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..
Posted by Mehul Kothari | Published on 10-JUL-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)
Posted by Mehul Kothari | Published on 11-JUL-2019
NIFTY Daily ChartOnce again the benchmark indices remained stuck in a range during yesterday’s session but the only difference was this time we witnessed buying interest in individual stocks. The index Nifty spot, started the session with an upside gap and remained strong to ultimately close with a gain of 80 odd points. Meanwhile, the Nifty Bank surged around 200 points on closing basis.The market breadth remained positive right from the beginning. On the sectoral front, none of the group indices closed in red which indicates broad based buying. Among the pack of gainers, the NIFTY MEDIA (3.87%) and NIFTY AUTO (+1.86%) counters remained under limelight. From the F&O space, DISHTV (+17.14%), RELINFRA (+9.31%) and ZEEL (+7.42%) outperformed others.Since last three sessions, the index is stuck in a broad range of 11450 – 11600. 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.
NIFTY PHARMA : BULLISH
The weekly chart of NIFTY PHARMA index depicts a WOLFE wave pattern which indicates a possible reversal in its constituents.Currently the index is at 8100 and the pattern has a target of 9800.View to be negated below 7700.Stocks like, SUNPHARMA, AUROPHARMA, CADILA, GLENMARK and WOCKPHARMA could be accumulated on dips.Disclaimer)
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
Previous Story
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)
Next Story
Share Market Today - 12th July 2019
NIFTY Daily ChartOnce again the benchmark indices remained stuck in a range during yesterday’s session but the only difference was this time we witnessed buying interest in individual stocks. The index Nifty spot, started the session with an upside gap and remained strong to ultimately close with a gain of 80 odd points. Meanwhile, the Nifty Bank surged around 200 points on closing basis.The market breadth remained positive right from the beginning. On the sectoral front, none of the group indices closed in red which indicates broad based buying. Among the pack of gainers, the NIFTY MEDIA (3.87%) and NIFTY AUTO (+1.86%) counters remained under limelight. From the F&O space, DISHTV (+17.14%), RELINFRA (+9.31%) and ZEEL (+7.42%) outperformed others.Since last three sessions, the index is stuck in a broad range of 11450 – 11600. 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. NIFTY PHARMA : BULLISH The weekly chart of NIFTY PHARMA index depicts a WOLFE wave pattern which indicates a possible reversal in its constituents.Currently the index is at 8100 and the pattern has a target of 9800.View to be negated below 7700.Stocks like, SUNPHARMA, AUROPHARMA, CADILA, GLENMARK and WOCKPHARMA could be accumulated on dips.Disclaimer)