The domestic markets took a breather yesterday after falling over 2% in the last couple of sessions. The benchmark index Nifty spot remained range bound throughout the day to close flat. However, the selloff persisted in the individual stocks. Meanwhile, the NIFTY BANK index remained above 30K mark to end with marginal change.
As the day progressed, market breadth turned in the favour of declining counters which indicates broad based selloff. On the sectoral front, NIFTY METAL (+0.50%) and NIFTY IT (+0.58%) stocks outperformed other group indices. On the other hand, NIFTY PHARMA (-0.73%) and NIFTY AUTO (-0.47%) counters were the biggest laggards. From the F&O space, JETAIRWAYS (-39.19%), RELCAPITAL (-23.30%) and RELINFRA (-22.65%) were the worst performers.
Outlook
Post Monday’s range bound session, there is hardly any change in the daily chart of Nifty spot. Thus we reiterate the view that with a negative crossover in ADX Nifty has a potential to meet 11600 mark in the coming sessions and that is a decisive support. That could be a buying area because it is the potential reversal zone of bullish AB=CD harmonic pattern.
On the upside, 11720 might act as an intermediate resistance. A decisive move above the same could result in some relief upside towards 11800 mark.
Posted by Mehul Kothari | Published on 24-JUN-2019
NIFTY and BANKNIFTY DAILY CHART
It was an action packed week where in the index Nifty registered another new life time high of 12103 and tumbled around 350 points from the top. The selloff of Thursday’s session was followed by another weak opening on Friday. However, strong buying from the support of 11750 buoyed the index to close the day marginally in green. On the week, Nifty lost around -0.44% during the week went by. Meanwhile, the Nifty Bank lost -0.98%. On the sectoral front, NIFTY PSUBANK (-4.30%) and NIFTY MEDIA (-3.29%) counters were the biggest laggards whereas on the upside NIFTY FMCG (+0.41%) and NIFTY METAL (+0.23%) pack remained resilient. From the F&O space, RELINFRA (-29.75%), DHFL (-24.98%) and RELCAPITAL (-23.91%) suffered massive selloff.
OUTLOOK
On the daily chart of Nifty spot we are witnessing a ‘DOJI’ candlestick pattern which indicates that the selling is getting absorbed near the short term support levels. At the same time, we are observing a bullish ‘hammer’ kind of formation in NIFTY BANK. Hence we maintain our bullish stance that till the time index sustains above the gap area of 11600 – 11450 the positional bets can be held. On the levels front, 12000 – 12100 is likely to act as intermediate resistance on the upside. While on the downside, 11750 – 11600 could be the demand zone..
BERGEPAINT : BULLISH ABOVE 338
OUTLOOK
The weekly chart of Berger Paint depicts that the stock is on the verge of a breakout.
The price action has taken shape of ‘Symmetrical Triangle’ pattern.
Previously such kinds of breakouts have resulted in a decent rally in the stock.
One can buy the stock on dips ONLY above 338 with a stop of 300 for the upside target of 380 - 400.
Disclaimer)
Share Market Today - 19th June 2019
NIFTY Daily CHART
The domestic markets took a breather yesterday after falling over 2% in the last couple of sessions. The benchmark index Nifty spot remained range bound throughout the day to close flat. However, the selloff persisted in the individual stocks. Meanwhile, the NIFTY BANK index remained above 30K mark to end with marginal change.
As the day progressed, market breadth turned in the favour of declining counters which indicates broad based selloff. On the sectoral front, NIFTY METAL (+0.50%) and NIFTY IT (+0.58%) stocks outperformed other group indices. On the other hand, NIFTY PHARMA (-0.73%) and NIFTY AUTO (-0.47%) counters were the biggest laggards. From the F&O space, JETAIRWAYS (-39.19%), RELCAPITAL (-23.30%) and RELINFRA (-22.65%) were the worst performers.
Outlook
Disclaimer
Previous Story
Share Market Today - 12th June 2019
NIFTY and BANKNIFTY DAILY CHART It was an action packed week where in the index Nifty registered another new life time high of 12103 and tumbled around 350 points from the top. The selloff of Thursday’s session was followed by another weak opening on Friday. However, strong buying from the support of 11750 buoyed the index to close the day marginally in green. On the week, Nifty lost around -0.44% during the week went by. Meanwhile, the Nifty Bank lost -0.98%. On the sectoral front, NIFTY PSUBANK (-4.30%) and NIFTY MEDIA (-3.29%) counters were the biggest laggards whereas on the upside NIFTY FMCG (+0.41%) and NIFTY METAL (+0.23%) pack remained resilient. From the F&O space, RELINFRA (-29.75%), DHFL (-24.98%) and RELCAPITAL (-23.91%) suffered massive selloff. OUTLOOK On the daily chart of Nifty spot we are witnessing a ‘DOJI’ candlestick pattern which indicates that the selling is getting absorbed near the short term support levels. At the same time, we are observing a bullish ‘hammer’ kind of formation in NIFTY BANK. Hence we maintain our bullish stance that till the time index sustains above the gap area of 11600 – 11450 the positional bets can be held. On the levels front, 12000 – 12100 is likely to act as intermediate resistance on the upside. While on the downside, 11750 – 11600 could be the demand zone.. BERGEPAINT : BULLISH ABOVE 338 OUTLOOK The weekly chart of Berger Paint depicts that the stock is on the verge of a breakout. The price action has taken shape of ‘Symmetrical Triangle’ pattern. Previously such kinds of breakouts have resulted in a decent rally in the stock. One can buy the stock on dips ONLY above 338 with a stop of 300 for the upside target of 380 - 400. Disclaimer)