The 30-share index, Sensex dipped 104.46 points, or 0.60% to 17,361.74 for the week ended March 23, 2012. On the other hand, the broad based NSE Nifty declined 39.70 points, or 0.75%, to 5,278.2 during the week.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “Markets have shown indecisiveness in the last one week as was evident from the rising volatility and lack of any clear direction. The Nifty was however able to hold above the 200-day EMA which is a crucial support to watch in the coming week. A failure to hold above this moving average could see the Nifty testing the previous lows of 5171. On the upside, Nifty would need to clear the 5386 resistances for further upsides to be seen”.
KOTAK SECURITIES (Shrikant Chouhan): “Technically the level of 5,375 will act as a major hurdle for the market. On the lower side 5,150-5,180 will act as a major support for the market and dismissal of the 5,150 may result into quick sell off to 5,010 minimum and maximum to 4950 levels. Closing above the level of 5,375 can take index to the level of 5,550-5,600. Investors can certainly look for index stocks to buy around 5,200 levels”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting a positive session in last session, today, Nifty displayed a good session and despite an initial range bound session, managed to close in positive. Level wise, closing above the threshold 5250 levels, may support the bulls in the forthcoming sessions. Broader market witnessed firm sentiments. On account of this, bulls again recaptured the control from bears, because of which market breadth closed in green. Despite a rise, Nifty closed below its 9, 14 and 50 day’s SMA 5333, 5315 and 5281 levels but maintained the sanctity of its coveted 100 and 200 day’s SMA placed at 5074 and 5156. VIX, the barometer of uncertainty, corrected a little and closed at 23+ levels, thus it indicates optimal volatility in the forthcoming sessions. RSI (14) for the session was at 47.47 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 is expected to trade in a wide range 5200-5330. Nifty has a strong support at 5170-5151. However, above the given range 5390 may act as a strong resistance level. Bank Nifty Future may find a support around 10000, While 10450 may act as resistance”.
BONANZA ONLINE: “Nifty showed selling pressure for 5th consecutive week. Bulls are trying to show some respect for support at 5200 levels, if Nifty manages to hold 5200 levels then recovery may be seen else profit booking may be continuing. Traders may take delivery based position in good stocks with stoploss. For trading during the coming sessions, trend deciding level is 5300. If Nifty shows strength above 5300 levels then we may see rally 5400/5460/5540/5650 If Nifty doesn’t sustain above 5300 levels then selling pressure till 5220/5150/5100/5040 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Buy | 5250-5280 | 5340 | 5238 |
For the Week | Buy | 5240-5290 | 5375-5410 | 5210 |
VENTURA SECURITIES LIMITED: “On Monday 5259-5230 would be buy levels. Strong Markets won’t break 5247. Above 5259 Nifty could test 5312 (Friday’s high), further it could open for 5353-5387-5436-5454-5530. Nifty has support at 5220 (Friday’s low). Below it could open for 5205-5171-5080-4950-4768”.
GEPL CAPITAL: “Nifty bounced back to conclude the day with a gain of 0.95% at 5278. We had recommended a strategy of exiting from pending stuck up long positions and initiating fresh shorts in the range of 5280 to 5300. We maintain the same view for next few sessions and reiterate the view of short selling near 5300 maintaining a stop loss of 5385. On the downside there is a possibility Nifty may test the low of 5205 and slide even lower till 5050 which is an important support offered by the Fibonacci retracement of the entire advance that we witnessed in the beginning of the year”.
KARVY STOCK BROKING: “This week, long positions can be assumed in auto, cements, FMCG and IT if the market holds 5,150 levels. Short positions can be assumed in BFSI, realty and capital goods if the Index fails to cross 5,400 levels. Overall, the Nifty is expected to trade in a range of 5,150-5,400 this week”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “Nifty even though moved above 5,300 but came to a close below it. As far as Nifty stays above 5,200 and above 5,162 (200 DMA), it gives the possibility of a bounce back. Nifty is having resistance at 5,320 and 5,350 while the support is there at 5,228 and 5,162 levels”.
ICICI SECURITIES: “The Nifty is expected to trade in the range of 5160-5400 in the coming week. Selling pressure could get magnified if the Nifty moves below its 200 DMA of 5160 and may get dragged towards 5000. On the higher side, 5400 is expected to pose significant resistance and above these levels fresh upsides can be expected. The banking index is likely to trade in the range of 10000-10600 amid high volatility. The highest Put base of 10000 strikes is expected to provide immediate support to the banking index. However, considering the long liquidation trend, the index is likely to see selling pressure on every rise. A breach of 10000 could move it towards its 200 DMA of 9820 levels”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still in a sell mode... we are now into an F&O expiry week...we also now head into a the Financial Year ending...the market is expected to be volatile and if it slips down then our target of 5080 could be achieved...however 5400 is a stiff resistance to deal with. From a trading point of view, I would trade long as long as 5200 holds”.
ANGEL BROKING(Technical): “Broadly speaking, Indices are trading in the range of 17687 to 17008/5386 to 5171. Clarity of trend will emerge only if we witness a breakout on either side from the said range. On the upside, the positive trend will resume once markets trade and close beyond 17687/5386. In this scenario, indices are likely to surge towards the next resistance levels of 18041-18524/5500-5610. Conversely, the 17008/5171 level is a key support for the market. A sustainable move below this level may reinforce selling pressure, which may drag indices lower to test the support zone of 16828-16600/5076-5000. Extreme volatility is likely to continue in the coming week on account of the derivative expiry”.
IIFL (Amar Ambani): “The undercurrent remains fragile as the disappointment over the Budget is still fresh in people’s memory. Globally, concerns about the slowdown in China have increased lately. Eurozone economy has come to a halt while the US is just about managing to keep its head above water. Crude refuses to soften due to geopolitical tensions. Therefore, one cannot lose sight of the spate of problems the markets are confronting at the moment. One must remain focused and vigilant”. (source: myiris)
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5270 and the resistance is 5360. If Nifty breaks 5270, it may further go down to 5200 and then 5160. However, if Nifty is able to sustain above 5360, the level of 5420-5510 would become the next target”.INDIRATRADE SECURITIES: “For the next week, Nifty likely to trade in the range between 5400-5450 in the upper side and 5150-5100 in the lower side”.
JRG EQUITY RESEARCH (IndiTrade): “At current levels, the critical level for NSE Nifty is seen at 5200, which happens to be the 200 days Moving Average. The lower support below this is at the 100 days Moving Average, which is trading at 5160, followed by the lower support of 5050. Any commendable upside can be expected only if Nifty breaks and sustains above 5400”.
INVENTURE GROWTH & SECURITIES: “Overall, Nifty has supports at 5,170 levels, which is a 200 dma support (technically). And on the upside, major resistance comes 5,544”. (source: myiris)
MAGNUM RESEARCH: “On upside, Nifty will face resistance near 5330 mark closing above the next resistance would be 5500 level. On downside, Nifty will see first support near 5160 levels (200 DMA) closing below the next support would be 5000 psychological levels”.
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