At the close, the benchmark 30-share index, BSE Sensex declined 146.10 points or 0.92% at 15,727.85 with 18 components posting drop. Meanwhile, the broad based NSE Nifty fell by 44.70 points or 0.94% at 4,705.80 with 38 components posting drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting significant losses in last session, Nifty witnessed a weak session and closed with loss. Level wise, closing above the threshold 4700 levels may extend support to the recovering strength of the bulls in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large-cap, small cap and 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 day’s SMA placed at 4687 but, continued to close below its vital 14, 50 & 100 day’s SMA placed at 4723, 4960 & 4993. 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 43.23 levels and MACD closed above the signal line. Market may continue to witness limited upward movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “On account of F&O expiry day market is expected to remain highly volatile. Nifty is expected to trade in the range 4666-4777. However, 4640 and 4611 might be support levels below the given range while 4810 and 4848 are strong resistance levels above the given range. Bank Nifty has a strong support at 8010. If moved above 8181 it may test 8282-8310”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4,750 levels, However, Nifty also showed some recovery from 4,700-4,680 support zone. Nifty Dec future expiry due on Thursday and volatility may be seen. Selling pressure may be continuing below 4,680 zone and on upside Nifty may also face resistance in 4,750-4,800 zone. For daily purpose, the trend deciding level is at 4,700. If Nifty shows strength above 4,700 levels, then rally to 4,750/4,800/4,840 may be seen. If Nifty does not show strength above 4,700 levels then selling pressure till 4,650/4,620/4,580 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Bourses witnessed heavy intraday volatility, which in turn has played spoilsport for the position holders. Cautious approach is recommended since volatility is expected to remain high as December Derivative series comes to an end on December 29. 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 4,700 levels for targets of 4,650 levels with a stop loss at 4,720”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today fortunately closed above 4,700 after trading below and around it for quite some time. Nifty is expected to get support at 4,675 and 4,645 while the resistance is there at 4,746 and 4,786 levels. Tomorrow being the day of December expiry, we may see short covering in the second part of the day but overall trend has not turned bullish”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically a sell has been generated on a short term indicator with a stiff resistance at 4750. The support for the Nifty is at 4640 and resistance at 4750-4815”.
HEM SECURITIES: “The market shaved off all Monday's gains in the last two days' fall amid volatility, especially weighed down by banks and Reliance for second consecutive session. It seems like bears were partying ahead of the F&O expiry tomorrow. The movement seen in the market this week was despite absence of global cues as global markets are in a holiday mood for Christmas. For tomorrow; markets are expected to be downward”.
INVENTURE GROWTH & SECURITIES: “The markets continue to face resistance at 4,850-4,910 on the upside. And on the downside key supports lie at 4,630-4,525 levels. The movement in currency will help to determine the course ahead”. (source: myiris)
HDFC SECURITIES: “Today, the Indian market is likely to open in the red following weak global cues and could witness volatility on account of derivatives expiry. Among the sectoral indices, Auto, Capital Goods and Banking stocks could underperform”.
GEPL CAPITAL: “For the entire day Nifty Futures traded below 4760 and formed intraday low at 4682 showing narrow range. Nifty Futures movement is expected to be constant between 4800-4650 with direction less trading. Earlier sign of weakening trend will be seen below 4650 and again the downtrend will be established below 4600 mark. On the upward direction the level of 4800 will show a strong resistance and Nifty Futures needs to close above 4850 for showing a fresh rally. Long positions can be created below 4700 with stop loss of 4600 for initial target of 4850. The direction of the trend is expected to show clarity on 30th Dec-2nd Jan as per Timing Cycle Analysis. 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 4720 & 4760 and support levels are placed at 4650 & 4600 respectively”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,761/4,716 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,855–15,982/4,746–4,786 levels. However, if Nifty trades below 15,761/4,716 levels for the first half-an-hour of trade then it may correct up to 15,634–15,539/4,676–4,645 levels”.
ANGEL BROKING (Technical): “We are witnessing that the 20 day EMA placed at 16020/4800 is proving to be a strong resistance for the Indices. Going forward, if indices manage to sustain below yesterday’s low of 15666/4685, then they are likely to slide further towards the next support levels of 15592–15472/4665–4632. On the upside, we reiterate that the 20 Day EMA levels of 16020–16070/4800–4820 remains to be a strong resistance zone for the markets”.
INDIRATRADE SECURITIES: “The markets closed weak on Wednesday with metal and banking being the biggest losers. For today’s trade, market likely to trade in the range between 4730 & 4750 in the upper side and 4670 & 4650 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to open down today due to the weak global cues, meanwhile traders will closely watch weekly inflation data as well as F&O expiry due today. The first support for the index is at 4672 and after the initial consolidation, if market loses this support, further pressure can drag the benchmark towards the next support at 4638.The Critical level for upside is at 4723 and if the benchmark moves above this level on roll over momentum, then it may face a hurdle at 4746.The major resistance for the day is at 4782”.
SMC TRADEONLINE (WISE MONEY): “Today the markets are likely to open on a flat note on back of negative global cues. All emerging markets are trading mixed. The coming session is likely to witness a range of 4630 on declines and 4900 on advances”.
NIRMAL BANG SECURITIES: “Nifty, Volatility ruled the trading session as December derivative series stands to expire. Nifty continued to trade in volatile. Nifty somehow manages to keep the closing above support levels i.e. 4700. Resistance 4740/4770 with the support of 4680/4640”.
FOR TECHNICALS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting significant losses in last session, Nifty witnessed a weak session and closed with loss. Level wise, closing above the threshold 4700 levels may extend support to the recovering strength of the bulls in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like large-cap, small cap and 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 day’s SMA placed at 4687 but, continued to close below its vital 14, 50 & 100 day’s SMA placed at 4723, 4960 & 4993. 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 43.23 levels and MACD closed above the signal line. Market may continue to witness limited upward movements in forthcoming session amidst higher volatility”.
FAIRWEALTH SECURITIES: “On account of F&O expiry day market is expected to remain highly volatile. Nifty is expected to trade in the range 4666-4777. However, 4640 and 4611 might be support levels below the given range while 4810 and 4848 are strong resistance levels above the given range. Bank Nifty has a strong support at 8010. If moved above 8181 it may test 8282-8310”.
BONANZA ONLINE: “Nifty showed selling pressure from resistance near 4,750 levels, However, Nifty also showed some recovery from 4,700-4,680 support zone. Nifty Dec future expiry due on Thursday and volatility may be seen. Selling pressure may be continuing below 4,680 zone and on upside Nifty may also face resistance in 4,750-4,800 zone. For daily purpose, the trend deciding level is at 4,700. If Nifty shows strength above 4,700 levels, then rally to 4,750/4,800/4,840 may be seen. If Nifty does not show strength above 4,700 levels then selling pressure till 4,650/4,620/4,580 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Bourses witnessed heavy intraday volatility, which in turn has played spoilsport for the position holders. Cautious approach is recommended since volatility is expected to remain high as December Derivative series comes to an end on December 29. 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 4,700 levels for targets of 4,650 levels with a stop loss at 4,720”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty today fortunately closed above 4,700 after trading below and around it for quite some time. Nifty is expected to get support at 4,675 and 4,645 while the resistance is there at 4,746 and 4,786 levels. Tomorrow being the day of December expiry, we may see short covering in the second part of the day but overall trend has not turned bullish”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically a sell has been generated on a short term indicator with a stiff resistance at 4750. The support for the Nifty is at 4640 and resistance at 4750-4815”.
HEM SECURITIES: “The market shaved off all Monday's gains in the last two days' fall amid volatility, especially weighed down by banks and Reliance for second consecutive session. It seems like bears were partying ahead of the F&O expiry tomorrow. The movement seen in the market this week was despite absence of global cues as global markets are in a holiday mood for Christmas. For tomorrow; markets are expected to be downward”.
INVENTURE GROWTH & SECURITIES: “The markets continue to face resistance at 4,850-4,910 on the upside. And on the downside key supports lie at 4,630-4,525 levels. The movement in currency will help to determine the course ahead”. (source: myiris)
HDFC SECURITIES: “Today, the Indian market is likely to open in the red following weak global cues and could witness volatility on account of derivatives expiry. Among the sectoral indices, Auto, Capital Goods and Banking stocks could underperform”.
GEPL CAPITAL: “For the entire day Nifty Futures traded below 4760 and formed intraday low at 4682 showing narrow range. Nifty Futures movement is expected to be constant between 4800-4650 with direction less trading. Earlier sign of weakening trend will be seen below 4650 and again the downtrend will be established below 4600 mark. On the upward direction the level of 4800 will show a strong resistance and Nifty Futures needs to close above 4850 for showing a fresh rally. Long positions can be created below 4700 with stop loss of 4600 for initial target of 4850. The direction of the trend is expected to show clarity on 30th Dec-2nd Jan as per Timing Cycle Analysis. 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 4720 & 4760 and support levels are placed at 4650 & 4600 respectively”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 15,761/4,716 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,855–15,982/4,746–4,786 levels. However, if Nifty trades below 15,761/4,716 levels for the first half-an-hour of trade then it may correct up to 15,634–15,539/4,676–4,645 levels”.
ANGEL BROKING (Technical): “We are witnessing that the 20 day EMA placed at 16020/4800 is proving to be a strong resistance for the Indices. Going forward, if indices manage to sustain below yesterday’s low of 15666/4685, then they are likely to slide further towards the next support levels of 15592–15472/4665–4632. On the upside, we reiterate that the 20 Day EMA levels of 16020–16070/4800–4820 remains to be a strong resistance zone for the markets”.
INDIRATRADE SECURITIES: “The markets closed weak on Wednesday with metal and banking being the biggest losers. For today’s trade, market likely to trade in the range between 4730 & 4750 in the upper side and 4670 & 4650 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to open down today due to the weak global cues, meanwhile traders will closely watch weekly inflation data as well as F&O expiry due today. The first support for the index is at 4672 and after the initial consolidation, if market loses this support, further pressure can drag the benchmark towards the next support at 4638.The Critical level for upside is at 4723 and if the benchmark moves above this level on roll over momentum, then it may face a hurdle at 4746.The major resistance for the day is at 4782”.
SMC TRADEONLINE (WISE MONEY): “Today the markets are likely to open on a flat note on back of negative global cues. All emerging markets are trading mixed. The coming session is likely to witness a range of 4630 on declines and 4900 on advances”.
NIRMAL BANG SECURITIES: “Nifty, Volatility ruled the trading session as December derivative series stands to expire. Nifty continued to trade in volatile. Nifty somehow manages to keep the closing above support levels i.e. 4700. Resistance 4740/4770 with the support of 4680/4640”.
FOR TECHNICALS, “READ HERE”
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