Despite 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.
Posted by Mehul Kothari | Published on 24-JUN-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
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.
Disclaimer)
Posted by Mehul Kothari | Published on 01-JUL-2019
NIFTY DAILY CHARTThe domestic market continued with its recovery journey amid the flat global cues. The index Nifty spot surged another 50 points and cleared the hurdle of 11850 mark. On the other hand, NIFTY BANK outperformed the benchmark by rising more than 300 points from its previous close. In fact it reclaimed the 31K milestone.Yet again the market breadth remained strongly in the favour of advancing counters right from the beginning. On the sectoral front, apart from NIFTY IT (-0.70%) and NIFTY FMCG (-0.10%) all the other group indices ended in positive terrain. Amongst the gainers, NIFTY METAL (+2.73%) and NIFTY PSU BANK (+1.88%) stocks were the top performers. From the F&O space, RELINFRA (+18.36%), SUZLON (+13.46%) and ALBK (+12.35%) outperformed by rising more than 10% during the session.Finally, Nifty confirmed a bullish breakout above 11850 mark during yesterday’s session. Now the index is poised to retest the higher levels of 11920 – 12000 or above. On the downside, 11750 would continue to act as support for the expiry. Even the options data indicate a base near 11800 – 11750 zone. With regards to BANKNIFTY, we maintain our stance that the index could reach 31600 mark. A breach of 30450 would negate the bullish stance.
NIFTY PHARMA : BULLISH
The weekly chart of NIFTY PHARMA index depicts a WOLFE wave pattern which indicates a possible reversal in its constituents.Currently the index is at 8040 and the pattern has a target of 9800.View to be negated below 7700.Traders can accumulate the stocks like WOCKPHARMA, SUNPHAMRA, BIOCON and CADILA only on dips for few months.
NIFTY METAL : BULLISH
The weekly close above 3020 in NIFTY METAL index might confirm a range breakout in the same. The breakout has occurred after consolidation above 200 Week’s SMA and holds more importance.
It has a potential to retest 3200 levels add then 3600.
View to be negated below 2800.
Traders can accumulate the stocks like HINDALCO, JSWSTEEL, JINDALSTEL, VEDL and TATASTEEL only on dips for few months.
Disclaimer)
Share Market Today 26th June 2019
NIFTY DAILY CHART
Despite 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
Disclaimer
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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 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. Disclaimer)
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Share Market Today - 27th June 2019
NIFTY DAILY CHARTThe domestic market continued with its recovery journey amid the flat global cues. The index Nifty spot surged another 50 points and cleared the hurdle of 11850 mark. On the other hand, NIFTY BANK outperformed the benchmark by rising more than 300 points from its previous close. In fact it reclaimed the 31K milestone.Yet again the market breadth remained strongly in the favour of advancing counters right from the beginning. On the sectoral front, apart from NIFTY IT (-0.70%) and NIFTY FMCG (-0.10%) all the other group indices ended in positive terrain. Amongst the gainers, NIFTY METAL (+2.73%) and NIFTY PSU BANK (+1.88%) stocks were the top performers. From the F&O space, RELINFRA (+18.36%), SUZLON (+13.46%) and ALBK (+12.35%) outperformed by rising more than 10% during the session.Finally, Nifty confirmed a bullish breakout above 11850 mark during yesterday’s session. Now the index is poised to retest the higher levels of 11920 – 12000 or above. On the downside, 11750 would continue to act as support for the expiry. Even the options data indicate a base near 11800 – 11750 zone. With regards to BANKNIFTY, we maintain our stance that the index could reach 31600 mark. A breach of 30450 would negate the bullish stance. NIFTY PHARMA : BULLISH The weekly chart of NIFTY PHARMA index depicts a WOLFE wave pattern which indicates a possible reversal in its constituents.Currently the index is at 8040 and the pattern has a target of 9800.View to be negated below 7700.Traders can accumulate the stocks like WOCKPHARMA, SUNPHAMRA, BIOCON and CADILA only on dips for few months. NIFTY METAL : BULLISH The weekly close above 3020 in NIFTY METAL index might confirm a range breakout in the same. The breakout has occurred after consolidation above 200 Week’s SMA and holds more importance. It has a potential to retest 3200 levels add then 3600. View to be negated below 2800. Traders can accumulate the stocks like HINDALCO, JSWSTEEL, JINDALSTEL, VEDL and TATASTEEL only on dips for few months. Disclaimer)