It was a high volatile session yesterday on the D – Street where we witnessed a rollercoaster ride in the benchmark indices. The index NIFTY initially started the session with an upside gap following the positive global cues. Then it gained strength to surge more than 100 points during the first half. However, heavy selloff during the second half forced the index to enter negative territory and ultimately close extremely flat. During this chaos, the NIFTY BANK index showed some resilience and ended positive.
Since last few sessions we have been observing severe selling pressure in individual stocks due to which the market breadth is constantly in the favor of declining counters. On the sectoral front, NIFTY REALTY (+1.10%) and NIFTY METAL (+0.40%) stocks outperformed other group indices. On the other hand, NIFTY PHARMA (-1.60%) and NIFTY AUTO (-1.11%) counters were the biggest laggards. From the F&O space, JISLJALEQS (-31.09%), ARVIND (-15.38%) and IRB (-10.67%) were the worst performers.
Outlook
In line with our view, yesterday the index retested 11800 mark after sustaining above the immediate resistance of 11720. However, the selling forced Nifty to almost meet 11600 which was too on an expected line. Now the index is resting above the 50 DEMA. We reiterate our view that 11650 – 11600 could be a buying area because it is the potential reversal zone of bullish AB=CD harmonic pattern.
A breach of 11600 mark could full the index towards 11450 which shall fill the gap area. On the upside, a move above 11730 could result in some relief upside towards 11800 mark.
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)
Posted by Mehul Kothari | Published on 24-JUN-2019
CURRENCY PIVOT LEVELS
CROSS CURRENCY UPDATE
USDINR 29 MAY 2019 EXPIRY OPTION UPDATE
RBI REFERENCE RATE (MAY 26, 2019)
USDINR (MAY FUTURE)
Dollar/rupee rebounded in afternoon trades on Monday helped by the month-end related demand from oil importers while a bounce back in crude prices acted as a catalyst. Further, recovery in crude oil prices also weighed on the rupee momentum.
Technical, after hitting a day low 69.3525, USDINR rebounded more than 20 paisa and settled at 69.54 compared to previous day close of 69.5450. On the EOD chart, pair yet trading below its immediate resistance 70.10 and it’s expected that any rise towards 69.85-69.90 could attract near term selling activities. On the upside, a break above 70.10 only would create probability for momentum gain towards 70.50 and above.
Trend –Volatile
EURINR (May Future)
Euro traded down against the dollar on Monday after a mixed European elections results as the main parties lost the ground to both centrist and extreme ones. Center-right and center-left parties have lost their majority in the European Union elections, but the votes did not all go to populist parties as some had feared. Centrist liberal and green parties have gained ground as well, and the result is a fragmented European Union Parliament.
Technical, since 21 May 2019, EURINR has been struggling to break its immediate resistance 78.15 and rebounding from the support 77.80. Either side break will decide its short term trend. A break below 77.80 would create probability for downside move towards 77.00.On the upside; break above 78.15 will open the door for 78.65 and above.
Trend –Volatile
Major Economic Data & Events Released Yesterday/Earlier todayData released by the Cabinet Office in Japan showed coincident index, which is a measure of the current state of the Japanese economy, fell to 99.4 in March from 100.5 in February.
Major Economic Data & Events Schedule today
Click Here to Download the Report
Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)
Share Market Today - 20th June 2019
NIFTY Daily CHART :
It was a high volatile session yesterday on the D – Street where we witnessed a rollercoaster ride in the benchmark indices. The index NIFTY initially started the session with an upside gap following the positive global cues. Then it gained strength to surge more than 100 points during the first half. However, heavy selloff during the second half forced the index to enter negative territory and ultimately close extremely flat. During this chaos, the NIFTY BANK index showed some resilience and ended positive.
Since last few sessions we have been observing severe selling pressure in individual stocks due to which the market breadth is constantly in the favor of declining counters. On the sectoral front, NIFTY REALTY (+1.10%) and NIFTY METAL (+0.40%) stocks outperformed other group indices. On the other hand, NIFTY PHARMA (-1.60%) and NIFTY AUTO (-1.11%) counters were the biggest laggards. From the F&O space, JISLJALEQS (-31.09%), ARVIND (-15.38%) and IRB (-10.67%) were the worst performers.
Outlook
Disclaimer
Previous Story
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)
Next Story
Daily Currency Research Report – 28th May 2019
CURRENCY PIVOT LEVELS CROSS CURRENCY UPDATE USDINR 29 MAY 2019 EXPIRY OPTION UPDATE RBI REFERENCE RATE (MAY 26, 2019) USDINR (MAY FUTURE) Dollar/rupee rebounded in afternoon trades on Monday helped by the month-end related demand from oil importers while a bounce back in crude prices acted as a catalyst. Further, recovery in crude oil prices also weighed on the rupee momentum. Technical, after hitting a day low 69.3525, USDINR rebounded more than 20 paisa and settled at 69.54 compared to previous day close of 69.5450. On the EOD chart, pair yet trading below its immediate resistance 70.10 and it’s expected that any rise towards 69.85-69.90 could attract near term selling activities. On the upside, a break above 70.10 only would create probability for momentum gain towards 70.50 and above. Trend –Volatile EURINR (May Future) Euro traded down against the dollar on Monday after a mixed European elections results as the main parties lost the ground to both centrist and extreme ones. Center-right and center-left parties have lost their majority in the European Union elections, but the votes did not all go to populist parties as some had feared. Centrist liberal and green parties have gained ground as well, and the result is a fragmented European Union Parliament. Technical, since 21 May 2019, EURINR has been struggling to break its immediate resistance 78.15 and rebounding from the support 77.80. Either side break will decide its short term trend. A break below 77.80 would create probability for downside move towards 77.00.On the upside; break above 78.15 will open the door for 78.65 and above. Trend –Volatile Major Economic Data & Events Released Yesterday/Earlier todayData released by the Cabinet Office in Japan showed coincident index, which is a measure of the current state of the Japanese economy, fell to 99.4 in March from 100.5 in February. Major Economic Data & Events Schedule today Click Here to Download the Report Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)