The BSE 30-share Sensex was down 129.73 points or 0.74% to 17,463.04, its lowest closing level since 5 July 2010. The Sensex lost 230.18 points at the day's low of 17,362.59 in mid-morning trade. The index rose 44.11 points at the day's high of 17,636.88 in early trade.
The S&P CNX Nifty was down 27.75 points or 0.53% to 5,225.80, its lowest level since 15 June 2010. The Nifty hit low of 5,196.80 in mid-morning trade.
The BSE Mid-Cap index was up 0.11% and outperformed the Sensex. The BSE Small-Cap index was down 0.86% and underperformed the Sensex.
The market breadth was weak. On BSE, 1,848 shares declined while 1,035 shares advanced and a total of 85 shares remained unchanged. Among the 30-member Sensex pack, 16 declined while the rest rose.
BSE clocked turnover of Rs 3558 crore, lower than Rs 3942.21 crore on Wednesday, 9 February 2011.
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VIEWS FROM DIFFERENT BROKING HOUSES:
ANGEL BROKING (Mileen Vasudeo): “Markets opened on a flat note traded with extreme choppiness to close in red. On the daily chart, we are observing a ‘Spinning top’ which suggests that the prior downtrend is losing momentum. Even the RSI on hourly chart, is giving divergence which suggests of a pull back rally in offing. In the coming trading session, if indices trade convincingly above 17,640/5,275 levels then they are likely to test 17,750-17,864/5,300-5,340 levels. On the downside, 17,362-17,200/5,196-5,150 are immediate support for the indices”.
BONANZA PORTFOLIO (Avinash Gupta): “The market is expected to trade with a soft bias for some time”.
GEOJIT BNP PARIBAS: “Nifty today closed above the 5,200 mark but if falls below then further downside. As the markets have entered the oversold region, we may see some value investing during the first part of tomorrow session but being the last trading day of the week, expect selling pressure in the second part of the day”.
FAIRWEALTH SECURITIES: “In the next session, Nifty is expected to trade in the range 5150-5270. If sustained below 5170 it may face more selling pressure. Traders are suggested to follow the strategy of selling at rise. IT and Realty may face more selling while Cements and Healthcare may perform comparatively well”.
CANARA BANK SECURITIES (CanMoney): “Technically, Nifty, continued it’s downward journey and despite a good recovery, closed with cuts, after testing the vital support of 5200 level. Chart wise, Nifty continued bearish trend and formed another bearish candle, which depicts a continuation pattern for ongoing weak trend. Nifty is forming higher lows and lower highs, which is a big negative indication for our market. Because of selling spree, Nifty again closed below its 9, 14, 50 and 100 day’s SMA level placed at 5385, 5479, 5799 and 5932 levels; these levels may act as new resistances, in coming sessions. VIX for the day record some decline from earlier level of 25 buy still closed at higher level of 24.82%, thus indicating more than average volatility in market in the forthcoming sessions. RSI (14) for the day was at 25.10 levels and MACD was below the signal line, thus combined together they are giving the signals that market may witness weak movement with limited upside in coming session”.
JRG SECURITIES: “Indian markets are expected to maintain their downward momentum on Thursday too. The NSE Nifty may get support at 5,213 levels. If Nifty consistently trades below this level, the capitulation may create more havoc and falling towards the panic bottom at 5,162. However if trade stabilizes above 5,213, the market may try for some recovery during the day. Overall shall be cautious as long as Nifty trades below critical 5,288 above which we may see some confidence coming back. Above this, first resistance seen at 5,338 while any cross over may lead to a spike towards the higher target at 5,372”.
KARVY STOCK (Ambareesh Baliga): “Nifty may fall to 4600-4800 backed by panic in Market”.
Cashthechaos.com (Jai Bala): “See 4700 on Nifty, could go down more”.
IL&FS: "Nifty may bottom at 5100, won’t cross 5700 soon”.
