PRABHUDAS LILADHER (MARKET OUTLOOK): "Our Nifty target for the end of this financial year remains at 5850 (14.5x FY12 earnings). Over the next few months we expect the Nifty to move in a narrow range as the news flow fluctuates between positive and negative macro data points."
MANGAL KESHAV SECURITIES: "Nifty witnessed a follow-up buying after testing earlier drawn Channel support of 5,385 level. No major change in the strategy as Nifty is trapped within a price range. As explained earlier, Nifty is trading in a Broadening Price Formation and a breakout above 5,500 level could lead for a short covering which eventually will push Nifty to test the upper band of 5,530 level. Looking at the Daily chart, Nifty should face upside resistance at 5,500 & 5,530 level while the expected support will be 5,400 - 5,375 level. A breakout above 5,530 will negates the earlier view. On an intraday basis, Nifty spot should find (PIVOT) support near 5,381 & 5,347 level while the resistance will be at 5,440 & 5,465 level."
BONANZA PORTFOLIO: "The market is expected to continue with consolidation. The market has a support around 5,350 levels."
MANSUKH SECURITIES: "The local equity markets may consolidate near the current levels in coming week as the overall scenario still remains uncertain. We expect a range bound scenario between 5,340-5,560 for the next week though any positive outcome will be the key trigger to past above 5,600 level."
PINC MONEY: "The Nifty recovered most of its lost ground and has given some clearly positive signals during this week. This brings the bulls back in the ring. With the current technicals, we expect the Nifty to make steady advances in the coming days. Resistance is expected in the 5,650 area on the upside. The Midcap index too has returned to its bullish tendencies. Technicals suggest that a bullish break out is possible."
ANAGRAM: "We reiterate that on the upside in the near term, 5,550-5,600 could be an arresting zone for the Nifty, whereas strong support for the markets exists around 5,200 levels. From a near term perspective we would advise investors and traders to adopt a cautious approach on Nifty and focus on individual stocks to take profits. A sustained crossover of 5,550 for the Nifty can take the benchmark all the way to 5,700. On the flip side however, 5,349 is a very crucial support now, a breach of which might result in a sharp fall."
CANARA BANK SECURITIES (CANMONEY): "For the next week we expect that market to be in range bound and to be continued in the consolidation face. Foreign institutional investors bought equities worth Rs 116.88 billion in August 2010. But, there are concerns that risk aversion may force foreign institutional investors (FIIs) to withdraw money from emerging markets, including India. Profit booking may emerge at higher level after recent strong gains, but rising confidence among foreign investors in India`s rapid pace of economic growth should provide support to equities. With more initial public offers and share sales lined up, including companies such as Coal India, there is a greater chance of the secondary market losing some of its charm in the medium term. On Global front now investors are closely watching the US pay roll report and fresh batch of US employment figures for August 2010. Sector specifically shares in the sugar and telecom stock may be in focus as this sector expecting some announcement from Government. Any news going to announce may direct this stocks. Nifty may trade between 5,375-5,650 in the coming days. On bottom side 5,400 is good support. As Nifty was range bound, mid Caps and Small caps are expected to outperform Nifty. But MACD is giving bearish Divergence in Nifty. During the next week Nifty may test its previous high of 5,550 levels and any upside break from this level gives a room for further movement."
SMC GLOBAL (F&O OUTLOOK): "Options concentration has shifted to 5,400-strike put option with an open interest of above 10 million shares. Last week we have seen long unwinding in calls and fresh put writing in lower strike puts indicating support at lower levels. Among call options options concentration is highest at 5,600-strike with above 9.8 million shares in open interest followed by the 5,500-strike call with above 8.7 million shares.
Implied volatility (IV) of call options closed at 13.23% while the average IV of put options ended at 14.92%. The Nifty is expected to remain in the range of 5,450-5,600 levels with positive bias. If the index slips below 5450 levels than we may see lower levels of 5,400. The index may find intermediate support around 5450 levels and a resistance near 5,550 levels. Range of 5,450-5,550 will remain crucial in the near term and the movement is expected to remain range-bound with decrease in volatility."
NOTE: Consolidated from different sources.
