The carnage of Monday’s session was followed by another volatile session yesterday. The domestic markets started the day with a downside gap and remained under pressure during the first half. However, a smart recovery during the second half helped the markets recover majority of their loss to close flat. The index Nifty spot sneaked below 11500 mark and ultimately closed way above the say. Meanwhile, the Nifty Bank index too closed with marginal loss. The market breadth turned neutral to extremely negative as the day progressed. On the sectoral front, NIFTY REALTY (+2.83%) and NIFTY PHARMA (+2.70%) counters posted decent gains whereas the NIFTY FMCG (-0.92%0 and NIFTY IT (-0.79%0 counters remained under pressure. From the F&O space, ADANIPOWER (+8.1%), BAJAFINANCE (+5.3%) and SUNPHARMA (+5.3%) outperformed others.
Post yesterday’s fall, NIFTY is now hovering above a series of support. Currently there is a placement of rising trend line near 11450 mark. Secondly, the 61.8% Fibonacci retracement level of the recent rise is around 11490. Last but not the least, 11420 is the level where the upside gap will be filled. Thus we reiterate our view that 11520 – 11420 zone could be a demand zone for the markets. ONLY a move below the same might change the optimistic scenario and we might enter ‘Sell on Rise’ mode. Thus the coming sessions could be highly decisive for the domestic markets. On the upside, a move above 11585 would trigger fresh short covering which can pull the index towards 11650 – 11700 levels. But the larger upside trend would now resume only above 11800 which is way far from here on. Since the outperforming stocks too have started correcting it’s not advisable for any aggressive bets at this point in time.
CASTROLIND : BULLISH
Given above is the weekly chart of CASTROL which depicts that the stock has been in a downtrend and is now oversold. At this juncture, the stock is consolidating near the lower range of long term falling channel. Also the zone of 125 – 120 is the potential reversal zone of bullish AB=CD harmonic pattern which could trigger buying. Traders can accumulate the stock between 125 - 120 with a stop below 114 for the upside target of 140 in the coming months.
Posted by Mehul Kothari | Published on 08-JUL-2019
NIFTY DAILY CHARTIt was turmoil on the D – street during yesterday’s session following the weakness in global indices and some sentimental shift on the domestic front post the disappointment from Budget 2019. As a result, the index Nifty spot collapsed by more than 250 points to close near day’s low. On the other hand, NIFTY BANK index plunged around 900 points from its previous close. The market breadth remained extremely negative right from the beginning of the session. On the sectoral front, none of the group indices managed to close in positive terrain. From the list of losers, NIFTY PSU BANK (-5.90%) and NIFTY REALTY (-2.49%) stocks were the worst performers. From the F&O space, PNB (-11.46%), BANKINDIA (-10.50%) and BAJAJFINSV (-10.40%) remained under limelight.In our recent weekly edition; we discussed about the rising trend line. That support was broken right at the opening of yesterday’s session. Now the index, has entered the gap area which we have been taking about since quite some time. The gap will get filled near 11420 level but before that the index might find support between 11520 – 11470 levels which is the trend line support and placement of 100 DEMA. Thus going ahead, 11520 – 11420 zone could be a demand zone for the markets. A move below the same might change the optimistic scenario and we might enter ‘Sell on Rise’ mode. Thus the coming sessions could be highly decisive for the domestic markets. In case of any pullback, 11575 – 11650 levels are likely to act as strong resistance for the index. For the time being one should avoid bottom fishing trades and wait for confirmation to go long. The larger upside trend would now result only above 11800 which is way far from here on.
Disclaimer)
Posted by Mehul Kothari | Published on 11-JUL-2019
NIFTY Daily Chart
Selling persisted on the D – Street for fourth consecutive session yesterday. The benchmark indices remained under pressure throughout the day to close near day’s low. The index Nifty closed below 11500 mark with a cut of over 50 odd points. Meanwhile, the Nifty Bank index remained flat but in red.The market breadth turned extremely negative as the day progressed. On the sectoral front, none of the group indices managed to close in green. Among the pack of losers, the NIFTY REALTY (-1.57%) and NIFTY METAL (-1.09%) were the most beaten down stocks. From the F&O space, RECLTD (+4.1%), NMDC (+3.7%) and PVR (+1.9%) outperformed others.Post yesterday’s fall, NIFTY is now hovering above a series of support. Currently there is a placement of rising trend line near 11450 mark. Secondly, the 61.8% Fibonacci retracement level of the recent rise is around 11490. Last but not the least, 11420 is the level where the upside gap will be filled. Thus we reiterate our view that 11520 – 11420 zone could be a demand zone for the markets. ONLY a move below the same might change the optimistic scenario and we might enter ‘Sell on Rise’ mode. Thus the coming sessions could be highly decisive for the domestic markets. On the upside, a move above 11600 would trigger fresh short covering which can pull the index towards 11650 – 11700 levels. But the larger upside trend would now resume only above 11800 which is way far from here on. Since the outperforming stocks too have started correcting it’s not advisable for any aggressive bets at this point in time.
HINDUNILVR : BEARISH
The stock has confirmed a breakdown from the rising trend line and has a double top formation on daily chart.At this juncture, counter is hovering near its 200 DMA and a close below the same would be a sign of fresh weakness.Due to its defensive nature one can avoid fresh shorts but the longs should at least be exited.Aggressive traders can sell the stock between 1720 – 1740; with a stop of 1820 for the target of 1620 - 1520 in the coming months..
Disclaimer)
Share Market Today - 10th July 2019
NIFTY Daily CHART :
The carnage of Monday’s session was followed by another volatile session yesterday. The domestic markets started the day with a downside gap and remained under pressure during the first half. However, a smart recovery during the second half helped the markets recover majority of their loss to close flat. The index Nifty spot sneaked below 11500 mark and ultimately closed way above the say. Meanwhile, the Nifty Bank index too closed with marginal loss.
The market breadth turned neutral to extremely negative as the day progressed. On the sectoral front, NIFTY REALTY (+2.83%) and NIFTY PHARMA (+2.70%) counters posted decent gains whereas the NIFTY FMCG (-0.92%0 and NIFTY IT (-0.79%0 counters remained under pressure. From the F&O space, ADANIPOWER (+8.1%), BAJAFINANCE (+5.3%) and SUNPHARMA (+5.3%) outperformed others.
Post yesterday’s fall, NIFTY is now hovering above a series of support. Currently there is a placement of rising trend line near 11450 mark. Secondly, the 61.8% Fibonacci retracement level of the recent rise is around 11490. Last but not the least, 11420 is the level where the upside gap will be filled. Thus we reiterate our view that 11520 – 11420 zone could be a demand zone for the markets. ONLY a move below the same might change the optimistic scenario and we might enter ‘Sell on Rise’ mode.
Thus the coming sessions could be highly decisive for the domestic markets. On the upside, a move above 11585 would trigger fresh short covering which can pull the index towards 11650 – 11700 levels. But the larger upside trend would now resume only above 11800 which is way far from here on. Since the outperforming stocks too have started correcting it’s not advisable for any aggressive bets at this point in time.
CASTROLIND : BULLISH
Given above is the weekly chart of CASTROL which depicts that the stock has been in a downtrend and is now oversold.
At this juncture, the stock is consolidating near the lower range of long term falling channel.
Also the zone of 125 – 120 is the potential reversal zone of bullish AB=CD harmonic pattern which could trigger buying.
Traders can accumulate the stock between 125 - 120 with a stop below 114 for the upside target of 140 in the coming months.
Disclaimer
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Share Market Today - 9th July 2019
NIFTY DAILY CHARTIt was turmoil on the D – street during yesterday’s session following the weakness in global indices and some sentimental shift on the domestic front post the disappointment from Budget 2019. As a result, the index Nifty spot collapsed by more than 250 points to close near day’s low. On the other hand, NIFTY BANK index plunged around 900 points from its previous close. The market breadth remained extremely negative right from the beginning of the session. On the sectoral front, none of the group indices managed to close in positive terrain. From the list of losers, NIFTY PSU BANK (-5.90%) and NIFTY REALTY (-2.49%) stocks were the worst performers. From the F&O space, PNB (-11.46%), BANKINDIA (-10.50%) and BAJAJFINSV (-10.40%) remained under limelight.In our recent weekly edition; we discussed about the rising trend line. That support was broken right at the opening of yesterday’s session. Now the index, has entered the gap area which we have been taking about since quite some time. The gap will get filled near 11420 level but before that the index might find support between 11520 – 11470 levels which is the trend line support and placement of 100 DEMA. Thus going ahead, 11520 – 11420 zone could be a demand zone for the markets. A move below the same might change the optimistic scenario and we might enter ‘Sell on Rise’ mode. Thus the coming sessions could be highly decisive for the domestic markets. In case of any pullback, 11575 – 11650 levels are likely to act as strong resistance for the index. For the time being one should avoid bottom fishing trades and wait for confirmation to go long. The larger upside trend would now result only above 11800 which is way far from here on. Disclaimer)
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Share Market Today - 11th July 2019
NIFTY Daily Chart Selling persisted on the D – Street for fourth consecutive session yesterday. The benchmark indices remained under pressure throughout the day to close near day’s low. The index Nifty closed below 11500 mark with a cut of over 50 odd points. Meanwhile, the Nifty Bank index remained flat but in red.The market breadth turned extremely negative as the day progressed. On the sectoral front, none of the group indices managed to close in green. Among the pack of losers, the NIFTY REALTY (-1.57%) and NIFTY METAL (-1.09%) were the most beaten down stocks. From the F&O space, RECLTD (+4.1%), NMDC (+3.7%) and PVR (+1.9%) outperformed others.Post yesterday’s fall, NIFTY is now hovering above a series of support. Currently there is a placement of rising trend line near 11450 mark. Secondly, the 61.8% Fibonacci retracement level of the recent rise is around 11490. Last but not the least, 11420 is the level where the upside gap will be filled. Thus we reiterate our view that 11520 – 11420 zone could be a demand zone for the markets. ONLY a move below the same might change the optimistic scenario and we might enter ‘Sell on Rise’ mode. Thus the coming sessions could be highly decisive for the domestic markets. On the upside, a move above 11600 would trigger fresh short covering which can pull the index towards 11650 – 11700 levels. But the larger upside trend would now resume only above 11800 which is way far from here on. Since the outperforming stocks too have started correcting it’s not advisable for any aggressive bets at this point in time. HINDUNILVR : BEARISH The stock has confirmed a breakdown from the rising trend line and has a double top formation on daily chart.At this juncture, counter is hovering near its 200 DMA and a close below the same would be a sign of fresh weakness.Due to its defensive nature one can avoid fresh shorts but the longs should at least be exited.Aggressive traders can sell the stock between 1720 – 1740; with a stop of 1820 for the target of 1620 - 1520 in the coming months.. Disclaimer)