The benchmark 30-share index, BSE Sensex
declined 320.11 or 1.87% at 16,831.08 with 26 components posting drop.
Meanwhile, the broad based NSE Nifty went down by 101.55 or 1.96% at 5,086.85
with 44 components registering drop.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the Nifty breaking
down from the 5135-5379 trading range, traders will need to watch if the Nifty
can now hold above the next crucial supports of 5076. These supports are
crucial because they correspond to the 50% retracement levels of the previous intermediate
up-move that began in Dec 2011 and topped out in Feb 2012”.
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. Factors
that are weighing on the markets are a policy decision on GAAR, the high crude
oil prices and the depreciating rupee. Industrial output data for the month of
March will be announced. Option data is indicating resistance in 5300-5400 zone
and support in 5000-4900 zones. On Technical charts, Nifty May future closed
below 200-DMA and important support at 5150 levels. The implied volatilities of
Nifty at-the-money options are hovering around 20”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is again expected to
trade in the range 5011 to 5140. If sustained below 5000 Nifty may face severe
selling pressure, Bank-Nifty is expected to find strong support around 9600
while 9960 may act as a resistance level”.
BONANZA ONLINE: “Nifty showed
selling pressure for 2nd consecutive week. Bears are having control at the
moment and weakness may be continuing below 5120-5150 zones. Sentiments depend
to a large extent on outcome of GAAR issue during the coming week. Traders
should trade cautiously. For trading during the coming sessions, trend deciding level is 5100. If Nifty shows strength above 5100 levels then
we may see rally till 5150/5225/5280/5350. If Nifty doesn’t sustain above 5100
levels then selling pressure till 5025/4950/4880 may also be seen”.
Duration
|
Action
|
Entry Zone (NF)
|
For Target of
|
Stop Loss
|
For Monday
|
Sell
|
5110-5130
|
5060
|
5150
|
For the Week
|
Sell
|
5100-5150
|
4975-4925
|
5200
|
VENTURA SECURITIES LIMITED: “On Monday (5095-5112)-(5137-5155) would be sell levels. Weak Markets won’t cross 5125. Above 5155 Nifty could test 5177 (Friday’s high),
further it could open for 5206-5238-5284. Nifty has support at 5070 (Friday’s low). Below it
could open for 4950-4768-4531”.
GEPL CAPITAL: “Nifty breached the important support of 5185
and corrected severely throughout the day to conclude with a heavy loss of 101
points. It has now come in the vicinity of the range of 5080-5050 we had
mentioned. The range coincides with an important support offered by the upper
band of a long term Declining Channel. A breach of this support would spell
further weakness for Nifty and it may slide down to 4950 which is the support
offered by an important Fibonacci retracement level of the entire advance since
the low in December last year till the high of 5629.Now the range of 5150 to
5200 would offer stiff resistance for Nifty on an upside attempt”.
KARVY STOCK BROKING: “Last week, IT and FMCG sectors saw marginal buying, while automobiles,
capital goods, BFSI, power and metals saw heavy selling pressure. Long
positions can be assumed in pharma, FMCG, and software if markets hold 4,950
levels. Short positions can be assumed in BFSI, automobiles, capital goods and
realty if the Index fails to sustain above 5,250 levels, or if it goes below
4,950 levels. Overall, we expect the Nifty to trade in a broad range of
4,950-5,250 levels this week”.ADITYA BIRLA MONEY (MONEY WEEKLY): “Market breadth has weakened significantly. Foreign investors will be looking forward to the clarity on the tax issues proposed in the union budget which comes for approval next week. In the absence of any major trigger, the markets would be taking cues from the international news flows. In case the markets hold on to 5050, they have the potential to inch upto 5250. Interest is likely to continue in FMCG and Pharma as flight to safety continues”.
ICICI SECURITIES: “The Nifty has breached its important support of 5100. Inability to move above these levels may drag the index towards 4950. On the higher side, 5280 will continue to act as a stiff resistance in the near term. The Bank Nifty has breached its 200 DMA and closed below these levels. With continuous addition of short positions, a round of covering cannot be ruled out. However, 10000 may act as a stiff resistance for the banking index. On the downside, immediate support can be expected around 9500”.
SMC TRADEONLINE (WISE MONEY): “If Index slips below the 5050 mark, it could gradually slide to 4900 levels. Conversely, a sustained move beyond 5200 levels should see Nifty climbing 5300 levels. Technically, the Index continues to trade below all its moving averages, of 200-day and 100-day EMAs, indicating a bearish scenario. On the contrary, sustaining 5200 levels is extremely crucial for the uptrend”.
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “Technically the market has generated a bearish weekly continuation pattern on the charts and the downside targets in the days to come would be 5040-5015 and the extended target at 4916. From a treading point of view, I would like to play the short side of the market unless I see strength”.
ANGEL BROKING (Technical): “We have been mentioning a trading range of 17530 to 16920/5345 to 5135 in the last couple of reports. Markets have now closed below '200-day SMA' and '20-week EMA' level on account of selling on Friday's session. We are now observing a negative crossover in weekly '5 & 20 EMA'. The impact of this technical signal would be witnessed if indices sustain below Friday's low of 16776/5080. In this scenario, selling pressure may persist and indices are likely to drift lower to test 16600-16430/5000-4950 levels. However it must be noted that at present markets are hovering around the 50% Fibonacci Retracement level of the steep rise from 15135/4531 to 18524/5630. The mentioned level is at 16830/5080 and considered as a decent technical support. In addition, we are observing that markets are moving in a continuation pattern called as 'Falling Wedge'. The break out from the said pattern will be confirmed only if indices close above the upper trend line level of 17300/5230. This may boost the buying interest among market participants and eventually indices may rally higher to test 17530-17664-17871/5342-5380-5445 levels. Market participants are advised to take positions post clarification of the GAAR issue as it would have a significant impact on trader sentiment”.
MICROSEC SECURITIES: “For the coming week, first support of Nifty is at 5000 and the resistance is 5190. If Nifty breaks 5000, it may further go down to 4940 and then 4850. However, if Nifty is able to sustain above 5190, the level of 5250-5350 would become the next target”.
INDIRATRADE SECURITIES: “For the next week, Nifty likely to trade in the range between 5200-5350 in the upper side and 4950-4800 in the lower side”.
MAGNUM RESEARCH: “On the Nifty 5050 mark will have a strong support closing below which Major trend will turn negative and selling pressure till 5000 levels could be witnessed. On upside, 5180 will act as immediate resistance, sustaining above which the next level would be 5280 level”.
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