The 30-share index, Sensex gained 143.73 points, or 0.82% to 17,748.69 for the week ended Feb. 10, 2012. On the other hand, the broad based NSE Nifty moved up 55.75 points, or 1.05%, to 5,381 during the week.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the underlying trend remaining up, traders will need to watch if the Nifty can hold above the immediate supports of 5340-5325 in the coming week. A close below these supports would reverse the current short term uptrend”.
KOTAK SECURITIES (SHRIKANT CHOUHAN): “Nifty has strong support at 5,330 levels. Current Trend of the market in the short term is positive. Up move in the market will face stiff resistance at 5470 levels; sustaining above the level of 5470 will very likely lead to higher levels in markets of 5,650. On the lower side, breach of 5,280 will be viewed negatively for lower level targets of 5,150 and 5,050”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting good gains in last session, today, Nifty retreated from its yesterday’s session and lost coveted 5400 level, besides closing at negative note. Level wise, closing below the threshold 5400 levels may dishearten the bulls in the forthcoming sessions. Broader market witnessed weak sentiments and all segments closed on negative note. On account of this frailness, bulls lost the control to the bears, because of which market breadth turned into red. Buoyant by a firm performance, Nifty remained above its vital 9, 14, 50, 100 and 200 day’s SMA placed at 5321, 5281, 4928, 4974 and 5178. VIX, the barometer of uncertainty, surged a little and closed at 23+, thus it indicates optimum volatility in market in the forthcoming sessions. RSI (14) for the session was at 71.59 levels and MACD closed above the signal line. Market may continue to witness some volatile movements in forthcoming session”.
FAIRWEALTH SECURITIES: “In the next session Nifty may get a good support around 5330-5340, breaching of which may cause selling pressure up to 5290-5252 levels. While 5454 -5474 may be a strong resistance zone. Above the given resistance zone, Nifty is expected to test 5500 and 5555. Bank Nifty has a Strong support at 10150 below which severe selling might be seen. However, the rally might be continued up to 10700-800 levels”.
BONANZA ONLINE: “After showing strength for 5 consecutive weeks, nifty made doji candlestick pattern on weekly charts, which shows indecision among bulls and bears. Nifty is consolidating between 5300-5400 zones, Until Nifty decisively maintain above 5400 levels or below 5300 levels, volatility may be continuing. For trading during the coming sessions, trend deciding level is 5350. If Nifty shows strength above 5350 levels then we may see rally 5400/5470/5550/5625. If Nifty doesn’t sustain above 5350 levels then selling pressure till 5300/5250/5175/5100 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “Disappointing IIP numbers played spoilsport for the bulls as even the global cues adversely affected the sentiments. Cautious approach is recommended as market has become highly volatile. Amicable solution to the Greece debt problem will act as a positive trigger for the global markets. On the domestic front, impending elections and the resultant anticipation of election winners will influence market sentiments. Downside support exists at 5,320 and then 5,260”.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the underlying trend remaining up, traders will need to watch if the Nifty can hold above the immediate supports of 5340-5325 in the coming week. A close below these supports would reverse the current short term uptrend”.
KOTAK SECURITIES (SHRIKANT CHOUHAN): “Nifty has strong support at 5,330 levels. Current Trend of the market in the short term is positive. Up move in the market will face stiff resistance at 5470 levels; sustaining above the level of 5470 will very likely lead to higher levels in markets of 5,650. On the lower side, breach of 5,280 will be viewed negatively for lower level targets of 5,150 and 5,050”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting good gains in last session, today, Nifty retreated from its yesterday’s session and lost coveted 5400 level, besides closing at negative note. Level wise, closing below the threshold 5400 levels may dishearten the bulls in the forthcoming sessions. Broader market witnessed weak sentiments and all segments closed on negative note. On account of this frailness, bulls lost the control to the bears, because of which market breadth turned into red. Buoyant by a firm performance, Nifty remained above its vital 9, 14, 50, 100 and 200 day’s SMA placed at 5321, 5281, 4928, 4974 and 5178. VIX, the barometer of uncertainty, surged a little and closed at 23+, thus it indicates optimum volatility in market in the forthcoming sessions. RSI (14) for the session was at 71.59 levels and MACD closed above the signal line. Market may continue to witness some volatile movements in forthcoming session”.
FAIRWEALTH SECURITIES: “In the next session Nifty may get a good support around 5330-5340, breaching of which may cause selling pressure up to 5290-5252 levels. While 5454 -5474 may be a strong resistance zone. Above the given resistance zone, Nifty is expected to test 5500 and 5555. Bank Nifty has a Strong support at 10150 below which severe selling might be seen. However, the rally might be continued up to 10700-800 levels”.
BONANZA ONLINE: “After showing strength for 5 consecutive weeks, nifty made doji candlestick pattern on weekly charts, which shows indecision among bulls and bears. Nifty is consolidating between 5300-5400 zones, Until Nifty decisively maintain above 5400 levels or below 5300 levels, volatility may be continuing. For trading during the coming sessions, trend deciding level is 5350. If Nifty shows strength above 5350 levels then we may see rally 5400/5470/5550/5625. If Nifty doesn’t sustain above 5350 levels then selling pressure till 5300/5250/5175/5100 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Buy | 5350-5370 | 5450 | 5328 |
For the Week | Buy | 5330-5380 | 5480-5520 | 5310 |
VENTURA SECURITIES LIMITED: “On Monday 5384-5408 would be sell levels. Weak Markets won’t cross 5395. Above 5408 nifty could test 5427 (Friday’s high), further it could open for 5435-5648-5948. Nifty has support at 5341 (Friday’s low). Below it could open for 5322-5224-5178”.
GEPL CAPITAL: “After a consistent rally of past eight weeks, Nifty Futures is consolidating between 5450 and 5300. Now, the important levels to watch are placed at 5320 and 5250. We expect Nifty Futures to stay above 5,250 and upward breakout is placed at 5,460. Once, the breakout is materialized, Nifty Futures is likely to test 5510 levels and the positional target is near 5600 levels. On downward side, if 5250 is breached, then strong support is placed at 5150 which is 200-day EMA. The current uptrend is indicating intermediate trend reversal and higher top and higher bottom formation is expected to continue. Mid-cap and small cap sector stocks are likely to outperform. We recommend buying in these stocks with well-defined stop losses, long positions near 5450 and trailing stop losses for long positions to 5,320”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “We expect the broad rally to continue for the time being amidst volatility owing to better allocation of funds towards the emerging markets. Although specific stocks have seen healthy run-up from the bottom, nevertheless, we recommend Investors to lap up quality mid-caps with good corporate governance and healthy operating businesses which were beaten down owing to dollar appreciation and high interest rates. Infrastructure and Real estate plays can be bought for short term gains”.
ICICI SECURITIES: “Continuance of positive movement is expected in the Nifty till it holds above 5290. In the short-term, 5450 is expected to act as a strong resistance for the Nifty and fresh upsides should be expected above this level. Otherwise, the Nifty may continue to consolidate in the range of 5300-5450. The Banking index surpassed 10050 and moved sharply towards its immediate resistance of 10500. Heavyweights like HDFC Bank and Kotak Bank were the major gainers in the banking index. The Bank Nifty may continue to trade with a positive bias till it holds 10050 on the downsides”.
SMC TRADEONLINE (WISE MONEY): “Continuous inflows by FIIs helped Nifty to cross 5400 level during the week. Nifty has gained more than 18 % in span of 4 weeks. On the technical side, market is over extended and price or time based correction is due but liquidity may keep the momentum going. Nifty is likely to consolidate at the current range (5500-5200) with choppy behaviour. However, the 5450 level will remain crucial resistance. On the contrary, the index has strong support at 5150 levels. The put-call ratio of open interest rose to 1.75 from 1.52 levels indicating further put writing. The options open interest concentration on call side has good build-up at 5500 level with open interest above 75 lakhs. Among put options, the 5200-5300-strike put options have open interest more than 70 lakhs shares each indicating strong support .The Implied Volatility (IV) of call options closed at 20.86% on Thursday, while the average IV of put options closed at 21.03%. Next week, market may see some profit profit booking as market is reaching upper side of its trading range”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has given a strong bullish rally of almost 18.2% in a time span of just one month. Now Nifty is likely to move in the range of 5615 and 5200 in the short term. If Nifty breaches 5200, it may further go down to 5050 in the extreme short term. However, a breach of 5615 would open the gate for 5800. Traders are advised to hold the long positions with stop loss of 5200. For the coming week, first support of Nifty is at 5320 and the resistance is 5450. If Nifty breaks 5320, it may further go down to 5260 and then 5200. However, if Nifty is able to sustain above 5450, the level of 5530-5615 would become the next target”.
INDIRATRADE SECURITIES: “The markets performed well during the week and the Nifty outperformed the Sensex. Metal & banking led the rally and IT & auto too supported the indices well. For the next week, Nifty likely to trade in the range between 5550-5600 in the upper side and 5200-5150 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian market indices closed in positive note for the sixth consecutive week. However, in the weekly chart, as per the candlestick patterns, the benchmark indices have formed a pattern called ‘doji’, which makes the range of 5440-5320 critical for NSE Nifty for further direction. A close beyond this will possibly direct the market further in the days ahead. A successful breakout beyond the upper band is expected to target the market further towards 5650 in the time to come. Similarly, a failure to hold the lower band will probably trigger a profit booking sell-off. In such a scenario, the immediate support for the market is seen at 5180, followed by 5150, which happens to be the 200-days Simple Moving Average and Exponential Moving Average respectively”.
INVENTURE GROWTH & SECURITIES: “On the weekly basis, Nifty closed almost at the point where it opened. This has created a doji candle pattern. A doji candle pattern after a rise (at a top) suggests that the prevailing trend (which was up) may have come to a halt. And it could even reverse from here, provided it gives confirmation of the downside. Nifty (spot) from here has a technical resistance at 5,466. On the downside, supports lie at 5,270-5,175”. (source: myiris)
FOR TECHNICAL CALLS, "READ HERE"
GEPL CAPITAL: “After a consistent rally of past eight weeks, Nifty Futures is consolidating between 5450 and 5300. Now, the important levels to watch are placed at 5320 and 5250. We expect Nifty Futures to stay above 5,250 and upward breakout is placed at 5,460. Once, the breakout is materialized, Nifty Futures is likely to test 5510 levels and the positional target is near 5600 levels. On downward side, if 5250 is breached, then strong support is placed at 5150 which is 200-day EMA. The current uptrend is indicating intermediate trend reversal and higher top and higher bottom formation is expected to continue. Mid-cap and small cap sector stocks are likely to outperform. We recommend buying in these stocks with well-defined stop losses, long positions near 5450 and trailing stop losses for long positions to 5,320”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “We expect the broad rally to continue for the time being amidst volatility owing to better allocation of funds towards the emerging markets. Although specific stocks have seen healthy run-up from the bottom, nevertheless, we recommend Investors to lap up quality mid-caps with good corporate governance and healthy operating businesses which were beaten down owing to dollar appreciation and high interest rates. Infrastructure and Real estate plays can be bought for short term gains”.
ICICI SECURITIES: “Continuance of positive movement is expected in the Nifty till it holds above 5290. In the short-term, 5450 is expected to act as a strong resistance for the Nifty and fresh upsides should be expected above this level. Otherwise, the Nifty may continue to consolidate in the range of 5300-5450. The Banking index surpassed 10050 and moved sharply towards its immediate resistance of 10500. Heavyweights like HDFC Bank and Kotak Bank were the major gainers in the banking index. The Bank Nifty may continue to trade with a positive bias till it holds 10050 on the downsides”.
SMC TRADEONLINE (WISE MONEY): “Continuous inflows by FIIs helped Nifty to cross 5400 level during the week. Nifty has gained more than 18 % in span of 4 weeks. On the technical side, market is over extended and price or time based correction is due but liquidity may keep the momentum going. Nifty is likely to consolidate at the current range (5500-5200) with choppy behaviour. However, the 5450 level will remain crucial resistance. On the contrary, the index has strong support at 5150 levels. The put-call ratio of open interest rose to 1.75 from 1.52 levels indicating further put writing. The options open interest concentration on call side has good build-up at 5500 level with open interest above 75 lakhs. Among put options, the 5200-5300-strike put options have open interest more than 70 lakhs shares each indicating strong support .The Implied Volatility (IV) of call options closed at 20.86% on Thursday, while the average IV of put options closed at 21.03%. Next week, market may see some profit profit booking as market is reaching upper side of its trading range”.
MICROSEC SECURITIES: “The daily chart of Nifty is showing that it has given a strong bullish rally of almost 18.2% in a time span of just one month. Now Nifty is likely to move in the range of 5615 and 5200 in the short term. If Nifty breaches 5200, it may further go down to 5050 in the extreme short term. However, a breach of 5615 would open the gate for 5800. Traders are advised to hold the long positions with stop loss of 5200. For the coming week, first support of Nifty is at 5320 and the resistance is 5450. If Nifty breaks 5320, it may further go down to 5260 and then 5200. However, if Nifty is able to sustain above 5450, the level of 5530-5615 would become the next target”.
INDIRATRADE SECURITIES: “The markets performed well during the week and the Nifty outperformed the Sensex. Metal & banking led the rally and IT & auto too supported the indices well. For the next week, Nifty likely to trade in the range between 5550-5600 in the upper side and 5200-5150 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “The Indian market indices closed in positive note for the sixth consecutive week. However, in the weekly chart, as per the candlestick patterns, the benchmark indices have formed a pattern called ‘doji’, which makes the range of 5440-5320 critical for NSE Nifty for further direction. A close beyond this will possibly direct the market further in the days ahead. A successful breakout beyond the upper band is expected to target the market further towards 5650 in the time to come. Similarly, a failure to hold the lower band will probably trigger a profit booking sell-off. In such a scenario, the immediate support for the market is seen at 5180, followed by 5150, which happens to be the 200-days Simple Moving Average and Exponential Moving Average respectively”.
INVENTURE GROWTH & SECURITIES: “On the weekly basis, Nifty closed almost at the point where it opened. This has created a doji candle pattern. A doji candle pattern after a rise (at a top) suggests that the prevailing trend (which was up) may have come to a halt. And it could even reverse from here, provided it gives confirmation of the downside. Nifty (spot) from here has a technical resistance at 5,466. On the downside, supports lie at 5,270-5,175”. (source: myiris)
FOR TECHNICAL CALLS, "READ HERE"
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