The domestic markets maintained its winning streak for the fourth consecutive session yesterday. It was a good comeback by the bulls from the bottom since the index Nifty spot is around 200 points away from the recent low. Although the week kicked off on a flat not but as the day progressed markets gained momentum to close at day’s high. Finally we witnessed a considerable upside after a series of down days on the D – Street. Meanwhile the Nifty Bank index to surged more than 250 points and reclaimed the 27K mark.
Right from the opening, market breadth remained in the favour of advancing counters following strong buying interest in broader markets. On the sectoral front, apart from NIFTY REALTY (-1.01%), NIFTY PSU BANK (-0.26%) and NIFTY MEDIA (-0.14%) all the other group indices closed in positive terrain. Amongst them NIFTY IT (+2.17%) and NIFTY AUTO (+1.20%) stocks were the biggest gainers. From the F&O space, MOTHERSUMI (+11.28%), DCBBANK (+5.04%) and RAYMOND (+4.69%) were the top performers..
MARKET OUTLOOK
At this juncture, Nifty is hovering just around the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which might act as an intermediate resistance in the upcoming session. However, we reiterate our previous stance that till the time Nifty stays above 10580 the probability of it reaching 11000 mark is quiet high. Traders who initiated long in index futures should follow strict stop of 10700 for the upside target of 11000 and above.
On the downside 10720 – 10640 zone might again attract some buying interest. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.
Posted by Mehul Kothari | Published on 22-FEB-2019
NIFTY
MARKET RECAP AND OUTLOOK
Since past few sessions we have been mentioning that the market has a potential to absorb the selling pressure at the critical support of 10580. Now in line with that, the index Nifty has turned decisively from there during the week went by. It is evident from the given daily chart that index Nifty has managed to sustain at higher levels after a relentless fall of more than eight trading sessions. Thus, we reiterate our previous stance that till the time Nifty stays above 10580 the probability of it reaching 11000 mark is quiet high.
Meanwhile for the upcoming sessions, 10860 – 10910 levels might act as an intermediate resistance whereas on the downside 10720 – 10640 zone might again attract some buying interest. Traders who initiated long in index futures should follow strict stop of 10600 for the upside target of 11000 and above. On the contrary, a close below 10580 could be dangerous for the bulls. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 WSMA which indicates a sharp bounce in broad market stocks.Disclaimer)
Posted by Mehul Kothari | Published on 28-FEB-2019
MARKET RECAP
KEY MARKET DATA POINTS
The benchmark indices started yesterday’s session on a flat not but gained strength as the day progressed. At one given point of time, index nifty even surged more than 100 points to surpass the 10900 mark. However, yet again the geopolitical tensions between India and Pakistan spooked the markets which resulted in sudden spike in volatility. This forced Nifty to correct almost 200 points from day’s high and close in red. Meanwhile, Nifty Bank index too sneaked below 27000 mark.
The market breadth which was positive during the first half turned out to be neutral as the day progressed. On the sectoral front, NIFTY MIDCAP (+0.40%) and NIFTY SMLCAP (+0.19%) stocks remained positive but other group indices ended in red. Amongst them NIFTY MEDIA (-0.88%) and NIFTY PVTBANK (-0.61%) stocks were the biggest losers. From the F&O space, ALBK (+9.51%), PCJEWELLER (+5.38%) and CANBK (+5.13%) were the top performers.
MARKET OUTLOOK
Yet again the index Nifty turned around from the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which acted as an intermediate resistance in the recent session. Due to the ongoing geopolitical issues, we expect the index to trade with positive bias within the range of 10580 - 11000. Any move on either side of the range shall now dictate the further trend. Traders who initiated long in index futures should follow strict stop of 10700 for the upside target of 11000 and above.
On the downside 10720 – 10640 zone might again attract some buying interest. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.Disclaimer)
MARKET RECAP
KEY MARKET DATA POINTS
The domestic markets maintained its winning streak for the fourth consecutive session yesterday. It was a good comeback by the bulls from the bottom since the index Nifty spot is around 200 points away from the recent low. Although the week kicked off on a flat not but as the day progressed markets gained momentum to close at day’s high. Finally we witnessed a considerable upside after a series of down days on the D – Street. Meanwhile the Nifty Bank index to surged more than 250 points and reclaimed the 27K mark.
Right from the opening, market breadth remained in the favour of advancing counters following strong buying interest in broader markets. On the sectoral front, apart from NIFTY REALTY (-1.01%), NIFTY PSU BANK (-0.26%) and NIFTY MEDIA (-0.14%) all the other group indices closed in positive terrain. Amongst them NIFTY IT (+2.17%) and NIFTY AUTO (+1.20%) stocks were the biggest gainers. From the F&O space, MOTHERSUMI (+11.28%), DCBBANK (+5.04%) and RAYMOND (+4.69%) were the top performers..
MARKET OUTLOOK
At this juncture, Nifty is hovering just around the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which might act as an intermediate resistance in the upcoming session. However, we reiterate our previous stance that till the time Nifty stays above 10580 the probability of it reaching 11000 mark is quiet high. Traders who initiated long in index futures should follow strict stop of 10700 for the upside target of 11000 and above.
On the downside 10720 – 10640 zone might again attract some buying interest. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.
Disclaimer
Previous Story
NIFTY MARKET RECAP AND OUTLOOK Since past few sessions we have been mentioning that the market has a potential to absorb the selling pressure at the critical support of 10580. Now in line with that, the index Nifty has turned decisively from there during the week went by. It is evident from the given daily chart that index Nifty has managed to sustain at higher levels after a relentless fall of more than eight trading sessions. Thus, we reiterate our previous stance that till the time Nifty stays above 10580 the probability of it reaching 11000 mark is quiet high. Meanwhile for the upcoming sessions, 10860 – 10910 levels might act as an intermediate resistance whereas on the downside 10720 – 10640 zone might again attract some buying interest. Traders who initiated long in index futures should follow strict stop of 10600 for the upside target of 11000 and above. On the contrary, a close below 10580 could be dangerous for the bulls. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 WSMA which indicates a sharp bounce in broad market stocks.Disclaimer)
Next Story
MARKET RECAP KEY MARKET DATA POINTS The benchmark indices started yesterday’s session on a flat not but gained strength as the day progressed. At one given point of time, index nifty even surged more than 100 points to surpass the 10900 mark. However, yet again the geopolitical tensions between India and Pakistan spooked the markets which resulted in sudden spike in volatility. This forced Nifty to correct almost 200 points from day’s high and close in red. Meanwhile, Nifty Bank index too sneaked below 27000 mark. The market breadth which was positive during the first half turned out to be neutral as the day progressed. On the sectoral front, NIFTY MIDCAP (+0.40%) and NIFTY SMLCAP (+0.19%) stocks remained positive but other group indices ended in red. Amongst them NIFTY MEDIA (-0.88%) and NIFTY PVTBANK (-0.61%) stocks were the biggest losers. From the F&O space, ALBK (+9.51%), PCJEWELLER (+5.38%) and CANBK (+5.13%) were the top performers. MARKET OUTLOOK Yet again the index Nifty turned around from the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which acted as an intermediate resistance in the recent session. Due to the ongoing geopolitical issues, we expect the index to trade with positive bias within the range of 10580 - 11000. Any move on either side of the range shall now dictate the further trend. Traders who initiated long in index futures should follow strict stop of 10700 for the upside target of 11000 and above. On the downside 10720 – 10640 zone might again attract some buying interest. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.Disclaimer)