Once again we witnessed a range bound session on the D – Street. The week began on a flat note for the domestic markets where in the index Nifty spot initially took a dip towards crucial support of 11550 during the first half. However, strong buying in the final hour of the session helped the index to close near day’s high with decent gains. On the other hand, even Nifty Bank index contributed to the rally by surging more than 250 points and reconquering the 30K milestone.
The positive market breadth turned in the favour of declining counters as the day progressed but eventually the breadth was neutral at the close. On the sectoral front, apart from NIFTY MEDIA (-0.21%) all the other group indices managed to close in green. From the gainers, NIFTY PSU BANK (+1.64%) and NIFTY REALTY (+1.41%) stocks remained under limelight. From the F&O space, ASHOKLEYT (+5.24%), YESBANK (+4.41%), and CANBK (+4.39%) were the biggest gainers.
MARKET OUTLOOK
NIFTY HOURLY CHARTS
In our weekly report we stated that we are observing a ‘DOJI’ candle on the weekly chart of Nifty which indicates indecisiveness prevailing at current level. A sustainable move above or below the same might dictate the further trend. A breach of previous week’s low i.e. 11559 might drag the index towards 11400 - 11300 mark. On the other hand, a move above 11761 will bring the markets in uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out. In yesterday’s session Nifty respected the support of lower band and raced higher.
Now on the hourly chart, we are witnessing that the index is stuck inside a channel as displayed above. A breakout from the same will get confirmed above 10710. Thus, in the coming sessions a move above 10710 might bring in some optimism in the markets which could result in further upside as discussed in the weekly edition. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the phase of general election wherein we might observe surge in volatility.
STOCK IN ACTION
Maruti
STOCK OUTLOOK
Given above is the weekly chart of MARUTI which indicates a triple bottom formation near 6400 mark.
The multiple bottoms placement is exactly above the 200 Weeks SMA which hold high importance.
The entire NIFTY AUTO pack has underperformed other group indices and that leaves room for them to outperform others.
The stock could be accumulated on dips near 7200 - 7100 with a stop of 6800 for the upside target of 8000.
Posted by Mehul Kothari | Published on 08-APR-2019
NIFTYMarket Recap and Outlook
It was high volatile week on the D – Street since the benchmark indices initially raced towards their all-time high then corrected and ultimately ended flat. The index Nifty made a new life high of 11761 but closed the well below 11700 mark with marginal gain of (+0.36%). On the other hand, Nifty Bank index corrected almost 600 points from the week’s high to close with a loss of (-1.2%). The volatility index VIX surged by 7% to close above 18 mark. On the sectoral front, NIFTY METAL (+2.9%) and NIFTY AUTO (+2.75%) counters were the biggest pullers whereas the NIFTY MEDIA (-2.23%) and NIFTY ENERGY (-1.90%) remained the biggest laggards. In line with our view, the index Nifty registered a new high of 11761 but failed to capitalize on the same. Very soon after posting the new peak, we witnessed sharp selling in the second half of the week. At this juncture, we are observing a ‘DOJI’ candle on the weekly chart which indicates indecisiveness prevailing at current level. A sustainable move above or below the same might dictate the further trend. A breach of week’s low i.e. 11559 might drag the index towards 11400 - 11300 mark. On the other hand, a move above 11761 will bring the markets in uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out.Disclaimer)
Posted by Mehul Kothari | Published on 12-APR-2019
MARKET RECAP KEY MARKET DATA POINTS
It was a highly volatile session on the D – Street ahead of the first phase of Loksabha Election 2019. The benchmark index Nifty remained range bound during the first half where it attempted for a breakout above the falling channel. However, a sharp selloff during the second half forced the index to close near day’s low with a loss of around 100 points. Meanwhile, the Nifty Bank index too corrected sharply around 300 points from its previous close and closed well below the 30K mark.
The positive market breadth turned in the favor of declining counters as the day progressed which indicates broad based selling. On the sectoral front, NIFTY REALTY (+1.13%) and NIFTY PHARMA (+0.80%) stocks managed to close in green. From the losers, NIFTY FIN SERVICE (-1.13%) and NIFTY PSU BANK (-1.04%) stocks remained under pressure. From the F&O space, IDEA (-5.09%), LICHSGFIN (-3.90%), and BHARTIARTL (-3.70%) were the biggest laggards.
MARKET OUTLOOK
NIFTY HOURLY CHART
Previously we discussed that on the hourly chart, we are witnessing that the index Nifty is stuck inside a channel as displayed above. A breakout from the same will get confirmed above 10710. During yesterday’s session Nifty tried its best for a breakout but failed and that resulted in a selling towards the lower band. We continue to mention that only a sustainable move above 11685 (earlier 11710) or below 11550 might dictate the further trend.
A sustainable move above 11685 might bring in some optimism in the markets which could result in further upside towards 11760 - 11900. However, breach of 11550 might drag the index towards 11500 - 11450 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the phase of general election wherein we might observe surge in volatility.
STOCK IN ACTION
CANFINHOME
OUTLOOK
The stock rallied from 240 to 360 without any meaningful correction and thus has entered an overbought zone.
The daily RSI has displayed negative divergence which indicates a possibility of profit booking.
At the same time, we are witnessing reversal candlestick pattern along with trend line breakdown.
Traders can sell the stock in futures between 354 - 358 with a stop of 375 for the target of 320.
Disclaimer)
Share Market Today - 10th April 2019
MARKET RECAP
KEY MARKET DATA POINTS
Once again we witnessed a range bound session on the D – Street. The week began on a flat note for the domestic markets where in the index Nifty spot initially took a dip towards crucial support of 11550 during the first half. However, strong buying in the final hour of the session helped the index to close near day’s high with decent gains. On the other hand, even Nifty Bank index contributed to the rally by surging more than 250 points and reconquering the 30K milestone.
The positive market breadth turned in the favour of declining counters as the day progressed but eventually the breadth was neutral at the close. On the sectoral front, apart from NIFTY MEDIA (-0.21%) all the other group indices managed to close in green. From the gainers, NIFTY PSU BANK (+1.64%) and NIFTY REALTY (+1.41%) stocks remained under limelight. From the F&O space, ASHOKLEYT (+5.24%), YESBANK (+4.41%), and CANBK (+4.39%) were the biggest gainers.
MARKET OUTLOOK
NIFTY HOURLY CHARTS
In our weekly report we stated that we are observing a ‘DOJI’ candle on the weekly chart of Nifty which indicates indecisiveness prevailing at current level. A sustainable move above or below the same might dictate the further trend. A breach of previous week’s low i.e. 11559 might drag the index towards 11400 - 11300 mark. On the other hand, a move above 11761 will bring the markets in uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out. In yesterday’s session Nifty respected the support of lower band and raced higher.
Now on the hourly chart, we are witnessing that the index is stuck inside a channel as displayed above. A breakout from the same will get confirmed above 10710. Thus, in the coming sessions a move above 10710 might bring in some optimism in the markets which could result in further upside as discussed in the weekly edition. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the phase of general election wherein we might observe surge in volatility.
STOCK IN ACTION
Maruti
STOCK OUTLOOK
Disclaimer
Previous Story
Weekly BSE & NSE Gainers & Losers - 1st Apr to 5th Apr 2019
NIFTYMarket Recap and Outlook It was high volatile week on the D – Street since the benchmark indices initially raced towards their all-time high then corrected and ultimately ended flat. The index Nifty made a new life high of 11761 but closed the well below 11700 mark with marginal gain of (+0.36%). On the other hand, Nifty Bank index corrected almost 600 points from the week’s high to close with a loss of (-1.2%). The volatility index VIX surged by 7% to close above 18 mark. On the sectoral front, NIFTY METAL (+2.9%) and NIFTY AUTO (+2.75%) counters were the biggest pullers whereas the NIFTY MEDIA (-2.23%) and NIFTY ENERGY (-1.90%) remained the biggest laggards. In line with our view, the index Nifty registered a new high of 11761 but failed to capitalize on the same. Very soon after posting the new peak, we witnessed sharp selling in the second half of the week. At this juncture, we are observing a ‘DOJI’ candle on the weekly chart which indicates indecisiveness prevailing at current level. A sustainable move above or below the same might dictate the further trend. A breach of week’s low i.e. 11559 might drag the index towards 11400 - 11300 mark. On the other hand, a move above 11761 will bring the markets in uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out.Disclaimer)
Next Story
Share Market Today - 11th April 2019
MARKET RECAP KEY MARKET DATA POINTS It was a highly volatile session on the D – Street ahead of the first phase of Loksabha Election 2019. The benchmark index Nifty remained range bound during the first half where it attempted for a breakout above the falling channel. However, a sharp selloff during the second half forced the index to close near day’s low with a loss of around 100 points. Meanwhile, the Nifty Bank index too corrected sharply around 300 points from its previous close and closed well below the 30K mark. The positive market breadth turned in the favor of declining counters as the day progressed which indicates broad based selling. On the sectoral front, NIFTY REALTY (+1.13%) and NIFTY PHARMA (+0.80%) stocks managed to close in green. From the losers, NIFTY FIN SERVICE (-1.13%) and NIFTY PSU BANK (-1.04%) stocks remained under pressure. From the F&O space, IDEA (-5.09%), LICHSGFIN (-3.90%), and BHARTIARTL (-3.70%) were the biggest laggards. MARKET OUTLOOK NIFTY HOURLY CHART Previously we discussed that on the hourly chart, we are witnessing that the index Nifty is stuck inside a channel as displayed above. A breakout from the same will get confirmed above 10710. During yesterday’s session Nifty tried its best for a breakout but failed and that resulted in a selling towards the lower band. We continue to mention that only a sustainable move above 11685 (earlier 11710) or below 11550 might dictate the further trend. A sustainable move above 11685 might bring in some optimism in the markets which could result in further upside towards 11760 - 11900. However, breach of 11550 might drag the index towards 11500 - 11450 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the phase of general election wherein we might observe surge in volatility. STOCK IN ACTION CANFINHOME OUTLOOK The stock rallied from 240 to 360 without any meaningful correction and thus has entered an overbought zone. The daily RSI has displayed negative divergence which indicates a possibility of profit booking. At the same time, we are witnessing reversal candlestick pattern along with trend line breakdown. Traders can sell the stock in futures between 354 - 358 with a stop of 375 for the target of 320. Disclaimer)