It was a disappointing session for the bulls on D – Street since the way benchmark indices corrected it gave us a hint that 11000 would be too difficult hurdle to be crossed from here on. The index Nifty started session on a flat note but nosedive as the day progressed to register an intraday low of 10631. Eventually, the index lost around 120 points from its previous close. Meanwhile, Nifty Bank index lost more than 450 points to close well below the 27000 mark.
For the fifth consecutive session, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, apart from NIFTY MEDIA (+8.37%) and NIFTY IT (+0.54%) all the other group indices ended with heavy loss. Amongst them NIFTY PHARMA (-2.55%) and NIFTY PVT BANK (-2.03) stocks were the biggest losers. From the F&O space, ADANIPOWER (-17.60%), ADANIPORTS (-12.4%) and DHFL (-12.02%) were the biggest laggards.
MARKET OUTLOOK
Until past few weeks, we have been expecting the index Nifty to retest the 11000 mark. However, post yesterday’s breakdown the things look a bit gloomy. Given above is the daily chart of Nifty spot which depicts that the index has broken trend line support of 10690 on closing basis. This has also confirmed a bearish ‘Double top’ pattern which indicates one should avoid any aggressive long bets till the time Nifty is trading below 11000 mark.
On the downside, the doors are now open for previous supports like 10530 – 10330 at least. In short, tables have turned and we have entered a ‘Sell on Rise’ market which will be negated above 11000 mark. We expect the volatility to pick up on the back of F&O expiry and interim budget and hence traders are advised to over leveraged positions.
GLENMARK – Daily Chart
OUTLOOK
During latest trading session, GLENMARK confirmed a breakdown from rising trend line on the daily chart
In addition, we are witnessing a ‘Double Top’ formation along with a breakdown in daily RSI
The above technical evidences indicates fresh round of selling in the stock
Thus, we advise traders to accumulate Short the stock in the range 640 – 660 with a stop of 675 with a target of 625 - 600
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.)
Posted by Mehul Kothari | Published on 29-JAN-2019
MARKET RECAP
KEY MARKET DATA POINTS
Despite strong recovery from day’s low domestic markets maintained its losing streak for third consecutive session. The index Nifty started the session on a flat note but selling pressure intensified as day progressed since the street was expecting something highly shocking news from the Cobra post. As a result, Nifty spot breached the support of 10630 to sneak well below 10600 mark. However, once the news was out post 3.00 pm, the event turned out to be a non-event which pulled the index back above 10650 mark.
For a change, after quite some time market breadth seemed to be neutral due to buying in oversold stocks. On the sectoral front, defensives like NIFTY PHARMA (+1.07%), NIFTY IT (+0.74%) and NIFTY FMCG (+0.65%) supported the markets whereas NIFTY REALTY (-0.48%) and NIFTY FIN SERVICE (-0.37%) stocks were the biggest losers. From the F&O space, BANKINDIA (+8.32%), ADANIPOWER (+8.32%) and INDIACEM (+5.92%) were the biggest gainers.
MARKET OUTLOOK
Post the breakdown from swing low of 10690 Nifty maintained its descent and closed well below the rising trend line. However, the candlestick pattern resembles a ‘Doji’ formation which designates indecisiveness prevailing at current levels. Hence, there is a possibility of some breather from the fall in the coming session. On the contrary, the bearish ‘Double top’ pattern on the daily chart is still intact which indicates one should avoid any aggressive long bets till the time Nifty is trading below 11000 mark.
On the downside, the doors are now open for previous supports like 10530 – 10330 at least. In short, tables have turned and we have entered a ‘Sell on Rise’ market which will be negated above 11000 mark. On the upside, 10690 (high of Doji) would act as an intermediate resistance in the coming session. We expect the volatility to pick up due to F&O expiry and interim budget and hence traders are advised to avoid over leveraged positions.
BAJFINANCE – Daily Chart
OUTLOOK
During Monday’s trading session, BAJFINANCE confirmed a breakdown from rising trend line on the daily chart
In addition, we are witnessing a ‘Double Top’ formation along with a breakdown in daily RSI
The above technical evidences indicates fresh round of selling in the stock
Thus, we advise traders to short the stock in the range 2540 - 2570 with a stop of 2670 with a target of 2440 - 2320
)
Share Market Today - 29th January 2019
MARKET RECAP
KEY MARKET DATA POINTS
It was a disappointing session for the bulls on D – Street since the way benchmark indices corrected it gave us a hint that 11000 would be too difficult hurdle to be crossed from here on. The index Nifty started session on a flat note but nosedive as the day progressed to register an intraday low of 10631. Eventually, the index lost around 120 points from its previous close. Meanwhile, Nifty Bank index lost more than 450 points to close well below the 27000 mark.
For the fifth consecutive session, market breadth remained strongly in the favour of declining counters due to selling in MIDCAP and SMALLCAP stocks. On the sectoral front, apart from NIFTY MEDIA (+8.37%) and NIFTY IT (+0.54%) all the other group indices ended with heavy loss. Amongst them NIFTY PHARMA (-2.55%) and NIFTY PVT BANK (-2.03) stocks were the biggest losers. From the F&O space, ADANIPOWER (-17.60%), ADANIPORTS (-12.4%) and DHFL (-12.02%) were the biggest laggards.
MARKET OUTLOOK
Until past few weeks, we have been expecting the index Nifty to retest the 11000 mark. However, post yesterday’s breakdown the things look a bit gloomy. Given above is the daily chart of Nifty spot which depicts that the index has broken trend line support of 10690 on closing basis. This has also confirmed a bearish ‘Double top’ pattern which indicates one should avoid any aggressive long bets till the time Nifty is trading below 11000 mark.
On the downside, the doors are now open for previous supports like 10530 – 10330 at least. In short, tables have turned and we have entered a ‘Sell on Rise’ market which will be negated above 11000 mark. We expect the volatility to pick up on the back of F&O expiry and interim budget and hence traders are advised to over leveraged positions.
GLENMARK – Daily Chart
OUTLOOK
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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.)
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Share Market Today - 30th January 2019
MARKET RECAP KEY MARKET DATA POINTS Despite strong recovery from day’s low domestic markets maintained its losing streak for third consecutive session. The index Nifty started the session on a flat note but selling pressure intensified as day progressed since the street was expecting something highly shocking news from the Cobra post. As a result, Nifty spot breached the support of 10630 to sneak well below 10600 mark. However, once the news was out post 3.00 pm, the event turned out to be a non-event which pulled the index back above 10650 mark. For a change, after quite some time market breadth seemed to be neutral due to buying in oversold stocks. On the sectoral front, defensives like NIFTY PHARMA (+1.07%), NIFTY IT (+0.74%) and NIFTY FMCG (+0.65%) supported the markets whereas NIFTY REALTY (-0.48%) and NIFTY FIN SERVICE (-0.37%) stocks were the biggest losers. From the F&O space, BANKINDIA (+8.32%), ADANIPOWER (+8.32%) and INDIACEM (+5.92%) were the biggest gainers. MARKET OUTLOOK Post the breakdown from swing low of 10690 Nifty maintained its descent and closed well below the rising trend line. However, the candlestick pattern resembles a ‘Doji’ formation which designates indecisiveness prevailing at current levels. Hence, there is a possibility of some breather from the fall in the coming session. On the contrary, the bearish ‘Double top’ pattern on the daily chart is still intact which indicates one should avoid any aggressive long bets till the time Nifty is trading below 11000 mark. On the downside, the doors are now open for previous supports like 10530 – 10330 at least. In short, tables have turned and we have entered a ‘Sell on Rise’ market which will be negated above 11000 mark. On the upside, 10690 (high of Doji) would act as an intermediate resistance in the coming session. We expect the volatility to pick up due to F&O expiry and interim budget and hence traders are advised to avoid over leveraged positions. BAJFINANCE – Daily Chart OUTLOOK During Monday’s trading session, BAJFINANCE confirmed a breakdown from rising trend line on the daily chart In addition, we are witnessing a ‘Double Top’ formation along with a breakdown in daily RSI The above technical evidences indicates fresh round of selling in the stock Thus, we advise traders to short the stock in the range 2540 - 2570 with a stop of 2670 with a target of 2440 - 2320 )