visible. Above 4770, the benchmark may find strong resistance at 4805. However below 4714, there can be a downtrend once again and the index may try to take a support around 4688. A fall below this can drag the index towards the major support at 4657”.
SMC TRADEONLINE (WISE MONEY): “Today the markets are likely to open on a flat note on back of mixed global cues. All emerging markets are trading flat. The coming session is likely to witness a range of 4630 on declines and 4900 on advances”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Level wise, Nifty closing above the threshold 4740 levels may extend support to the recovering strength of the bulls in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large-caps, small-cap, mid-cap were under bear’s clout. Owing to this, bulls lost the control to the bears with significant margin. Due to buying Nifty recover significantly and closed above 9 & 14 day’s SMA placed at 4692 & 4742 but, continued to close below its vital 50 & 100 day’s SMA placed at 4967 & 5001. Though, VIX, the barometer of uncertainty, corrected sharply and closed at 26+, yet it indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 45.70 levels and MACD closed above the signal line. Market may continue to witness limited upward movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “Nifty is expected to trade in a range 4700-4800. Below 4693, there may be heavy selling pressure; however, 4640 and 4611 are major support levels. In Bank Nifty 8550-80 would be major resistance level. Bank Nifty is in the range 8000-8400, sustaining beyond the range either side may dictate the trend”.
BONANZA PORTFOLIO (Shanu Goel): “In the last 3-4 trading sessions, Nifty has posted decent recovery from the lows of 4531 levels and gained almost 270 points to the high today of 4800 levels. However, heavy intraday volatility has continued to play spoilsport for the position holders. The short term trend has turned slightly bullish however cautious approach is recommended since volatility is expected to remain high during the current weak as December Derivative series comes to an end on. 29th Dec. Above 4,750, next resistance on upside is placed at 4,820-4,840 level. Downside support exists at 4,660-4,670”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to marginally positive note. Trade short in Nifty if it fails to cross 4,800 levels with a stop loss at 4,820 for targets of 4,750 levels”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “On the sectoral front, we saw selling pressure in realty, metal, banking and PSU stock while consumer durable was the lone gainer. Telecom stock witnessed profit taking after telecom commission suggested a uniform license fee of 8% as against existing 6-10% depending upon type of services and circle”.
PINC RESEARCH (PINCTREND): “The last few days' price move of the Nifty confirms the view that the short-term uptrend that has begun from 4530 could be losing momentum. However, this doesn't change the fact that the uptrend from the last week's low of 4530 is still on. The last few days move only means that the Nifty could face hurdles on any further advances. Resistance on the upside should emerge at 4800-4850 zones. The level of 4700 is a pivotal support below which it could result in another leg of decline possibly towards the earlier low of 4530”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market saw the high at 4801 and profit booking came in and the market closing flat for the day. Technically we are just 2 days into F&O expiry and volatility is not ruled out with 4815 being a strong resistance. The support for the Nifty is at 4720 and resistance at 4815-4862”.
GEPL CAPITAL: “The level of 4800 is likely to provide a strong resistance, resulting in sideways movement for next 2 trading sessions in Nifty Futures. The expected range for Nifty Futures is placed between 4800-4650 as volumes are shrinking for last 8 trading sessions on daily chart. In any downward movement below 4700 long positions can be created with stop loss of 4600 and initial target of 4850. If Nifty Futures is able to surpass 4800 then next resistance level is placed near 4950 which is also a falling trend line resistance. The Short term positive RSI and falling trading volumes are suggesting still some steam left in the current bounce back. The crucial support is placed at 4600 and only in case of downward breach of this level, again sell off may be seen. 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 4780 & 4820 and support levels are placed at 4700 & 4650 respectively”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4800 levels, however, Nifty also showed some recovery from lower levels. Buying interest may be seen if Nifty maintains above 4800 levels else selling pressure may be continuing. Nifty Dec Future expiry due within two days, therefore volatility may be seen and traders should be cautious. For daily purpose, Trend deciding level is 4750. If Nifty shows strength above 4750 levels, then rally to 4800/4840/4900 may be seen. If Nifty does not show strength above 4750 levels then selling pressure till 4700/4670/4620 may also be seen”.
INDIRATRADE SECURITIES: “Tuesday the markets traded range-bound for most part of the day but lost in the last one hour to close with moderate declines. Barring FMCG, all sectoral indices closed negative with realty, metal and banking being the worst performers. For today’s trade market likely to trade in the range between 4770 & 4810 in the upper side and 4720 & 4670 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,908/4,758 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,016–16,157/4,793–4,835 levels. However, if Nifty trades below 15,908/4,758 levels for the first half-an-hour of trade then it may correct up to 15,766–15,658/4,716–4,681 levels”.
ANGEL BROKING (Technical): “As expected and mentioned in our previous report, 16020–16070/4800–4820 levels acted as stiff resistance for the markets. This resistance zone also coincides with 20 Day EMA. After a flat opening, indices moved towards this resistance zone and then corrected to close well below the 20 day EMA. We are now observing a ‘Narrow Range’ body formation on the Daily chart. This indicates uncertainty among the bulls and the bears. Thus, if indices sustain below yesterday’s low of 15799/4723, then they are likely to drift towards 15671–15592/4693–4665 levels. Conversely, the positive crossover in ‘RSI–Smoothened’ is still intact. This impact of this crossover would be witnessed if Indices manage to sustain above upper range of the resistance zone i.e. 16070/4820. In this case, indices are likely to move towards 16286–16421/4881–4920 levels”.
NIRMAL BANG SECURITIES: “Nifty somehow manages to keep the closing above support levels i.e. 4740. Range bound trading is expected in the Nifty. Résistance 4780/4840 with support of 4710/4670”.
HDFC SECURITIES: “With the markets ending lower, it is important that the immediate lows of 4690 hold for the bulls to have an upper hand in the coming sessions. On the upside resistances to watch are at 4840”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian indices are likely to open flat-to-lower, but trade is seen choppy as most investors may remain on the sidelines on account of New Year holidays. The NSE Nifty may take an opening support around 4731 and may remain in a trading range between the Critical level at 4714 and the first resistance at 4770. When market moves out of this range, a clear trend may be visible. Above 4770, the benchmark may find strong resistance at 4805. However below 4714, there can be a downtrend once again and the index may try to take a support around 4688. A fall below this can drag the index towards the major support at 4657”.
SMC TRADEONLINE (WISE MONEY): “Today the markets are likely to open on a flat note on back of mixed global cues. All emerging markets are trading flat. The coming session is likely to witness a range of 4630 on declines and 4900 on advances”.
FOR TECHNICALS/DAY CALLS, “READ HERE”
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