Share Market Today - 18th January 2019




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.



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.


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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 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 Disclaimer)

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MARKET RECAP                                                     KEY MARKET DATA POINTS The domestic markets closed yesterday’s session on a pessimistic note but the bulls managed to recover some of their intraday loss during the close. Initially, the index Nifty spot underwent selling pressure during the first half to sneak below the intermediate support of 10880. However, as expected 10840 acted as a strong demand zone and Nifty managed to close well above 10900 mark. On the other hand, Nifty Bank index remained range bound throughout the session. For the second consecutive session, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, NIFTY METAL (-2.21%), NIFTY MEDIA (-1.38%) and NIFTY PSU BANK (-0.99%) remained the biggest laggards whereas NIFTY PHARMA (+1.81%) stocks were the top performers. From the F&O space, STARE (+6.4%), INDIGO (+5.51%) and HAVELLS (+5.23%) outperformed others. OUTLOOK Post breakout from 10930 mark, yesterday the index faced some profit booking from higher levels but managed to sustain above 10900 mark. We reiterate our stance that pattern wise there is a clear breakout which indicates potential upside towards 11000 – 11100. In addition, the daily ADX (14) indicator has signalled a positive crossover which might bode well for the bulls. Thus we maintain our stance that the upside could continue in upcoming sessions. At the same time, we would like to mention that 11100 - 11200 still remains an important resistance where traders should start booking their long positons for the time being. Meanwhile, 10840 – 11000 levels are likely to act as intermediate support and resistance respectively in the coming session. Traders are again advised to avoid over leveraged positions.Disclaimer)

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