The week kicked off on a sluggish note where the benchmark indices were stuck in a narrow range and the undertone still remained bearish. The index Nifty sneaked below 11700 mark to close marginally in red. Meanwhile, the Nifty Bank index too ended in negative terrain. Yet again the market breadth was in the favour of declining counters. On the sectoral front, apart from NIFTY PSUBANK (+0.25%) and NIFTY FMCG (+0.14%) all the other group indices closed in red. From the losers, NIFTY METAL (-1.29%) and NIFTY REALTY (-0.97%) counters were the biggest laggards. From the F&O space, JISLJALEQS (+13.86%), SUZLON (+11.11%) and DHFL (+10.40%) outperformed by rising more than 10% during the session.
Since the index Nifty spot is still well placed above the 50 DEMA; there is hardly any change in the price structure. We reiterate our view that going ahead, a move below 11600 could pull the index towards 11450 which will fill the gap area. On the upside, 11750 would act as immediate hurdle in the coming session. However, only a move above 11850 will reinforce the index to meet the higher levels of 12000 – 12100. Due to extreme volatility in F&O stocks, traders are advised to stay light and avoid taking any undue risks.
SRTRANSFIN : BULLISH
The given above monthly chart of SRTRANSFIN depicts that the stock has been trading in a rising ‘Channel’ since the year 2011.
At this juncture, the stock is consolidating near the lower range of this channel.
The rising volumes indicate signs of accumulation.
Traders can accumulate the stock between 1110 – 1070 with a stop below 970 for the upside target of 1220 – 1350 in the coming months.
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 (June Future)
Dollar/rupee remained somewhat positive on the back of oil importers' month-end dollar demand amid a strong dollar and higher crude prices. The greenback edged higher against major counterparts as investors remain cautious after the European Union parliamentary elections showed polarization and fragmentation in the 28-member block. The outcome of the European Union elections in the weekend caused a stage of political instability in the 28-member bloc, with results in many countriessignaling polarization among voters.
Technical, USDINR made a high 69.7450 and settled at 69.6775 levels. Intraday price action resulted in formation of high wave candle stick which is indicating for indecisive trend in near term. However, 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
GBPINR(June Future)
Pound traded lower yesterday on growing risks of a no-deal Brexit after the recent European election resulted in a big blow to the UK's two major political parties. Candidates who stand in line to replace Theresa May as the Prime Minister including front-runner Boris Johnson have signalled they are prepared for no-deal Brexit if Brussels does not reopen negotiations over May's unpopular withdrawal agreement. Conservative candidates vying for May's position are under pressure to deliver a more decisive deal with the EU. Britain is scheduled to leave the bloc on October 31.
Technical, since 21 May 2019, GBPINR has been squeezed in between 89.20-88.40 levels. On the EOD chart formation of high wave candle stick is indicating for indecisive trend in near term. A break below 88.40 would create probability for downside move towards 88-87.50.On the upside; break above 89.20 will open the door for 89.65-90.00 and above.
Trend –Volatile
Major Economic Data & Events Released Yesterday/Earlier today
Eurozone Economic sentiment rose to 105.1 in May from 103.9 in April, beating market expectations of no change.
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.)
Posted by Mehul Kothari | Published on 01-JUL-2019
NIFTY DAILY CHARTDespite the flat global cues, the domestic market underwent sharp recovery during yesterday’s trading session. The index Nifty spot yet again respected the placement of 50 DEMA and rallied around 150 points from there to close with a significant gain near 11800 mark. On the other hand, NIFTY BANK surged more than 400 points from day’s low to close strong. After quite some time, we witnessed market breadth going in the favour of advancing counters. On the sectoral front, none of group indices ended in negative terrain and that indicates broad based buying. Amongst the gainers, NIFTY METAL (+1.74%) and NIFTY PSU BANK (+1.07%) stocks were the top performers. From the F&O space, JETAIRWAYS (+24.34%), IFCI (+18.87%) and TORNTPOWER (+12.05%) outperformed by rising more than 10% during the session.
The placement of 50 DEMA acted as a sheet anchor for the index in past few sessions. As a result, we initiated long bets for NIFTY and BANKNIFTY during previous session from which BANKNIFTY trade is still on. Now, a move above 11850 in NIFTY spot will confirm another breakout which might reinforce the index to meet the higher levels of 12000 – 12100. On the other hand, NIFTY BANK index has confirmed the corresponding breakout and is poised to move towards 31600 mark. For NIFTY, 11750 – 11700 zone might now act as support till expiry. However, in NIFTY BANK; breach of 30450 would negate the bullish stance.
MARUTI : BULLISH
Since Oct 2018; Maruti has rallied sharply from the support zone of 6500 – 6300 as displayed on the weekly chart.
Even at this juncture, it is hovering near the support zone which is accompanied with the placement of 200 Week’s EMA.
On the daily chart, we are witnessing a reversal candlestick pattern which indicates bounce.
Traders can accumulate the stock between 6500 - 6450 with a stop below 6300 for the upside target of 6700 – 6875 in the coming months.
Disclaimer)
Share Market Today - 25th June 2019
NIFTY Daily CHART :
The week kicked off on a sluggish note where the benchmark indices were stuck in a narrow range and the undertone still remained bearish. The index Nifty sneaked below 11700 mark to close marginally in red. Meanwhile, the Nifty Bank index too ended in negative terrain. Yet again the market breadth was in the favour of declining counters. On the sectoral front, apart from NIFTY PSUBANK (+0.25%) and NIFTY FMCG (+0.14%) all the other group indices closed in red. From the losers, NIFTY METAL (-1.29%) and NIFTY REALTY (-0.97%) counters were the biggest laggards. From the F&O space, JISLJALEQS (+13.86%), SUZLON (+11.11%) and DHFL (+10.40%) outperformed by rising more than 10% during the session.
Since the index Nifty spot is still well placed above the 50 DEMA; there is hardly any change in the price structure. We reiterate our view that going ahead, a move below 11600 could pull the index towards 11450 which will fill the gap area. On the upside, 11750 would act as immediate hurdle in the coming session. However, only a move above 11850 will reinforce the index to meet the higher levels of 12000 – 12100. Due to extreme volatility in F&O stocks, traders are advised to stay light and avoid taking any undue risks.
SRTRANSFIN : BULLISH
Disclaimer
Previous Story
Daily Currency Research Report – 29th May 2019
CURRENCY PIVOT LEVELS CROSS CURRENCY UPDATE USDINR 29 MAY 2019 EXPIRY OPTION UPDATE RBI REFERENCE RATE (MAY 26, 2019) USDINR (June Future) Dollar/rupee remained somewhat positive on the back of oil importers' month-end dollar demand amid a strong dollar and higher crude prices. The greenback edged higher against major counterparts as investors remain cautious after the European Union parliamentary elections showed polarization and fragmentation in the 28-member block. The outcome of the European Union elections in the weekend caused a stage of political instability in the 28-member bloc, with results in many countriessignaling polarization among voters. Technical, USDINR made a high 69.7450 and settled at 69.6775 levels. Intraday price action resulted in formation of high wave candle stick which is indicating for indecisive trend in near term. However, 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 GBPINR(June Future) Pound traded lower yesterday on growing risks of a no-deal Brexit after the recent European election resulted in a big blow to the UK's two major political parties. Candidates who stand in line to replace Theresa May as the Prime Minister including front-runner Boris Johnson have signalled they are prepared for no-deal Brexit if Brussels does not reopen negotiations over May's unpopular withdrawal agreement. Conservative candidates vying for May's position are under pressure to deliver a more decisive deal with the EU. Britain is scheduled to leave the bloc on October 31. Technical, since 21 May 2019, GBPINR has been squeezed in between 89.20-88.40 levels. On the EOD chart formation of high wave candle stick is indicating for indecisive trend in near term. A break below 88.40 would create probability for downside move towards 88-87.50.On the upside; break above 89.20 will open the door for 89.65-90.00 and above. Trend –Volatile Major Economic Data & Events Released Yesterday/Earlier today Eurozone Economic sentiment rose to 105.1 in May from 103.9 in April, beating market expectations of no change. 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.)
Next Story
Share Market Today 26th June 2019
NIFTY DAILY CHARTDespite the flat global cues, the domestic market underwent sharp recovery during yesterday’s trading session. The index Nifty spot yet again respected the placement of 50 DEMA and rallied around 150 points from there to close with a significant gain near 11800 mark. On the other hand, NIFTY BANK surged more than 400 points from day’s low to close strong. After quite some time, we witnessed market breadth going in the favour of advancing counters. On the sectoral front, none of group indices ended in negative terrain and that indicates broad based buying. Amongst the gainers, NIFTY METAL (+1.74%) and NIFTY PSU BANK (+1.07%) stocks were the top performers. From the F&O space, JETAIRWAYS (+24.34%), IFCI (+18.87%) and TORNTPOWER (+12.05%) outperformed by rising more than 10% during the session. The placement of 50 DEMA acted as a sheet anchor for the index in past few sessions. As a result, we initiated long bets for NIFTY and BANKNIFTY during previous session from which BANKNIFTY trade is still on. Now, a move above 11850 in NIFTY spot will confirm another breakout which might reinforce the index to meet the higher levels of 12000 – 12100. On the other hand, NIFTY BANK index has confirmed the corresponding breakout and is poised to move towards 31600 mark. For NIFTY, 11750 – 11700 zone might now act as support till expiry. However, in NIFTY BANK; breach of 30450 would negate the bullish stance. MARUTI : BULLISH Since Oct 2018; Maruti has rallied sharply from the support zone of 6500 – 6300 as displayed on the weekly chart. Even at this juncture, it is hovering near the support zone which is accompanied with the placement of 200 Week’s EMA. On the daily chart, we are witnessing a reversal candlestick pattern which indicates bounce. Traders can accumulate the stock between 6500 - 6450 with a stop below 6300 for the upside target of 6700 – 6875 in the coming months. Disclaimer)