Another dramatic session was observed on the D – Street yesterday. The week kicked off on a pessimistic note following the weak global cues which forced benchmark indices to close with another significant loss. The index Nifty spot, closed in red for the third consecutive session and nosedive from 11700 to 11300 mark during this time frame. Meanwhile, Nifty Bank index was the biggest laggard which lost around 500 points yesterday due to the selloff in HDFCBANK.
Right from the beginning of the session, market breadth remained in the favor of declining counters. On the FO stocks breadth was positive. On the sectoral front, the NIFTY FINSERVICE (-2.57%) and NIFTY PVTBANK (-1.54%) stocks were the worst performers while the NIFTY METAL (+1.75%) and NIFTY MEDIA (+1.75%) stocks remained resilient. From the F&O space, YESBANK (+9.78%), DISHTV (+5.52%) and VEDL (+4.39%) outperformed.
In our latest edition of Nivesh weekly pulse, we discussed that a move below 11400 would force the index to meet 11320 mark which is the 78.6% Fibonacci retracement level and also the placement of rising trend line as shown above. In line with that the index approached 11300 mark and closed well above the same. We continue to mention that if the buying has to emerge it should emerge from here on or else we are heading for more correction going ahead.
At this juncture the prudent strategy is to wait and watch. But aggressive traders can go long in index with a strict sl of 11300 for the upside target of 11500. In case of upside from here on, 11530 - 11700 will be a supply zone for the markets. And the bullish trend will resume only above 11700 mark.
Posted by Mehul Kothari | Published on 24-JUL-2019
NIFTY Daily CHART :
It was again a horrific week on the D – Street as the stocks continue to get butchered while the benchmarks closed near the week’s low. The index Nifty spot initially dragged itself higher towards 11700 mark during the first three sessions of the week. However, carnage of recent sessions forced the index to lose all its gain and close the week with a loss of -1.15%. During the process, Nifty reached 11400 mark. Meanwhile, the Nifty Bank index lost around -2.72% during the week. On the sectoral front, the NIFTY AUTO (-6.02%) and NIFTY PSUBANK (-5.05%) stocks were the worst performers while the NIFTY IT (+1.03%) stocks remained resilient. From the F&O space, RBLBANK (-21.92%), DHFL (-21.82%) and TATAELXI (-17.43%) shattered.At this juncture, all the expected supports have been broken. Nifty even filled the gap of exit polls by reaching 11420 mark. With all said and done, going ahead a move below 11400 would force the index to meet 11320 mark which is the 78.6% Fibonacci retracement level and also the placement of rising trend line as shown above. With regards to positional view, the structure is now not so encouraging. If the buying has to emerge it should emerge from here on or else we are heading for more correction going ahead. At this juncture the prudent strategy is to wait and watch. In case of upside from here on, 11530 - 11700 will be a supply zone for the markets. And the bullish trend will resume only above 11700 mark.
BAJFINANCE : BEARISH
After a stupendous rise, the stock has now entered in to a corrective phase.
The displayed breakdown resembles a bearish FLAG formation which has a target of around 3100.
Daily RSI is on the verge of breakdown and the stock has confirmed lower top and lower bottom.
Traders can sell the stock on rise between 3350 – 3400 with a stop of 3530 for the target of 3220 - 3070 in the coming months.
Disclaimer)
Posted by Mehul Kothari | Published on 24-JUL-2019
NIFTY Daily CHART :
Despite the stable global cues, yet again the domestic markets remained under pressure throughout the session to close in red. During the session, index Nifty made a genuine effort to display some strength and attempted to clear previous high of 11398. However, selling pressure in second half forced the index to reach day’s low and close with marginal loss. Yet again, Nifty Bank index was the main culprit behind the fall in markets due to the selloff in HDFCBANK and PSU BANK stocks.
As the day progressed, market breadth turned in the favor of declining counters from advancing ones. Even the FO stocks breadth was negative. On the sectoral front, the NIFTY PSU BANK (-3.12%) and NIFTY FINSERVICE (-0.72%) stocks were the worst performers while the NIFTY REALTY (+0.99%) and NIFTY FMCG (+0.96%) stocks remained resilient. From the F&O space, DHFL (+14.49%), RELCPAITAL (+4.55%) and POWERGRID (+2.64%) outperformed.
Despite yesterday’s oscillation, Nifty is stuck in a range of 11400 on the upside and 11300 on the downside. Thus, we continue to mention that if the buying has to emerge it should emerge from here on or else we are heading for more correction going ahead.
At this juncture the prudent strategy is to wait and watch. But aggressive traders can go long in index with a strict stop of 11300 for the upside target of 11500. On the upside a move above 11400 could result in some fresh momentum towards 11450 in the coming session but the bullish trend will resume only above 11700 mark.
Disclaimer)
Share Market Today - 23rd July 2019
Another dramatic session was observed on the D – Street yesterday. The week kicked off on a pessimistic note following the weak global cues which forced benchmark indices to close with another significant loss. The index Nifty spot, closed in red for the third consecutive session and nosedive from 11700 to 11300 mark during this time frame. Meanwhile, Nifty Bank index was the biggest laggard which lost around 500 points yesterday due to the selloff in HDFCBANK.
Right from the beginning of the session, market breadth remained in the favor of declining counters. On the FO stocks breadth was positive. On the sectoral front, the NIFTY FINSERVICE (-2.57%) and NIFTY PVTBANK (-1.54%) stocks were the worst performers while the NIFTY METAL (+1.75%) and NIFTY MEDIA (+1.75%) stocks remained resilient. From the F&O space, YESBANK (+9.78%), DISHTV (+5.52%) and VEDL (+4.39%) outperformed.
In our latest edition of Nivesh weekly pulse, we discussed that a move below 11400 would force the index to meet 11320 mark which is the 78.6% Fibonacci retracement level and also the placement of rising trend line as shown above. In line with that the index approached 11300 mark and closed well above the same. We continue to mention that if the buying has to emerge it should emerge from here on or else we are heading for more correction going ahead.
At this juncture the prudent strategy is to wait and watch. But aggressive traders can go long in index with a strict sl of 11300 for the upside target of 11500. In case of upside from here on, 11530 - 11700 will be a supply zone for the markets. And the bullish trend will resume only above 11700 mark.Disclaimer
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Share Market Today - 22nd July 2019
NIFTY Daily CHART : It was again a horrific week on the D – Street as the stocks continue to get butchered while the benchmarks closed near the week’s low. The index Nifty spot initially dragged itself higher towards 11700 mark during the first three sessions of the week. However, carnage of recent sessions forced the index to lose all its gain and close the week with a loss of -1.15%. During the process, Nifty reached 11400 mark. Meanwhile, the Nifty Bank index lost around -2.72% during the week. On the sectoral front, the NIFTY AUTO (-6.02%) and NIFTY PSUBANK (-5.05%) stocks were the worst performers while the NIFTY IT (+1.03%) stocks remained resilient. From the F&O space, RBLBANK (-21.92%), DHFL (-21.82%) and TATAELXI (-17.43%) shattered.At this juncture, all the expected supports have been broken. Nifty even filled the gap of exit polls by reaching 11420 mark. With all said and done, going ahead a move below 11400 would force the index to meet 11320 mark which is the 78.6% Fibonacci retracement level and also the placement of rising trend line as shown above. With regards to positional view, the structure is now not so encouraging. If the buying has to emerge it should emerge from here on or else we are heading for more correction going ahead. At this juncture the prudent strategy is to wait and watch. In case of upside from here on, 11530 - 11700 will be a supply zone for the markets. And the bullish trend will resume only above 11700 mark. BAJFINANCE : BEARISH After a stupendous rise, the stock has now entered in to a corrective phase. The displayed breakdown resembles a bearish FLAG formation which has a target of around 3100. Daily RSI is on the verge of breakdown and the stock has confirmed lower top and lower bottom. Traders can sell the stock on rise between 3350 – 3400 with a stop of 3530 for the target of 3220 - 3070 in the coming months. Disclaimer)
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Share Market Today - 24th July 2019
NIFTY Daily CHART : Despite the stable global cues, yet again the domestic markets remained under pressure throughout the session to close in red. During the session, index Nifty made a genuine effort to display some strength and attempted to clear previous high of 11398. However, selling pressure in second half forced the index to reach day’s low and close with marginal loss. Yet again, Nifty Bank index was the main culprit behind the fall in markets due to the selloff in HDFCBANK and PSU BANK stocks. As the day progressed, market breadth turned in the favor of declining counters from advancing ones. Even the FO stocks breadth was negative. On the sectoral front, the NIFTY PSU BANK (-3.12%) and NIFTY FINSERVICE (-0.72%) stocks were the worst performers while the NIFTY REALTY (+0.99%) and NIFTY FMCG (+0.96%) stocks remained resilient. From the F&O space, DHFL (+14.49%), RELCPAITAL (+4.55%) and POWERGRID (+2.64%) outperformed. Despite yesterday’s oscillation, Nifty is stuck in a range of 11400 on the upside and 11300 on the downside. Thus, we continue to mention that if the buying has to emerge it should emerge from here on or else we are heading for more correction going ahead. At this juncture the prudent strategy is to wait and watch. But aggressive traders can go long in index with a strict stop of 11300 for the upside target of 11500. On the upside a move above 11400 could result in some fresh momentum towards 11450 in the coming session but the bullish trend will resume only above 11700 mark. Disclaimer)