The 30-share index, Sensex dropped 239.59
points, or 1.38% to 17,134.25 for the week ended Apr. 27, 2012. On the other
hand, the broad based NSE Nifty lost 100.25 points, or 1.89%, to 5,190.60
during the week. However, on a special trading session on Saturday (28.04.2012), Sensex last closed at 17209.47,
recover 75.22 points and Nifty closed at 5209.00, up 18.40 from its last close
on Friday.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With
the markets continuing to trade in a narrow range, key Nifty levels to watch
for a breakout are 5342 on the upside and 5135 on the downside”.
KOTAK SECURITIES (Sanjeev Zarbade): “The sentiment is weak and
even the FII flows have been sluggish. Without a turnaround in the FII flows, markets may continue to drift sideways. At this juncture, we recommend a stock specific strategy rather than sectors.
Advise to retail investors would be accumulate stocks of
strong businesses as these stocks would emerge stronger once the economic
growth revives”.
CANARA BANK SECURITIES (CanMoney): “Next week, Market participants
may take some cautious steps, and rather may adopt awaiting strategy till May
7, which is when the budget is expected to be passed, one will have clarity on
that that whether you will have GAAR probably being postponed by a few months
or even by a year. The rise in 'FII-share' to overall industry AUM will
encourage fund houses to promote their funds through the government-proposed direct
fund investment route”.
FAIRWEALTH
SECURITIES: “In the next session, Nifty is again
expected to trade in the range 5130 to 5240. Below this range 5100 and 5050 may
act as support levels while 5288 may act as a crucial resistance level. Bank
Nifty has a strong support around 9900 while 10030 may act as a minor support
10333 may act as a crucial resistance level”.
BONANZA ONLINE: “Nifty made
bearish candlestick pattern on weekly charts. Buying interest may be seen above
5250 levels. Selling pressure may be continuing below 5150 levels. Traders may
take delivery based position in good stocks with stoploss levels. If 5100 level
is decisively broken on downside, then traders are advised to take less
delivery based positions or not take delivery based position. For trading
during the coming sessions, trend deciding level is
5200. If Nifty shows strength above 5200 levels then we may see rally till
5250/5350/5400/5475. If Nifty doesn’t sustain above 5250 levels then selling
pressure till 5150-5100/ 5025/4950 may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Sell
|
5230-5250
|
5160
|
5280
|
For the Week
|
Sell
|
5250-5300
|
5200-5150-5100
|
5325
|
KARVY STOCK BROKING: “Last week, IT and FMCG saw marginal buying, while realty, capital goods,
power and metals saw selling pressure. Long positions can be assumed in
automobiles, consumer durables, BFSI, FMCG and software if markets hold 5,150
levels. Short positions can be assumed in realty, capital goods, infrastructure
and utilities if Nifty fails to sustain 5,400 levels. Overall, we expect the
Index to trade in a broad range of 5,150-5,400 this week”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Investor sentiment is low and it seems more market weakness is in the offing. Raising fuel prices to contain the fiscal deficit is the need of the hour to improve sentiments. There would be stock specific movement based on results. Recommend to stay invested in quality and low beta stocks”.
ICICI SECURITIES: “Nifty is likely to trade in the range of 5100-5300. Bank Nifty found immediate support at 10060. Till the time the index is holding above this level, it could see a move towards 10500. A move below 10060 can push the index towards its 200 DMA of 9770”.
SMC TRADEONLINE (WISE MONEY): “The scenario in the market currently remains uncertain as volatility indicators indicate. Market-wide, most of the rollover seems to be on the short side. Hereafter, the range of 5400-5100 will remain crucial in the near term. A breach below the 5100 mark could see the Index declining sharply to 5000 levels. Put-call ratio of open interest declined to close at 1.10. Owing to low volatility there was a mixed activity in both call and put options. The options open interest concentration shifted lower to the 5000 strike put option with open interest of above 45 lakh shares. The 5400 and 5600 call-option strikes have maximum IO on the call side. Nifty is expected to remain in a range of 5400-5100 levels and a sustained move below 5200 will drag the Index towards lower range of 5100”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still weak but has achieved the downside target. Technically we may see some sort support emerging but it needs to cross 5230 with force and if that happens then we could see levels possibly of 5313 but if the market continues to slide then the levels to watch would be 5117. From a trading point of view an aggressive trader can go long for a target of 5300 but with a stop below 5170”.
ANGEL BROKING (Technical): “We continue to mention the trading range of 17530 to 16920/5345 to 5135 as stated in the last couple of reports. We witnessed a lacklustre week in spite of derivative expiry. This indicates market participants are reluctant to create fresh positions. This is also reflected by a cluster of narrow range body formations on daily chart. Going forward, the '200-day SMA' holds key support for the markets. If the markets are to move higher, then a base formation near this important support level of 16920/5135 is extremely crucial. On the upside, the immediate resistance is seen around the '20-day EMA' placed at 17250/5250, which also coincides with the 'Downward Sloping Trend Line'. A sustainable move beyond this mark would confirm a breakout from the mentioned trend line resistance. Thus, we may see increase in buying interest among market participants and indices may then rally towards 17531-16664/5343-5441. A breach of 16920/5135 may intensify pessimism among traders and indices are likely to then slide towards the next support levels of 16828-16600/5076-5000”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5180 and the resistance is 5290. If Nifty breaks 5180, it may further go down to 5130 and then 5100. However, if Nifty is able to sustain above 5290, the level of 5350-5430 would become the next target”.
INDIRATRADE SECURITIES: “For the next week, Nifty likely to trade in the range between 5350-5450 in the upper side and 5100-4950 in the lower side”.
ADITYA BIRLA MONEY (MONEY WEEKLY): “Investor sentiment is low and it seems more market weakness is in the offing. Raising fuel prices to contain the fiscal deficit is the need of the hour to improve sentiments. There would be stock specific movement based on results. Recommend to stay invested in quality and low beta stocks”.
ICICI SECURITIES: “Nifty is likely to trade in the range of 5100-5300. Bank Nifty found immediate support at 10060. Till the time the index is holding above this level, it could see a move towards 10500. A move below 10060 can push the index towards its 200 DMA of 9770”.
SMC TRADEONLINE (WISE MONEY): “The scenario in the market currently remains uncertain as volatility indicators indicate. Market-wide, most of the rollover seems to be on the short side. Hereafter, the range of 5400-5100 will remain crucial in the near term. A breach below the 5100 mark could see the Index declining sharply to 5000 levels. Put-call ratio of open interest declined to close at 1.10. Owing to low volatility there was a mixed activity in both call and put options. The options open interest concentration shifted lower to the 5000 strike put option with open interest of above 45 lakh shares. The 5400 and 5600 call-option strikes have maximum IO on the call side. Nifty is expected to remain in a range of 5400-5100 levels and a sustained move below 5200 will drag the Index towards lower range of 5100”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market is still weak but has achieved the downside target. Technically we may see some sort support emerging but it needs to cross 5230 with force and if that happens then we could see levels possibly of 5313 but if the market continues to slide then the levels to watch would be 5117. From a trading point of view an aggressive trader can go long for a target of 5300 but with a stop below 5170”.
ANGEL BROKING (Technical): “We continue to mention the trading range of 17530 to 16920/5345 to 5135 as stated in the last couple of reports. We witnessed a lacklustre week in spite of derivative expiry. This indicates market participants are reluctant to create fresh positions. This is also reflected by a cluster of narrow range body formations on daily chart. Going forward, the '200-day SMA' holds key support for the markets. If the markets are to move higher, then a base formation near this important support level of 16920/5135 is extremely crucial. On the upside, the immediate resistance is seen around the '20-day EMA' placed at 17250/5250, which also coincides with the 'Downward Sloping Trend Line'. A sustainable move beyond this mark would confirm a breakout from the mentioned trend line resistance. Thus, we may see increase in buying interest among market participants and indices may then rally towards 17531-16664/5343-5441. A breach of 16920/5135 may intensify pessimism among traders and indices are likely to then slide towards the next support levels of 16828-16600/5076-5000”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5180 and the resistance is 5290. If Nifty breaks 5180, it may further go down to 5130 and then 5100. However, if Nifty is able to sustain above 5290, the level of 5350-5430 would become the next target”.
INDIRATRADE SECURITIES: “For the next week, Nifty likely to trade in the range between 5350-5450 in the upper side and 5100-4950 in the lower side”.
R K GLOBAL: “In the week ahead, Indian
markets are likely to remain range-bound in the absence of inflows from foreign
institutional investors on concerns of GAAR and tax policy issues. From the
earning front, results from FMCG giant-HUL- on Tuesday, Hero MotoCorp on
Wednesday and Bank of Baroda on Friday will be the major one to watch”.
MAGNUM RESEARCH: “On the Nifty 5130 mark
(200 DMA) will have a strong support closing below which Major trend will turn
negative and selling pressure till 5040 levels could be witnessed. On upside,
5330 will act as immediate resistance, sustaining above which the next level
would be 5400 level”.
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