Yesterday’s session was more of a trader’s delight where in both bulls and bears got an opportunity to show off their skills and eventually the game belonged to the mighty bulls. The index Nifty spot, started the session with an upside gap following the overnight gains from US markets. However, selling pressure at higher levels dragged the index in red. Then after once again the markets recovered sharply and Nifty ended the session near day’s high with considerable gains. Meanwhile, the Nifty Bank index too participated in both the directions.
After quite some time, market breadth turned in the favour of declining counters due to selling in broader markets. On the sectoral front, apart from NIFTY METAL (-1.16%), NIFTY PSU BANK (-0.25%) and NIFTY MEDIA (-0.04%) all the other group indices closed in green. Amongst them, NIFTY FMCG (+1.01%) counters performed the best. From the F&O space, GMRINFRA (+4.95%), ICICIPRU (+4.57%) and IDBI (+4.09%) were the top performers.
MARKET OUTLOOK
Yesterday, we managed to short NIFTY BANK Futures (recommended shorts) and book the same with decent gains and then we recommended buying in Nifty fut at 10795 which too ended on a positive note. This means that the markets continue to remain in a range and the index nifty is on the verge of a breakout from a triangle pattern. A breakout on either side from this pattern shall dictate the further trend.
On the upside, positive momentum might continue only above 10880 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10530 has now shifted to 10620. A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is 10730. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
STOCK : ABFRL – Weekly Chart
STOCK OUTLOOK
During the month of Dec 2018, ABRFL confirmed a bullish ‘Pennant’ breakout and retested the breakout line.
At this juncture, stock is on the verge of another major breakout from the trend line as shown in the weekly chart along with the active pennant pattern.
The theoretical target for pattern comes around 270.
Thus, we advise traders to buy the stock above 214 with a stop loss of 194 for the target of 260.
Posted by Mehul Kothari | Published on 08-JAN-2019
MARKET RECAP
Initially, it was a volatile session during the first half which turned out to be lack luster as the day progressed. The benchmark index started the session on a flat not and corrected sharply to fill previous day’s gap. During the process, Nifty registered an intraday low of 10733 but recovered sharply to trade above 10800 mark. Later on, the markets turned sideways to end with decent gain. Meanwhile, the Nifty Bank index outperformed by closing with a gain of more than 200 points.
The market breadth remained extremely strong from the beginning of the session but turned a bit neutral as the day progressed due to selling in broader markets. On the sectoral front, NIFTY PSU BANK (+2.77%) stocks underwent strong buying which was followed by NIFTY PHARMA (+1.51%) counters. From the F&O space, SREINFRA (+6.61%), SYNDIBANK (+4.76%) and RPOWER (+4.62%) were the top performers.
MARKET OUTLOOK
In latest session, the index Nifty spot remained in a trading range of its previous session and there is hardly any change in the price structure. Thus, we reiterate our view that the price structure indicates both lower and upper ranges are contracting and taking shape of a triangle pattern. A breakout on either side from this pattern shall dictate the further trend.
On the upside, positive momentum might continue only above 10923 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10330 has now shifted to 10530. A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is Friday’s low of 10628. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
STOCK : SPARC – Daily Chart
STOCK OUTLOOK
Since the year 2018, SPARC has eroded more than 50% from its peak of 532 and now trading well below the 200 mark.
Due to this, the stock has reached highly oversold zone and the RSI – Smoothened oscillator has entered its lowest level of 2 since the year 2008.
We are witnessing a positive crossover in RSI-S which indicates a possibility of sharp bounce.
Thus, we advise traders to buy the stock above 188 with a stop loss of 176 for the target of 215.
Disclaimer)
Posted by Mehul Kothari | Published on 10-JAN-2019
MARKET RECAP
In our previous edition, we discussed that Wednesday’s session was indeed a trader’s delight where we witnessed move on both sides. However, yesterday remained an extremely tedious session where the markets traded in a narrow range with negative bias. The index Nifty spot, started the session with a marginal downside gap to end the session with minimal loss. Meanwhile, the Nifty Bank index too remained under pressure and closed in red.
Despite the negative close, market breadth turned in the favour of advancing counters due to buying in broader markets. On the sectoral front, apart from NIFTY PHARMA (+0.32%), NIFTY AUTO (+0.29%) and NIFTY MEDIA (+0.08%) all the other group indices closed in red. Amongst them, NIFTY PVTBANK (-0.88%) counters performed the worst. From the F&O space, MFSL (+4.25%), DIVISLAB (+3.02%) and NCC (+2.69%) were the top performers.
MARKET OUTLOOK
Due to yesterday’s range bound movement, there is hardly any change in the price structure of Nifty spot. Hence we reiterate our stance that the markets continue to remain in a range and the index nifty is on the verge of a breakout from a triangle pattern. A breakout on either side from this pattern shall dictate the further trend.
On the upside, positive momentum might continue only above 10880 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10530 has now shifted to 10620. A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is 10730. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
STOCK : ABFRL – Weekly Chart
STOCK OUTLOOK
For the first time after the year 2017, STAR has managed to close above its 200 DSMA which is first sign of strength.
In addition, the stock has also confirmed a breakout from the falling line which indicates fresh upside.
The placement of daily RSI hints towards a beginning of fresh trend.
Thus, we advise traders to buy the stock between 480 - 470 with a stop loss of 453 for the target of 520.
)
Share Market Today - 10th January 2019
MARKET RECAP
Yesterday’s session was more of a trader’s delight where in both bulls and bears got an opportunity to show off their skills and eventually the game belonged to the mighty bulls. The index Nifty spot, started the session with an upside gap following the overnight gains from US markets. However, selling pressure at higher levels dragged the index in red. Then after once again the markets recovered sharply and Nifty ended the session near day’s high with considerable gains. Meanwhile, the Nifty Bank index too participated in both the directions.
After quite some time, market breadth turned in the favour of declining counters due to selling in broader markets. On the sectoral front, apart from NIFTY METAL (-1.16%), NIFTY PSU BANK (-0.25%) and NIFTY MEDIA (-0.04%) all the other group indices closed in green. Amongst them, NIFTY FMCG (+1.01%) counters performed the best. From the F&O space, GMRINFRA (+4.95%), ICICIPRU (+4.57%) and IDBI (+4.09%) were the top performers.
MARKET OUTLOOK
Yesterday, we managed to short NIFTY BANK Futures (recommended shorts) and book the same with decent gains and then we recommended buying in Nifty fut at 10795 which too ended on a positive note. This means that the markets continue to remain in a range and the index nifty is on the verge of a breakout from a triangle pattern. A breakout on either side from this pattern shall dictate the further trend.
On the upside, positive momentum might continue only above 10880 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10530 has now shifted to 10620. A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is 10730. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
STOCK : ABFRL – Weekly Chart
STOCK OUTLOOK
Disclaimer
Previous Story
Share Market Today - 9th January 2019
MARKET RECAP Initially, it was a volatile session during the first half which turned out to be lack luster as the day progressed. The benchmark index started the session on a flat not and corrected sharply to fill previous day’s gap. During the process, Nifty registered an intraday low of 10733 but recovered sharply to trade above 10800 mark. Later on, the markets turned sideways to end with decent gain. Meanwhile, the Nifty Bank index outperformed by closing with a gain of more than 200 points. The market breadth remained extremely strong from the beginning of the session but turned a bit neutral as the day progressed due to selling in broader markets. On the sectoral front, NIFTY PSU BANK (+2.77%) stocks underwent strong buying which was followed by NIFTY PHARMA (+1.51%) counters. From the F&O space, SREINFRA (+6.61%), SYNDIBANK (+4.76%) and RPOWER (+4.62%) were the top performers. MARKET OUTLOOK In latest session, the index Nifty spot remained in a trading range of its previous session and there is hardly any change in the price structure. Thus, we reiterate our view that the price structure indicates both lower and upper ranges are contracting and taking shape of a triangle pattern. A breakout on either side from this pattern shall dictate the further trend. On the upside, positive momentum might continue only above 10923 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10330 has now shifted to 10530. A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is Friday’s low of 10628. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions. STOCK : SPARC – Daily Chart STOCK OUTLOOK Since the year 2018, SPARC has eroded more than 50% from its peak of 532 and now trading well below the 200 mark. Due to this, the stock has reached highly oversold zone and the RSI – Smoothened oscillator has entered its lowest level of 2 since the year 2008. We are witnessing a positive crossover in RSI-S which indicates a possibility of sharp bounce. Thus, we advise traders to buy the stock above 188 with a stop loss of 176 for the target of 215. Disclaimer)
Next Story
Share Market Today - 11th January 2019
MARKET RECAP In our previous edition, we discussed that Wednesday’s session was indeed a trader’s delight where we witnessed move on both sides. However, yesterday remained an extremely tedious session where the markets traded in a narrow range with negative bias. The index Nifty spot, started the session with a marginal downside gap to end the session with minimal loss. Meanwhile, the Nifty Bank index too remained under pressure and closed in red. Despite the negative close, market breadth turned in the favour of advancing counters due to buying in broader markets. On the sectoral front, apart from NIFTY PHARMA (+0.32%), NIFTY AUTO (+0.29%) and NIFTY MEDIA (+0.08%) all the other group indices closed in red. Amongst them, NIFTY PVTBANK (-0.88%) counters performed the worst. From the F&O space, MFSL (+4.25%), DIVISLAB (+3.02%) and NCC (+2.69%) were the top performers. MARKET OUTLOOK Due to yesterday’s range bound movement, there is hardly any change in the price structure of Nifty spot. Hence we reiterate our stance that the markets continue to remain in a range and the index nifty is on the verge of a breakout from a triangle pattern. A breakout on either side from this pattern shall dictate the further trend. On the upside, positive momentum might continue only above 10880 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10530 has now shifted to 10620. A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is 10730. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions. STOCK : ABFRL – Weekly Chart STOCK OUTLOOK For the first time after the year 2017, STAR has managed to close above its 200 DSMA which is first sign of strength. In addition, the stock has also confirmed a breakout from the falling line which indicates fresh upside. The placement of daily RSI hints towards a beginning of fresh trend. Thus, we advise traders to buy the stock between 480 - 470 with a stop loss of 453 for the target of 520. )