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
Posted by Mehul Kothari | Published on 29-JAN-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
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 01-FEB-2019
MARKET RECAP
KEY MARKET DATA POINTS
Yesterday we witnessed a pre-budget rally in domestic markets which was in line with our buy recommendation in Nifty which was initiated on Wednesday. The index Nifty started the session with an upside gap following the gains from US markets. As the day progressed, buying intensified which pulled the index towards 10850 mark. Eventually, Nifty closed the session with a gain of around 180 points. On the other hand, NIFTY BANK surged around 500 points during the session.
The market breadth remained strongly in the favour of advancing counters due to broad based buying. On the sectoral front, except NIFTY MEDIA (-1.08%) all the other group indices ended in a positive terrain. Amongst them, NIFTY BANK (+1.75%), NIFTY PVTBANK (+1.66%) and NIFTY IT (+1.61%) stocks were the biggest gainers. From the F&O space, DHFL (-16.37%), AJANTPHARM (-5.56%) and MFSL (-4.94%) were the biggest laggards.
MARKET OUTLOOK
Post the ‘Doji’ formation on Tuesday, index Nifty underwent some recovery and yesterday we witnessed an extension of the same. As of now this could be termed as a pre-budget rally. At this juncture, Nifty is resisting just below the placement of 200 DSMA. Further, this resistance coincides with 61.8% Fibonacci retracement of the recent fall. Thus going ahead, only a move above yesterday’s high of 10838 might extend this rally. For medium term, this pullback should be used to exit long positions of create shorts since a new bullish leg would start only above 11000 mark.
On the downside, 10680 might act as strong support in case of any negative surprise from the budget. A move below the same might resume the downside momentum which could drag the index towards 10580 – 10530 levels. Traders are constantly advised to remain stock specific and avoid over leveraged positions.
GSFC – Weekly Chart
OUTLOOK
The stock has been finding support near the placement of 200 Weeks SMA since past few months
On the daily chart, we are witnessing that the stock is rebounding from 78.6% Fibonacci retracement level of the previous move
Also, the weekly candlestick pattern resembles a bullish hammer which is reversal in nature
Thus, we advise traders to buy the stock in the range 96.50 – 92.50 with a stop of 85 for a target of 105 - 115
)
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
Previous Story
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 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 )
Next Story
Share Market Today - 1st February 2019
MARKET RECAP KEY MARKET DATA POINTS Yesterday we witnessed a pre-budget rally in domestic markets which was in line with our buy recommendation in Nifty which was initiated on Wednesday. The index Nifty started the session with an upside gap following the gains from US markets. As the day progressed, buying intensified which pulled the index towards 10850 mark. Eventually, Nifty closed the session with a gain of around 180 points. On the other hand, NIFTY BANK surged around 500 points during the session. The market breadth remained strongly in the favour of advancing counters due to broad based buying. On the sectoral front, except NIFTY MEDIA (-1.08%) all the other group indices ended in a positive terrain. Amongst them, NIFTY BANK (+1.75%), NIFTY PVTBANK (+1.66%) and NIFTY IT (+1.61%) stocks were the biggest gainers. From the F&O space, DHFL (-16.37%), AJANTPHARM (-5.56%) and MFSL (-4.94%) were the biggest laggards. MARKET OUTLOOK Post the ‘Doji’ formation on Tuesday, index Nifty underwent some recovery and yesterday we witnessed an extension of the same. As of now this could be termed as a pre-budget rally. At this juncture, Nifty is resisting just below the placement of 200 DSMA. Further, this resistance coincides with 61.8% Fibonacci retracement of the recent fall. Thus going ahead, only a move above yesterday’s high of 10838 might extend this rally. For medium term, this pullback should be used to exit long positions of create shorts since a new bullish leg would start only above 11000 mark. On the downside, 10680 might act as strong support in case of any negative surprise from the budget. A move below the same might resume the downside momentum which could drag the index towards 10580 – 10530 levels. Traders are constantly advised to remain stock specific and avoid over leveraged positions. GSFC – Weekly Chart OUTLOOK The stock has been finding support near the placement of 200 Weeks SMA since past few months On the daily chart, we are witnessing that the stock is rebounding from 78.6% Fibonacci retracement level of the previous move Also, the weekly candlestick pattern resembles a bullish hammer which is reversal in nature Thus, we advise traders to buy the stock in the range 96.50 – 92.50 with a stop of 85 for a target of 105 - 115 )