The year 2019 began on an optimistic note for the domestic markets in the absence of any global cues. Initially, the benchmark indices started the session on a flat note but kept on inching lower as the day progressed. However sudden buying interest in the final hour of the session helped the indices to recoup all their losses and close with decent gains. The index Nifty almost drifted towards the first support of 10800 sand closed well above the 10900 mark. Nifty Bank index outperformed to close with a gain of more than 200 points.
Once again, the market breadth remained in the favour of advancing counters due to participation of Midcap and Small cap stocks. On the sectoral front, NIFTY REALTY (+2.22%), NIFTY PSU BANK (+1.59%) and NIFTY FIN (+1.00%) stocks were the biggest gainers. From the F&O space, BANKBARODA (+4.22%), UNIONBANK (+4.18%) and INDIANB (+3.47%) were the top performers.
Outlook
During the previous session, recovery in Nifty was quiet encouraging for the bulls but still the index is way below 11000 mark. So we continue to mention that for the short term 11000 would act as fresh trigger for the bulls. Only a move above the same might extend the upside. In case of profit booking, 10800 would act as intermediate support below which we could witness further profit booking.
On a larger time frame, 11000 – 11200 continue to remain very strong hurdle for the markets. For a broader view, we expect the markets to respect support of 10330 and resistance of 11000 and trade within this band. A move on either side of the band might dictate the major trend for the coming few months. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
STOCK : SUVEN– Daily Chart
Stock Outlook
The 200 Day SMA has been acting as strong support for the stock since long time
As displayed on the above chart, it is evident that the counter has multiple bottoms ate 215 mark
On the daily RSI we are witnessing a breakout from the pattern which resembles ‘Falling Wedge’
Thus, we advise traders to buy the stock in the range of 232 - 228 with a stop loss of 215 for the target of 264
Share Market Today - 2nd January 2019
Market Recap
The year 2019 began on an optimistic note for the domestic markets in the absence of any global cues. Initially, the benchmark indices started the session on a flat note but kept on inching lower as the day progressed. However sudden buying interest in the final hour of the session helped the indices to recoup all their losses and close with decent gains. The index Nifty almost drifted towards the first support of 10800 sand closed well above the 10900 mark. Nifty Bank index outperformed to close with a gain of more than 200 points.
Once again, the market breadth remained in the favour of advancing counters due to participation of Midcap and Small cap stocks. On the sectoral front, NIFTY REALTY (+2.22%), NIFTY PSU BANK (+1.59%) and NIFTY FIN (+1.00%) stocks were the biggest gainers. From the F&O space, BANKBARODA (+4.22%), UNIONBANK (+4.18%) and INDIANB (+3.47%) were the top performers.
Outlook
During the previous session, recovery in Nifty was quiet encouraging for the bulls but still the index is way below 11000 mark. So we continue to mention that for the short term 11000 would act as fresh trigger for the bulls. Only a move above the same might extend the upside. In case of profit booking, 10800 would act as intermediate support below which we could witness further profit booking.
On a larger time frame, 11000 – 11200 continue to remain very strong hurdle for the markets. For a broader view, we expect the markets to respect support of 10330 and resistance of 11000 and trade within this band. A move on either side of the band might dictate the major trend for the coming few months. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
STOCK : SUVEN– Daily Chart
Stock Outlook
Disclaimer