HDFC Securities
Market consolidation seen continuing
The broader market too saw some gains with the BSE Mid-Cap Index up 0.85 per cent and BSE Small-Cap Index up 0.41 per cent.
Immediate support seen at 11582 points
Sectorally, there were no gainers. The top losers were the BSE Auto, Metal, Oil and Gas and Power indices.
Market to remain sideways
Currently the Nifty trades with a resistance of 11740 and if it cross that level then it may trigger a long trade bullish trade.
Market to remain choppy
The market breadth was negative as about 1,285 shares declined against 1,149 advancing shares on the BSE.
Discount brokers race ahead of other players
HDFC Securities, Share-khan and Kotak Securities are ranked as the third, fourth and fifth largest brokerags, according to NSE client data.
Minor upside bounce indicated
The market seems to be building in a weak quarterly performance and hence stock specific volatility is likely to remain high.
Market likely to see correction
The market is closely watching the progress of the monsoon and the trend in crude oil prices.
Downward corrective leg is likely to continue
Among the Sensex constituents only nine out of thirty stocks closed with gains.
Downtrend seen for short-term
The broader market outperformed the benchmarks with the Mid-Cap down 0.19 per cent and Small-Cap down 0.38 per cent.
Short-term trend stays positive
The broader market also saw buying interest with the BSE Mid-Cap and Small-Cap indices ending in the green.