At the close, the benchmark 30-share index, BSE Sensex declined 111.40 points or 0.63% at 17,486.02 with 23 components registering drop. Meanwhile, the broad based NSE Nifty went down by 35.60 points or 0.66% at 5,322.90 with 37 components posting drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
BONANZA ONLINE: “Buying interest in Nifty may be continuing above 5340 levels. On downside, Nifty may find support in 5200-5000 zone. Traders may continue to take delivery based positions in good stocks with stoploss levels. For trading during the coming sessions, trend deciding level is 5340. If Nifty shows strength above 5340 levels then we may see rally till 5400/5460/5510/5580 If Nifty doesn’t sustain above 5340 levels then selling pressure till 5260/5200/5140/5050/5000 may also be seen”.
Duration | Action | Entry Zone (NF) | For Target of | Stop Loss |
For Monday | Buy | 5320-5340 | 5385 | 5300 |
For the Week | Buy | 5290-5340 | 5425-5455 | 5270 |
BONANZA PORTFOLIO (Shanu Goel): “Next week will witness corporate India declaring both Q4FY12 and full FY12 results. Market sentiments will be greatly influenced by the results outcome. Upside resistance exists at 5,370-5,375 and downside support as at 5,250”.
VENTURA SECURITIES LIMITED: “On Monday (5320-5315-5311) would be buy levels. Strong Markets won’t break 5315. Above 5320 Nifty could test 5338 (Wednesday’s high), further it could open for 5399-5421-5454-5530. Nifty has support at 5305 (Wednesday’s low). Below it could open for 5285-5257-5228-5188”.
GEPL CAPITAL: “Once Nifty Futures surpasses 5400, upward momentum is likely to continue with a target of 5550. As per the timing cycle analysis Nifty Futures is likely to test and surpass its current high of 5600 in 4th week of April. The intermediate trend of Nifty Futures will remain in upward direction till it trades above 4900 levels. The intraday resistance levels for Nifty Futures are placed at 5380 & 5430 and support levels are placed at 5310 & 5260 respectively”.
KARVY STOCK BROKING: “Last week, consumer durables, capital goods, power, and PSUs rallied smartly, while pharma, automobiles and metals saw selling pressure. Long positions can be assumed in BFSI, metals, consumer durables, capital goods, infrastructure, pharma and software if the market holds 5,150 levels. Short positions can be assumed in automobiles, realty and cements if the Index fails to sustain 5,400 levels (or below 5200 levels). Overall, we expect the Nifty to trade in a broad range of 5,150-5,400 this week”.
GEOJIT BNP PARIBAS FINANCIAL SERVICES (Alex Mathews): “The next major trigger for the markets is the Q4 numbers and the RBI policy meet scheduled on March 17. Nifty has resistance at 5,350, 5,385 and 5,445 while the support is there at 5,272 and 5,246 levels”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “From next week onwards, domestically markets will start looking at Q4FY12 earnings results and that would drive company/sector specific investor action. We expect markets to be range bound with a negative bias and advise investors to continue to accumulate quality stocks which have fallen on account of recent market volatility”.
ICICI SECURITIES: “Options data indicates the Nifty will trade with a positive bias till it holds 5200 on the downsides. Levels of 5400 are expected to pose a resistance on the higher side. Breach of 5200-5400 may lead to a directional bias of 3-4% in the Nifty. Bank Nifty was the major performer of the index last week but found resistance near its highest Call base of 10500 strike. Bank Nifty gained significant open interest unlike the Nifty last week and may remain volatile prior to the RBI’s monetary policy on April 17”.
SMC TRADEONLINE (WISE MONEY): “There was a mixed activity among both calls and put options during the week. The options pen interest concentration has shifted to the 5200-strike and 5000-strike put, with above 50 lakh shares at both strikes. Meanwhile, among all options, the 5600-strike call has the highest open interest of more than 40 lakh shares indicating immediate resistance level. The Implied Volatility (IV) of call options closed at 18.62% on Wednesday, while the average IV of put options was lower at 17.80%. Nifty VIX has dropped during the week. Nifty is expected to remain in a range of 5200-5450 levels this week”.
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting a firm session in last session, today, Nifty failed to continue its momentum and displayed a weak session that closed in red zone after moderate losses. Level wise, closing above the threshold 5300 levels, may support the recovery in the forthcoming sessions. Broader market witnessed excellent sentiments. On account of this, Midcap and Small cap stocks excelled. This supported bulls to gain control from the bears. Because of which market breadth closed in green. Despite a fall, Nifty closed above its 9, 14 and 50 day’s SMA 5263, 5272 and 5330 levels besides maintaining the sanctity of its coveted 100 and 200 day’s SMA placed at 5076 and 5147. VIX, the barometer of uncertainty, surged a little and closed at 20+ levels, thus it indicates lesser volatility in the forthcoming sessions. RSI (14) for the session was at 81.82 levels and MACD closed below the signal line. Market may continue to witness some volatile movements in forthcoming session”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically since the market has achieved its logical target, the market should see some profit booking unless the market gaps up and stays up. The internal structure is also suggestive of a profit booing and slide to around 5230 is a possibility. From a trading point of view, I would trade the short side of the market with stop above 5400. For Monday, the crucial support for the Nifty is at 5290 and the resistance is at 5350-5383”.
ANGEL BROKING (Technical): “After crossing last week's high of 17440/5307, indices moved towards the 'Downward Sloping trend Line' resistance level of 17630/5365. Going forward, 17664/5379 is likely to act as an immediate resistance level. The positive momentum is likely to resume after crossing this resistance and would lead to a break out from the mentioned 'Downward Trend Line' resistance. In this scenario, we may witness a rally with enhanced positive momentum to test 18041-18250/5500-5540 levels. Conversely, indices may face selling pressure only if the support level of 17382/5278 is breached. In this case, indices may slide towards the next support zone of 17105-16920/5203-5135 levels”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5270 and the resistance is 5400. If Nifty breaks 5270, it may further go down to 5200 and then 5150. However, if Nifty is able to sustain above 5400, the level of 5510-5630 would become the next target”.
FORTUNE INTERFINANCE LTD (FIFL): “After positive crossover on daily charts in last week, Nifty held onto positive gains in last week. However RSI on weekly charts barely managed to maintain in the positive territory (RSI 54.52, Avg RSI 54.09). This does suggest though the trend is positive there is no clear cut on any side. ADX on daily charts is showing contraction between DI+ and DI- and declining ADX line which gives us fair idea that there is lack of strong trend in the market. We are expecting upside is limited up to 5,440. Failing to hold onto 5,250 levels will result in nifty sliding till 5,080 levels during the month of April”.
GEPL CAPITAL (SHORT-TERM OUTLOOK): “The immediate and intermediate resistance for Nifty is placed at 5400 shown by falling trend line connecting earlier highs. Minor corrective trend may be seen from the level of 5400 which will be ideal buying opportunity. The level of 5250 is a strong support and Nifty Futures needs to maintain this level for uptrend continuation”.
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