The domestic markets started the week on a flat note but gradually got stuck under heavy profit booking on the back of mixed global cues. As a result, Nifty index tanked around 100 points from its previous close to sneak below the 10700 mark. However, a smart recovery during the second half helped index to reduce half of its loss. Eventually, index closed just above the intermediate support of 10730. Meanwhile, Nifty Bank index underperformed the benchmarks and lost around 200 points.
The volatility index roused by 5% and we observed a broad based selling. As a result, market breadth turned in the favour of declining counters. On the sectoral front, apart from NIFTY PHARMA (+0.53%) all the other group indices closed in red. Amongst them, NIFTY METAL (-1.07%) and NIFTY MEDIA (-0.98%) counters performed the worst. From the F&O space, JETAIRWAYS (+11.60%), STAR (+7.91%) and YESBANK (+6.00%) were the top performers.
MARKET OUTLOOK
In our recent weekly report we discussed that since last couple of weeks, index has been trading in a range which seems to be contracting and has taken a shape of triangle pattern. A breakout from this pattern shall uplift the index above the 11000 mark. The breakout will get confirmed on a close above 10880 whereas the breakdown shall get confirmed below 10620. Post today’s corrective move, Nifty is still within this range.
Thus we reiterate our view that only a convincing move from the above mentioned range would dictate the further trend. Within this range 10690 – 10810 would remain an intermediate support and resistance respectively for the coming sessions. Currently we advise traders to trade with positive bias but avoid any overleveraged positions and follow strict stop loss.
STOCK : PAGEIND – Weekly Chart
STOCK OUTLOOK
After a sharp correction from the peak of 36000, PAGEIND found support near the placement of 100 Weeks SMA
Along with the placement of this MA, we are witnessing a hammer candlestick pattern on the weekly chart
Generally, hammer indicates a change of trend which can result in sharp bounce
Thus, we advise traders to buy the stock between 23800 - 23400 with a stop loss of 21600 for the target of 28000
Posted by Mehul Kothari | Published on 17-JAN-2019
MARKET RECAP
Finally, we witnessed the much awaited range breakout on D – Street after a consolidation of few weeks. The domestic markets started the session with an upside gap following the stable global cues. As the day progressed, momentum on the upside intensified to pull Nifty spot well above the breakout level of 10880. Eventually, the index closed with a massive gain of 150 points and above 10880 mark. Even Nifty Bank surged around 150 points in line with our buy recommendation.
The market breadth remained extremely strong right from the beginning of the session due to broad based buying. On the sectoral front, none of the group indices ended in negative terrain. Amongst them Nifty IT (+3.06%) and NIFTY REALTY (+1.79%) stocks remained the biggest gainers. From the F&O space, INFIBEAM (+11.48%), GODFFRYPHLP (+6.65%) and WIPRO (+5.60%) were the top performers.MARKET OUTLOOK
We have been waiting for quite some time for this breakout since we had a buy on dips view. Now, since the index has managed to close above 10880 the triangle breakout is being confirmed 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.STOCK : VEDL – Daily Chart
STOCK OUTLOOK
Along with other metal stocks, even VEDL has been trading under pressure since past couple of months
At this juncture, stock is forming a pattern which resembles a ‘Falling Wedge’ on the daily chart
As shown above, a move beyond 200 would confirm the pattern which could result in faster upside
Thus, we advise traders to buy the stock above 200 with a stop loss of 186 for the target of 230
Disclaimer
)
Posted by Mehul Kothari | Published on 17-JAN-2019
MARKET RECAP
KEY MARKET DATA POINTS
Yet another day of consolidation was observed on the D – Street in the absence of any fresh triggers for upside. The domestic markets remained range bound for second consecutive session post the rally of Tuesday’s session. Index Nifty, initially nosedives towards 10850 mark but recovered sharply during the second half to close well above 10900 mark with marginal gains. Meanwhile, Nifty Bank index displayed wild swings by recovering almost 300 points form day’s low to close in positive terrain.
The market breadth turned negative amid the high volatility and profit booking in individual stocks. On the sectoral front, we witnessed a mix bag of picture wherein NIFTY MEDIA (-2.08%) stocks remained the biggest laggards whereas NIFTY REALTY (+1.19%) counters gained the most. From the F&O space, DCBBANK (+3.87%), JETAIRWAYS (+3.50%) and MINDTREE (+2.84%) were the top performers.
MARKET OUTLOOK
Despite some initial hiccups during the session, Nifty has again managed to close above 10880. In fact it has closed above 10900 which indicate that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. TA the same time, 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 10930 and 1010840 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions.Disclaimer)
Share Market Today - 15th January 2019
KEY MARKET DATA POINTS
The domestic markets started the week on a flat note but gradually got stuck under heavy profit booking on the back of mixed global cues. As a result, Nifty index tanked around 100 points from its previous close to sneak below the 10700 mark. However, a smart recovery during the second half helped index to reduce half of its loss. Eventually, index closed just above the intermediate support of 10730. Meanwhile, Nifty Bank index underperformed the benchmarks and lost around 200 points.
The volatility index roused by 5% and we observed a broad based selling. As a result, market breadth turned in the favour of declining counters. On the sectoral front, apart from NIFTY PHARMA (+0.53%) all the other group indices closed in red. Amongst them, NIFTY METAL (-1.07%) and NIFTY MEDIA (-0.98%) counters performed the worst. From the F&O space, JETAIRWAYS (+11.60%), STAR (+7.91%) and YESBANK (+6.00%) were the top performers.
MARKET OUTLOOK
In our recent weekly report we discussed that since last couple of weeks, index has been trading in a range which seems to be contracting and has taken a shape of triangle pattern. A breakout from this pattern shall uplift the index above the 11000 mark. The breakout will get confirmed on a close above 10880 whereas the breakdown shall get confirmed below 10620. Post today’s corrective move, Nifty is still within this range.
Thus we reiterate our view that only a convincing move from the above mentioned range would dictate the further trend. Within this range 10690 – 10810 would remain an intermediate support and resistance respectively for the coming sessions. Currently we advise traders to trade with positive bias but avoid any overleveraged positions and follow strict stop loss.
STOCK : PAGEIND – Weekly Chart
STOCK OUTLOOK
Disclaimer
Previous Story
Share Market Today - 16th January 2019
MARKET RECAP Finally, we witnessed the much awaited range breakout on D – Street after a consolidation of few weeks. The domestic markets started the session with an upside gap following the stable global cues. As the day progressed, momentum on the upside intensified to pull Nifty spot well above the breakout level of 10880. Eventually, the index closed with a massive gain of 150 points and above 10880 mark. Even Nifty Bank surged around 150 points in line with our buy recommendation. The market breadth remained extremely strong right from the beginning of the session due to broad based buying. On the sectoral front, none of the group indices ended in negative terrain. Amongst them Nifty IT (+3.06%) and NIFTY REALTY (+1.79%) stocks remained the biggest gainers. From the F&O space, INFIBEAM (+11.48%), GODFFRYPHLP (+6.65%) and WIPRO (+5.60%) were the top performers.MARKET OUTLOOK We have been waiting for quite some time for this breakout since we had a buy on dips view. Now, since the index has managed to close above 10880 the triangle breakout is being confirmed 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.STOCK : VEDL – Daily Chart STOCK OUTLOOK Along with other metal stocks, even VEDL has been trading under pressure since past couple of months At this juncture, stock is forming a pattern which resembles a ‘Falling Wedge’ on the daily chart As shown above, a move beyond 200 would confirm the pattern which could result in faster upside Thus, we advise traders to buy the stock above 200 with a stop loss of 186 for the target of 230 Disclaimer )
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Share Market Today - 18th January 2019
MARKET RECAP KEY MARKET DATA POINTS Yet another day of consolidation was observed on the D – Street in the absence of any fresh triggers for upside. The domestic markets remained range bound for second consecutive session post the rally of Tuesday’s session. Index Nifty, initially nosedives towards 10850 mark but recovered sharply during the second half to close well above 10900 mark with marginal gains. Meanwhile, Nifty Bank index displayed wild swings by recovering almost 300 points form day’s low to close in positive terrain. The market breadth turned negative amid the high volatility and profit booking in individual stocks. On the sectoral front, we witnessed a mix bag of picture wherein NIFTY MEDIA (-2.08%) stocks remained the biggest laggards whereas NIFTY REALTY (+1.19%) counters gained the most. From the F&O space, DCBBANK (+3.87%), JETAIRWAYS (+3.50%) and MINDTREE (+2.84%) were the top performers. MARKET OUTLOOK Despite some initial hiccups during the session, Nifty has again managed to close above 10880. In fact it has closed above 10900 which indicate that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. TA the same time, 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 10930 and 1010840 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions.Disclaimer)