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.
Posted by Mehul Kothari | Published on 09-JAN-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
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.
Disclaimer)
Posted by Mehul Kothari | Published on 17-JAN-2019
MARKET RECAP
A sharp rally of Tuesday’s session was followed by sideways action during yesterday’s session. After a marginal upside gap opening the benchmark indices remained range bound to close flat. Index Nifty, oscillated in a band of 50 points to end the session with negligible gain. Meanwhile, even the Nifty bank index displayed lethargic moves. In short it was more of a consolidation session.
The market breadth remained extremely strong right from the beginning of the session due to broad based buying. On the sectoral front, we witnessed a mix bag of picture where in NIFTY MEDIA (-0.85%) stocks remained the biggest laggards whereas NIFTY PSU BANK (+0.60%) counters gained the most. From the F&O space, JETAIRWAYS (-14.81%), CUMMINSIND (-4.38%) and INFIBEAM (-3.91%) were the worst performers.
MARKET OUTLOOK
Despite the range bound movement, Nifty has again managed to close above 10880which indicates that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. However, we also maintain our stance that 11200 still remains a very strong hurdle for the bulls. Thus we would advise traders to start booking profits once index arrives near that zone. As of now, the support of 10620 has now been shifted to 10690.
Only a move below the same might dwell the ongoing momentum. For the coming sessions 10925 and 10770 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions and follow strict stop loss.Disclaimer)
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
Previous Story
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 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. Disclaimer)
Next Story
Share Market Today - 17th January 2019
MARKET RECAP A sharp rally of Tuesday’s session was followed by sideways action during yesterday’s session. After a marginal upside gap opening the benchmark indices remained range bound to close flat. Index Nifty, oscillated in a band of 50 points to end the session with negligible gain. Meanwhile, even the Nifty bank index displayed lethargic moves. In short it was more of a consolidation session. The market breadth remained extremely strong right from the beginning of the session due to broad based buying. On the sectoral front, we witnessed a mix bag of picture where in NIFTY MEDIA (-0.85%) stocks remained the biggest laggards whereas NIFTY PSU BANK (+0.60%) counters gained the most. From the F&O space, JETAIRWAYS (-14.81%), CUMMINSIND (-4.38%) and INFIBEAM (-3.91%) were the worst performers. MARKET OUTLOOK Despite the range bound movement, Nifty has again managed to close above 10880which indicates that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. However, we also maintain our stance that 11200 still remains a very strong hurdle for the bulls. Thus we would advise traders to start booking profits once index arrives near that zone. As of now, the support of 10620 has now been shifted to 10690. Only a move below the same might dwell the ongoing momentum. For the coming sessions 10925 and 10770 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions and follow strict stop loss.Disclaimer)