The domestic markets ended its three days winning streak during yesterday’s session following the mixed global cues. The index Nifty spot stared the session with a downside gap and tumbled as the day progress to loose around 100 points from previous close. However, a partial recovery during the second half helped the index to close with a loss of around 50 odd points. On the other hand, NIFTY BANK index remained under pressure and lost around 300 points.
Right from the beginning, the market breadth remained in the favour of declining counters. On the sectoral front, apart from NIFTY METAL (+0.39%) and NIFTY FMCG (+0.22%) all the other group indices failed to close in green. From the losers, NIFTY REALTY (-2.05%) and NIFTY AUTO (-1.13%) pack were the biggest laggards.
OUTLOOK
After three consecutive narrow range bodies on the daily chart of Nifty spot; we are now witnessing a decisive candlestick but in red. Thus yesterday’s low of 11866 would now act as an initial trigger on the downside. A move below the same might result in some profit booking in the coming session. However, the overall structure remains strong till the time Nifty trades above 11750 mark.
On the upside, 11925 – 11965 level is likely to act as intermediate resistance. Aggressive buying can happen only above 12000 mark.
Posted by Mehul Kothari | Published on 24-JUN-2019
NIFTY DAILY CHART
The benchmark indices plunged around 1.5% during yesterday’s session marking it a most severe fall of 2019. The sentiments were dampened post RBI’s monetary policy in which the central bank cut repo rate by 25 bps and changed the policy stance to accommodative from neutral. The index Nifty spot lost around 180 points to close below 11850 mark. Meanwhile, the Nifty bank index collapsed more than 700 points to settle below 31K.
The markets breadth remained extremely weak right from the beginning of the session. On the sectoral front, none of the group indices ended in positive terrain. From the losers, the NIFTY PSU BANK (-4.90%) and NIFTY BANK (-2.32%) counters were the worst performers. From the F&O space, COALINDIA (+2.47%), BERGERPAINT (+1.57%) and PFC (+1.57%) were the leaders.
OUTLOOK
Post yesterday’s fall it is evident that the index has been facing selling pressure every time it clears the 12K mark. Now at this juncture, Nifty is hovering just above the decisive support of 11830. Going ahead, short term traders are advised to exit their longs below 11830 for the time being. Meanwhile, the positional bets can be held till the time Nifty traders above 11500 mark. On the upside, 11920 might act as an intermediate resistance for the coming session. A move above the same might bring the momentum back in the favor of bulls.
BAJAJFINSV : BEARISH
OUTLOOK
The daily chart depicts that the stock is finding it difficult to clear the hurdle created by the rising line.
The recent price action displays a negative candlestick setup (an Evening Star).
Previously in Aug 2018 we witnessed heavy profit booking in the stock with similar kind of setup.
Thus we advise traders to go short in the stock between 8150 - 8250 for the target of 7700 with a stop of 8450.
Disclaimer)
Posted by Mehul Kothari | Published on 24-JUN-2019
NIFTY DAILY CHART
The week began on a pessimistic note for the domestic markets despite the stable global cues. The benchmark indices plunged more than a percent during the session with heavy selling in individual stocks. The index NIFTY breached support of 11750; lost more than 150 points and closed well below 11700 mark. Meanwhile, the NIFTY BANK index tumbled around 350 points from its previous close.
Right from the beginning, market breadth remained in the favour of declining counters which indicates broad based selloff. On the sectoral front, none of the group indices managed to close in positive terrain. From the losers, NIFTY METAL (-2.87%) and NIFTY AUTO (-1.69%) counters were the biggest laggards. From the F&O space, JETAIRWAYS (-34.28%), PCJEWELLER (-18.77%) and DHFL (-9.37%) were the worst performers.
OUTLOOK Finally we have a decisive range breakout in the markets and unfortunately that breakdown is on the downside. Yes, after three consecutive weeks NIFTY breached the short term support of 11750 and closed well below the same. With this we expected the index to meet 11600 mark which is the beginning of gap area as displayed above. The index has already registered low of 11657 during yesterday’s session. Now, we a negative crossover in ADX we expect the index to meet 11600 mark in the coming sessions. However, a breach of the same might force the index to fill the gap towards 11400 mark.On the upside, 11720 might act as an intermediate resistance buy aggressive buying can now happen only above 11850 mark.
ESCORTS : BEARISH BELOW 541
Outlook :
Given above is the monthly chart of ESCORTS which depicts that the stock is on the verge of a major breakdown.
Since the year 2017, the stock has not breached 541 mark and a move below the same could lead to panic.
The price action is accompanied with the negative placement of monthly RSI.
Thus we advise traders to go exit long in the stock below 541 for the target of 420 with a stop of 600.
Disclaimer)
Share Market Today - 13th June 2019
NIFTY DAILY CHART
The domestic markets ended its three days winning streak during yesterday’s session following the mixed global cues. The index Nifty spot stared the session with a downside gap and tumbled as the day progress to loose around 100 points from previous close. However, a partial recovery during the second half helped the index to close with a loss of around 50 odd points. On the other hand, NIFTY BANK index remained under pressure and lost around 300 points.
Right from the beginning, the market breadth remained in the favour of declining counters. On the sectoral front, apart from NIFTY METAL (+0.39%) and NIFTY FMCG (+0.22%) all the other group indices failed to close in green. From the losers, NIFTY REALTY (-2.05%) and NIFTY AUTO (-1.13%) pack were the biggest laggards.
OUTLOOK
Disclaimer
Previous Story
Share Market Today - 7th June 2019
NIFTY DAILY CHART The benchmark indices plunged around 1.5% during yesterday’s session marking it a most severe fall of 2019. The sentiments were dampened post RBI’s monetary policy in which the central bank cut repo rate by 25 bps and changed the policy stance to accommodative from neutral. The index Nifty spot lost around 180 points to close below 11850 mark. Meanwhile, the Nifty bank index collapsed more than 700 points to settle below 31K. The markets breadth remained extremely weak right from the beginning of the session. On the sectoral front, none of the group indices ended in positive terrain. From the losers, the NIFTY PSU BANK (-4.90%) and NIFTY BANK (-2.32%) counters were the worst performers. From the F&O space, COALINDIA (+2.47%), BERGERPAINT (+1.57%) and PFC (+1.57%) were the leaders. OUTLOOK Post yesterday’s fall it is evident that the index has been facing selling pressure every time it clears the 12K mark. Now at this juncture, Nifty is hovering just above the decisive support of 11830. Going ahead, short term traders are advised to exit their longs below 11830 for the time being. Meanwhile, the positional bets can be held till the time Nifty traders above 11500 mark. On the upside, 11920 might act as an intermediate resistance for the coming session. A move above the same might bring the momentum back in the favor of bulls. BAJAJFINSV : BEARISH OUTLOOK The daily chart depicts that the stock is finding it difficult to clear the hurdle created by the rising line. The recent price action displays a negative candlestick setup (an Evening Star). Previously in Aug 2018 we witnessed heavy profit booking in the stock with similar kind of setup. Thus we advise traders to go short in the stock between 8150 - 8250 for the target of 7700 with a stop of 8450. Disclaimer)
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Share Market Today - 18th June 2019
NIFTY DAILY CHART The week began on a pessimistic note for the domestic markets despite the stable global cues. The benchmark indices plunged more than a percent during the session with heavy selling in individual stocks. The index NIFTY breached support of 11750; lost more than 150 points and closed well below 11700 mark. Meanwhile, the NIFTY BANK index tumbled around 350 points from its previous close. Right from the beginning, market breadth remained in the favour of declining counters which indicates broad based selloff. On the sectoral front, none of the group indices managed to close in positive terrain. From the losers, NIFTY METAL (-2.87%) and NIFTY AUTO (-1.69%) counters were the biggest laggards. From the F&O space, JETAIRWAYS (-34.28%), PCJEWELLER (-18.77%) and DHFL (-9.37%) were the worst performers. OUTLOOK Finally we have a decisive range breakout in the markets and unfortunately that breakdown is on the downside. Yes, after three consecutive weeks NIFTY breached the short term support of 11750 and closed well below the same. With this we expected the index to meet 11600 mark which is the beginning of gap area as displayed above. The index has already registered low of 11657 during yesterday’s session. Now, we a negative crossover in ADX we expect the index to meet 11600 mark in the coming sessions. However, a breach of the same might force the index to fill the gap towards 11400 mark.On the upside, 11720 might act as an intermediate resistance buy aggressive buying can now happen only above 11850 mark. ESCORTS : BEARISH BELOW 541 Outlook : Given above is the monthly chart of ESCORTS which depicts that the stock is on the verge of a major breakdown. Since the year 2017, the stock has not breached 541 mark and a move below the same could lead to panic. The price action is accompanied with the negative placement of monthly RSI. Thus we advise traders to go exit long in the stock below 541 for the target of 420 with a stop of 600. Disclaimer)