It 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.
Posted by Mehul Kothari | Published on 08-JUL-2019
NIFTY Daily CHART :
During the week went by, for initial four trading sessions NIFTY has been gradually inching higher and gained more than 1.5%. However the budget session on Friday brought some disappointment on the street; which aggravated the session pressure and eventually Nifty lost all its gains to close the week on a flat note. Meanwhile, the NIFTY BANK index outperformed the benchmark to close with decent gain. On the sectoral front, NIFTY PSU BANK (+3.05%) and NIFTY FIN SERV (+1.79%) stocks were the top performers whereas the NIFTY METAL (-4.33%) and NIFTY IT (-2.42%) counters remained under pressure. From the F&O space, ADANIPOWER (+23.95%), IBULHSGFIN (+19.69%) and DISHTV (+12.20%) remained under limelight.The displayed daily chart depicts that NIFTY is hovering just above the placement of rising trend line. A breach of the same in the coming week could be more damaging for the markets. This can drag the index towards the critical support level of 11650 – 11600. Although, the trend is likely to remain strong till the time 11600 is not breached in Nifty but a journey towards that zone could result in stock specific selling. On the upside, only a move above 11980 would bring the confidence back for the bulls. With regards to level, 11775 – 11700 would remain an intermediate support zone whereas the resistance is placed at 11880.
TATAELXSI : Bullish
The monthly chart of TATAELXI displays a typical ‘Impulse-corrective-Impulse’ structure
The stock is turning from its 50 months EMA and trend line support followed by 61.8% retracement level
We are also witnessing a hidden positive divergence in RSI which augurs for fresh rally
Traders can accumulate the stock at current price with a stop below 800 for the upside target of 1075 - 1185 in the coming months
Disclaimer)
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)
Share Market Today - 9th July 2019
NIFTY DAILY CHART
It 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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Weekly BSE & NSE Gainers & Losers - 1st July to 5th July 2019
NIFTY Daily CHART : During the week went by, for initial four trading sessions NIFTY has been gradually inching higher and gained more than 1.5%. However the budget session on Friday brought some disappointment on the street; which aggravated the session pressure and eventually Nifty lost all its gains to close the week on a flat note. Meanwhile, the NIFTY BANK index outperformed the benchmark to close with decent gain. On the sectoral front, NIFTY PSU BANK (+3.05%) and NIFTY FIN SERV (+1.79%) stocks were the top performers whereas the NIFTY METAL (-4.33%) and NIFTY IT (-2.42%) counters remained under pressure. From the F&O space, ADANIPOWER (+23.95%), IBULHSGFIN (+19.69%) and DISHTV (+12.20%) remained under limelight.The displayed daily chart depicts that NIFTY is hovering just above the placement of rising trend line. A breach of the same in the coming week could be more damaging for the markets. This can drag the index towards the critical support level of 11650 – 11600. Although, the trend is likely to remain strong till the time 11600 is not breached in Nifty but a journey towards that zone could result in stock specific selling. On the upside, only a move above 11980 would bring the confidence back for the bulls. With regards to level, 11775 – 11700 would remain an intermediate support zone whereas the resistance is placed at 11880. TATAELXSI : Bullish The monthly chart of TATAELXI displays a typical ‘Impulse-corrective-Impulse’ structure The stock is turning from its 50 months EMA and trend line support followed by 61.8% retracement level We are also witnessing a hidden positive divergence in RSI which augurs for fresh rally Traders can accumulate the stock at current price with a stop below 800 for the upside target of 1075 - 1185 in the coming months Disclaimer)
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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)