The selloff continues on the D-Street for the fifth consecutive session where the benchmark indices started the session on a flat note but closed near day’s low. Once again, index Nifty attempted to clear 10900 mark during the first half but sharp selloff in the final hour of session forced it to close with considerable loss near day’s low. On the other hand, Nifty Bank index corrected from day’s high to close below the 27000 mark.
Although the market breadth started on a positive note but as the day progressed decliners outshined the advances. On the sectoral front, NIFTY IT (+0.65%) and NIFTY REALTY (+0.38%) stocks were the biggest gainers whereas NIFTY PSU BANK (-2.10%), NIFTY AUTO (-1.21%) and NIFTY MEDIA (-1.03%) counters ended in loss. From the F&O space, ADANIPOWER (+8.81%), INDIANB (+6.45%) and BATAINDIA (+5.63%) were the top performers.
MARKET OUTLOOK
Post yesterday’s correction, Nifty was forced to sneak below 10800 mark on closing basis. Now, as displayed on the daily chart, index is hovering just above the placements of 50 DEMA & 100 DEMA. At the same time, the support coincides with 61.8% Fibonacci retracement levels of previous rally. Thus, 10780 – 10750 could act as a strong support in the upcoming session. A breach of the same would extend the selling towards 10690.
On the upside, bullish sentiment would resume only above 10900 mark. Traders can add aggressive long in index futures once Nifty starts trading above the mentioned resistance level. From the stock front, one should continue to stay hedge and avoid overleveraged positions since the heavy weights are yet to correct.
MARUTI – Daily Chart
STOCK OUTLOOK
Last month, Maruti confirmed a breakdown below 7200 mark and sneaked below 6500 zone as shown above.
Then the stock recovered sharply and is now back to those levels.
The stock is unable to cross the upside resistance formed by placement of previous trend line and 78.6% Fibonacci retracement level of the previous move. This provides excellent risk reward to go short.
Thus, we advise traders to sell the stock in range of 7050 - 7150 with a stop of 7330 for the target of 6770 – 6520.
Posted by Mehul Kothari | Published on 13-FEB-2019
MARKET RECAP
KEY MARKET DATA POINTSThe markets maintained its corrective journey for the fourth consecutive session where the benchmark indices started the session on a flat note but closed near day’s low. The index Nifty managed to clear 10900 mark during the first half but sharp selloff in the final hour of session forced it to close with considerable loss near day’s low. On the other hand, Nifty Bank index corrected almost 300 points from day’s high to close an inch above 27000 mark.
Although the day was choppy but individual stocks underwent some buying interest and as a result market breadth remained positive. On the sectoral front, NIFTY MEDIA (+1.33%) and NIFTY METAL (+1.57%) stocks were the biggest gainers whereas NIFTY PSU BANK (-1.61%), NIFTY REALTY (-1.40%) and NIFTY IT (-1.00%) counters ended in loss. From the F&O space, DISHTV (+14.67%), CANFINHOME (+10.04%) and JINDALSTEL (+9.79%) were the top performers.
MARKET OUTLOOK
In our latest weekly edition we discussed that due to the ‘Evening Star’ pattern; breach of 10925 level would trigger fresh selling in the market which could drag the index towards 10800 mark. In line with that, NIFTY has almost arrived near 10800 level. Now at this juncture, Nifty is hovering just above the placement of 50 DEMA. A breach of the same would extend the selling towards 10750 in the upcoming session.
On the upside, bullish sentiment would resume only above 10930 mark. Traders can add aggressive long in index futures once Nifty starts trading above the mentioned resistance level. From the stock front, one should continue to stay hedge and avoid overleveraged positions since the heavy weights are yet to correct.
ESCORTS – Daily Chart
STOCK OUTLOOK
The stock has been trading in a strong down trend since August 2018
After the recent consolidation, ESCROTS confirmed another fresh breakdown during yesterday’s session
On a larger degree chart, the breakdown resembles a bearish FLAG pattern which indicates further downside
Thus, we advise traders to sell the stock in range of 630 - 650 with a stop of 700 for the target of 570 – 520
)
Posted by Mehul Kothari | Published on 15-FEB-2019
MARKET RECAP
KEY MARKET DATA POINTS
It has been six consecutive sessions where we witnessed selloff in our domestic markets where the benchmark indices started the session on a flat note but closed near day’s low. The index Nifty started the session on a quiet note but failed to clear the hurdle of 10800. During the second half, yet again we witnessed spike in volatility due to weekly expiry of Nifty and Nifty Bank index which dragged them much lower. However, as the day progressed Nifty Bank index managed to recover sharply and close with decent gain.
For a change, despite negative close the market breadth turned in the favour of advancing counters which indicates broad based buying. On the sectoral front, NIFTY MEDIA (+3.91%) and NIFTY PHARMA (+0.92%) stocks were the biggest gainers whereas NIFTY IT (-1.12%) and NIFTY FIN SERVICE (-0.57%) counters ended in loss. From the F&O space, YESBANK (+31.7%), CGPOWER (+20.89%) and DHFL (+16.51%) were the top performers.
MARKET OUTLOOK
Post yesterday’s correction, Nifty was forced to sneak below the placements of 50 DEMA & 100 DEMA. Now, as displayed on the daily chart, index is hovering just above the placements of 200 DEMA. At the same time, the support coincides with 78.6% Fibonacci retracement levels of previous rally and also there is a trend line support there. Thus, 10680 - 10660 could act as a strong support in the upcoming session. A breach of the same would extend the selling towards 10630.
On the upside, bullish sentiment would now resume 10800 mark. Traders can add aggressive long in index futures once Nifty starts trading above the mentioned resistance level. From the stock front, one should continue to stay hedge and avoid overleveraged positions since the heavy weights are yet to correct.
INFY – Daily Chart
STOCK OUTLOOK
The stock has confirmed breakdown from the pattern which resembles 'Rising Wedge'
This could result in some profit booking from higher levels
Even the momentum oscillators on the daily time frame have turned negative
Thus, we advise traders to go short in the stock near 745 with a stop 775 for the target of 715 - 680
Disclaimer)
MARKET RECAP
KEY MARKET DATA POINTS
The selloff continues on the D-Street for the fifth consecutive session where the benchmark indices started the session on a flat note but closed near day’s low. Once again, index Nifty attempted to clear 10900 mark during the first half but sharp selloff in the final hour of session forced it to close with considerable loss near day’s low. On the other hand, Nifty Bank index corrected from day’s high to close below the 27000 mark.
Although the market breadth started on a positive note but as the day progressed decliners outshined the advances. On the sectoral front, NIFTY IT (+0.65%) and NIFTY REALTY (+0.38%) stocks were the biggest gainers whereas NIFTY PSU BANK (-2.10%), NIFTY AUTO (-1.21%) and NIFTY MEDIA (-1.03%) counters ended in loss. From the F&O space, ADANIPOWER (+8.81%), INDIANB (+6.45%) and BATAINDIA (+5.63%) were the top performers.
MARKET OUTLOOK
Post yesterday’s correction, Nifty was forced to sneak below 10800 mark on closing basis. Now, as displayed on the daily chart, index is hovering just above the placements of 50 DEMA & 100 DEMA. At the same time, the support coincides with 61.8% Fibonacci retracement levels of previous rally. Thus, 10780 – 10750 could act as a strong support in the upcoming session. A breach of the same would extend the selling towards 10690.
On the upside, bullish sentiment would resume only above 10900 mark. Traders can add aggressive long in index futures once Nifty starts trading above the mentioned resistance level. From the stock front, one should continue to stay hedge and avoid overleveraged positions since the heavy weights are yet to correct.
MARUTI – Daily Chart
STOCK OUTLOOK
Disclaimer
Previous Story
MARKET RECAP KEY MARKET DATA POINTSThe markets maintained its corrective journey for the fourth consecutive session where the benchmark indices started the session on a flat note but closed near day’s low. The index Nifty managed to clear 10900 mark during the first half but sharp selloff in the final hour of session forced it to close with considerable loss near day’s low. On the other hand, Nifty Bank index corrected almost 300 points from day’s high to close an inch above 27000 mark. Although the day was choppy but individual stocks underwent some buying interest and as a result market breadth remained positive. On the sectoral front, NIFTY MEDIA (+1.33%) and NIFTY METAL (+1.57%) stocks were the biggest gainers whereas NIFTY PSU BANK (-1.61%), NIFTY REALTY (-1.40%) and NIFTY IT (-1.00%) counters ended in loss. From the F&O space, DISHTV (+14.67%), CANFINHOME (+10.04%) and JINDALSTEL (+9.79%) were the top performers. MARKET OUTLOOK In our latest weekly edition we discussed that due to the ‘Evening Star’ pattern; breach of 10925 level would trigger fresh selling in the market which could drag the index towards 10800 mark. In line with that, NIFTY has almost arrived near 10800 level. Now at this juncture, Nifty is hovering just above the placement of 50 DEMA. A breach of the same would extend the selling towards 10750 in the upcoming session. On the upside, bullish sentiment would resume only above 10930 mark. Traders can add aggressive long in index futures once Nifty starts trading above the mentioned resistance level. From the stock front, one should continue to stay hedge and avoid overleveraged positions since the heavy weights are yet to correct. ESCORTS – Daily Chart STOCK OUTLOOK The stock has been trading in a strong down trend since August 2018 After the recent consolidation, ESCROTS confirmed another fresh breakdown during yesterday’s session On a larger degree chart, the breakdown resembles a bearish FLAG pattern which indicates further downside Thus, we advise traders to sell the stock in range of 630 - 650 with a stop of 700 for the target of 570 – 520 )
Next Story
MARKET RECAP KEY MARKET DATA POINTS It has been six consecutive sessions where we witnessed selloff in our domestic markets where the benchmark indices started the session on a flat note but closed near day’s low. The index Nifty started the session on a quiet note but failed to clear the hurdle of 10800. During the second half, yet again we witnessed spike in volatility due to weekly expiry of Nifty and Nifty Bank index which dragged them much lower. However, as the day progressed Nifty Bank index managed to recover sharply and close with decent gain. For a change, despite negative close the market breadth turned in the favour of advancing counters which indicates broad based buying. On the sectoral front, NIFTY MEDIA (+3.91%) and NIFTY PHARMA (+0.92%) stocks were the biggest gainers whereas NIFTY IT (-1.12%) and NIFTY FIN SERVICE (-0.57%) counters ended in loss. From the F&O space, YESBANK (+31.7%), CGPOWER (+20.89%) and DHFL (+16.51%) were the top performers. MARKET OUTLOOK Post yesterday’s correction, Nifty was forced to sneak below the placements of 50 DEMA & 100 DEMA. Now, as displayed on the daily chart, index is hovering just above the placements of 200 DEMA. At the same time, the support coincides with 78.6% Fibonacci retracement levels of previous rally and also there is a trend line support there. Thus, 10680 - 10660 could act as a strong support in the upcoming session. A breach of the same would extend the selling towards 10630. On the upside, bullish sentiment would now resume 10800 mark. Traders can add aggressive long in index futures once Nifty starts trading above the mentioned resistance level. From the stock front, one should continue to stay hedge and avoid overleveraged positions since the heavy weights are yet to correct. INFY – Daily Chart STOCK OUTLOOK The stock has confirmed breakdown from the pattern which resembles 'Rising Wedge' This could result in some profit booking from higher levels Even the momentum oscillators on the daily time frame have turned negative Thus, we advise traders to go short in the stock near 745 with a stop 775 for the target of 715 - 680 Disclaimer)