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.
Posted by Mehul Kothari | Published on 24-JUL-2019
NIFTY Daily Chart
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)
Posted by Mehul Kothari | Published on 24-JUL-2019
NIFTY Daily ChartDiscontent continues on the D – Street for the fifth consecutive session as there was no respite for the bulls yesterday. The domestic markets maintained its descent amid the constant selling by the FIIs in the cash segment. The index Nifty spot sneaked below the support of 11300 and closed below the same with a loss of around 60 odd points. Meanwhile, the Nifty Bank index too lost around 200 points from its previous close.Market breadth remained in the favor of declining counters right from the beginning. Even the FO stocks breadth was negative. On the sectoral front, the NIFTY METAL (-2.37%) and NIFTY AUTO (-1.95%) stocks were the worst performers while the NIFTY MEDIA (+1.69%) and NIFTY FMCG (+0.01%) stocks remained resilient. From the F&O space, TORNTPHARMA (+10.39%), INDIGO (+5.59%) and ZEEL (+4.50%) outperformed.
Yesterday’s fall forced the index to sneak below 11300 on closing basis. We have been mentioning that if Nifty fails to bounce from here then we are heading for more correction going ahead. We maintain this stance and the fall has now open doors for 11130 which is the placement of 200 Day simple moving average. On the upside, only a move above 11350 might bring some relief for the bulls.But yes, we have now entered a ‘Sell on rise’ market unless 11700 level is taken out. Traders are advised to avoid bottom fishing in individual stocks and in index.Disclaimer)
Share Market Today - 24th July 2019
NIFTY Daily CHART :
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Share Market Today - 23rd July 2019
NIFTY Daily Chart 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 - 25th July 2019
NIFTY Daily ChartDiscontent continues on the D – Street for the fifth consecutive session as there was no respite for the bulls yesterday. The domestic markets maintained its descent amid the constant selling by the FIIs in the cash segment. The index Nifty spot sneaked below the support of 11300 and closed below the same with a loss of around 60 odd points. Meanwhile, the Nifty Bank index too lost around 200 points from its previous close.Market breadth remained in the favor of declining counters right from the beginning. Even the FO stocks breadth was negative. On the sectoral front, the NIFTY METAL (-2.37%) and NIFTY AUTO (-1.95%) stocks were the worst performers while the NIFTY MEDIA (+1.69%) and NIFTY FMCG (+0.01%) stocks remained resilient. From the F&O space, TORNTPHARMA (+10.39%), INDIGO (+5.59%) and ZEEL (+4.50%) outperformed. Yesterday’s fall forced the index to sneak below 11300 on closing basis. We have been mentioning that if Nifty fails to bounce from here then we are heading for more correction going ahead. We maintain this stance and the fall has now open doors for 11130 which is the placement of 200 Day simple moving average. On the upside, only a move above 11350 might bring some relief for the bulls.But yes, we have now entered a ‘Sell on rise’ market unless 11700 level is taken out. Traders are advised to avoid bottom fishing in individual stocks and in index.Disclaimer)