It was a choppy session on the D – Street since the domestic markets remained busy doing nothing amid the mixed global cues and traded in a range. The index Nifty oscillated in a band of around 60 points to close flat. During the process, Nifty just tested the 10800 mark but managed to close well above the same. Meanwhile, Nifty bank too remained flat despite the weekly expiry.
For the fourth 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 REALTY (+2.17%), NIFTY PSU BANK (+0.56%) and NIFTY IT (+0.56%) remained the biggest gainers whereas NIFTY AUTO (-0.87%) stocks were the worst performers. From the F&O space, YESBANK (+14.4%), INDIGO (+6.3%) and JETAIRWAYS (+5.41%) outperformed others.
MARKET OUTLOOK
After clearing the hurdle of 10930 mark, in the past few session the index faced some profit booking from higher levels and is still trading below the 10800 mark. On the daily chart, Nifty is still bouncing from the support formed by the rising line of triangle pattern which indicates that the bullish pattern is still intact. Thus we maintain our stance that the upside could continue in upcoming sessions.
The momentum might fade away only on a breach of this trend line support i.e. 10800 mark. Till that time traders are advised to remain stock specific and avoid over leveraged positions. On the upside, 10870 – 10900 mark are likely to act as intermediate resistance for the coming session.
NIFTY METAL – Weekly Chart
OUTLOOK
After a rigorous fall, the Nifty Metal index is now resting on a bearish support line from where it could bounce
In addition we are also observing bullish AB=CD harmonic pattern on the weekly chart
The index is trading near potential reversal zone of the said pattern which indicates bounce in METAL stocks
Thus, we advise traders to accumulate stocks like TATASTEEL, JSWSTEEL and HINDALCO for short term bounce
Posted by Mehul Kothari | Published on 23-JAN-2019
MARKET RECAP
KEY MARKET DATA POINTS
The week began on an optimistic note for the domestic markets following the positive global cues. However, it was a confusing session too since with regards to index we saw a decent upside but the market’s internal strength remained quiet weak. Index Nifty spot maintained its upside and cleared the hurdle of 10930 on the back of strong rally in RELIANCE to close with an upside of 50 odd points. On the other hand, Nifty Bank index remained extremely flat.
Despite the upside, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, NIFTY REALTY (-1.43%), NIFTY PSU BANK (-1.31%) and NIFTY AUTO (-1.11%) remained the biggest laggards whereas NIFTY PHARMA (+0.52%) were the top performers. From the F&O space, RELIANCE (4.4%), UBL (+4.4%) and SREINFRA (+4.16%) outperformed others.
MARKET OUTLOOK
Since past three sessions, NIFTY was unable to clear the hurdle of 10930. While yesterday the index managed to clear the same on a closing basis which indicates strength. However, the only concern was lower participation from other stock. 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 the 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, 10880 – 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.
MARUTI - DAILY CHART
STOCK OUTLOOK
On the larger degree charts, Maruti has been trading in a down trend.
Thus, the recent upside could be termed as a pullback of previous fall and not a fresh impulse.
Breakdown on the daily chart indicates beginning of fresh downside.
Thus, we advise traders to short the stock in the range of 7200 - 7300 with a stop loss of 7470 for the target of 6800.
Disclaimer)
Posted by Mehul Kothari | Published on 28-JAN-2019
NIFTY
Market Recap and Outlook
During the first session of the week, index Nifty spot attempted to meet 11000 mark and registered an intraweek high of 10987. However, during the final session Nifty closed near week’s low of 10756. Eventually, index lost more than a percent during the week went by. After clearing the hurdle of 10930 mark, the index faced some profit booking from higher levels and has closed below 10800 mark. On the daily chart, Nifty seems to be bouncing from the support formed by the rising line of triangle pattern. We need to watch in the upcoming session how the index reacts because it has closed just below that trend line.
On the downside, move below 10750 could dwell the upside momentum but the uptrend would be in jeopardy if index breaches the critical support of 10690. Thus for the coming week, 10690 remain a trend deciding level for the markets. On the upside, bulls would be in safe heaven only above the 11000 mark. Before that 10900 – 10930 zone might act as intermediate resistance in the coming sessions. Traders are advised to remain stock specific due to earning season and avoid over leveraged positions.)
MARKET RECAP
KEY MARKET DATA POINTS
It was a choppy session on the D – Street since the domestic markets remained busy doing nothing amid the mixed global cues and traded in a range. The index Nifty oscillated in a band of around 60 points to close flat. During the process, Nifty just tested the 10800 mark but managed to close well above the same. Meanwhile, Nifty bank too remained flat despite the weekly expiry.
For the fourth 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 REALTY (+2.17%), NIFTY PSU BANK (+0.56%) and NIFTY IT (+0.56%) remained the biggest gainers whereas NIFTY AUTO (-0.87%) stocks were the worst performers. From the F&O space, YESBANK (+14.4%), INDIGO (+6.3%) and JETAIRWAYS (+5.41%) outperformed others.
MARKET OUTLOOK
After clearing the hurdle of 10930 mark, in the past few session the index faced some profit booking from higher levels and is still trading below the 10800 mark. On the daily chart, Nifty is still bouncing from the support formed by the rising line of triangle pattern which indicates that the bullish pattern is still intact. Thus we maintain our stance that the upside could continue in upcoming sessions.
The momentum might fade away only on a breach of this trend line support i.e. 10800 mark. Till that time traders are advised to remain stock specific and avoid over leveraged positions. On the upside, 10870 – 10900 mark are likely to act as intermediate resistance for the coming session.
NIFTY METAL – Weekly Chart
OUTLOOK
Disclaimer
Previous Story
MARKET RECAP KEY MARKET DATA POINTS The week began on an optimistic note for the domestic markets following the positive global cues. However, it was a confusing session too since with regards to index we saw a decent upside but the market’s internal strength remained quiet weak. Index Nifty spot maintained its upside and cleared the hurdle of 10930 on the back of strong rally in RELIANCE to close with an upside of 50 odd points. On the other hand, Nifty Bank index remained extremely flat. Despite the upside, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, NIFTY REALTY (-1.43%), NIFTY PSU BANK (-1.31%) and NIFTY AUTO (-1.11%) remained the biggest laggards whereas NIFTY PHARMA (+0.52%) were the top performers. From the F&O space, RELIANCE (4.4%), UBL (+4.4%) and SREINFRA (+4.16%) outperformed others. MARKET OUTLOOK Since past three sessions, NIFTY was unable to clear the hurdle of 10930. While yesterday the index managed to clear the same on a closing basis which indicates strength. However, the only concern was lower participation from other stock. 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 the 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, 10880 – 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. MARUTI - DAILY CHART STOCK OUTLOOK On the larger degree charts, Maruti has been trading in a down trend. Thus, the recent upside could be termed as a pullback of previous fall and not a fresh impulse. Breakdown on the daily chart indicates beginning of fresh downside. Thus, we advise traders to short the stock in the range of 7200 - 7300 with a stop loss of 7470 for the target of 6800. Disclaimer)
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Weekly BSE & NSE Gainers & Losers - 21st Jan to 25th Jan 2019.
NIFTY Market Recap and Outlook During the first session of the week, index Nifty spot attempted to meet 11000 mark and registered an intraweek high of 10987. However, during the final session Nifty closed near week’s low of 10756. Eventually, index lost more than a percent during the week went by. After clearing the hurdle of 10930 mark, the index faced some profit booking from higher levels and has closed below 10800 mark. On the daily chart, Nifty seems to be bouncing from the support formed by the rising line of triangle pattern. We need to watch in the upcoming session how the index reacts because it has closed just below that trend line. On the downside, move below 10750 could dwell the upside momentum but the uptrend would be in jeopardy if index breaches the critical support of 10690. Thus for the coming week, 10690 remain a trend deciding level for the markets. On the upside, bulls would be in safe heaven only above the 11000 mark. Before that 10900 – 10930 zone might act as intermediate resistance in the coming sessions. Traders are advised to remain stock specific due to earning season and avoid over leveraged positions.)