The 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.
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)
Posted by Mehul Kothari | Published on 01-JUL-2019
BANKNIFTY DAILY CHARTAfter a smart recovery during the past couple of sessions, yesterday the domestic markets ended the F&O series of June 2019 on a flat note. The index Nifty spot oscillated in a range of 100 points to close with marginal change. However, during the entire series Nifty lost around (-0.87%). Meanwhile the Nifty Bank index lost (-0.87%) since 30th May 2019.On the sectoral front, NIFTY MEDIA (-7.94%) and NIFTY SMLCAP 100 (-6.24%) counters took majority of the beating and were the worst performers. On the other hand, only the NIFTY METAL (+3.07%) stocks displayed some spirit to end the series with substantial gains. From the F&O space, JETAIRWAYS (-52.70%), JISLJALEQS (-49.03%) and RELCAPITAL (-45.66%) collapsed by deteriorating half of their value during the series went by.In our previous edition of Nivesh overview we discussed that the index Nifty is poised to test the higher levels of 11920 – 12000. Yesterday, the index took a U turn after forming a peak of 11911. Also, the displayed daily chart of Nifty Bank index depicts a ‘Shooting Star’ candlestick pattern which is a reversal one and that too exactly at 78.6% Fibonacci retracement level of the previous move. Thus, there could be some consolidation or profit booking going ahead. Bank Nifty to attract fresh buying interest above 31500 mark whereas a breach of 31100 could result in some corrective move in Nifty also. On the downside, NIFTY has a support of 11820 – 11750 while the upside hurdle is at 11920.Disclaimer)
Share Market Today - 27th June 2019
NIFTY DAILY CHART
The 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
Disclaimer
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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)
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Share Market Today - 28th June 2019
BANKNIFTY DAILY CHARTAfter a smart recovery during the past couple of sessions, yesterday the domestic markets ended the F&O series of June 2019 on a flat note. The index Nifty spot oscillated in a range of 100 points to close with marginal change. However, during the entire series Nifty lost around (-0.87%). Meanwhile the Nifty Bank index lost (-0.87%) since 30th May 2019.On the sectoral front, NIFTY MEDIA (-7.94%) and NIFTY SMLCAP 100 (-6.24%) counters took majority of the beating and were the worst performers. On the other hand, only the NIFTY METAL (+3.07%) stocks displayed some spirit to end the series with substantial gains. From the F&O space, JETAIRWAYS (-52.70%), JISLJALEQS (-49.03%) and RELCAPITAL (-45.66%) collapsed by deteriorating half of their value during the series went by.In our previous edition of Nivesh overview we discussed that the index Nifty is poised to test the higher levels of 11920 – 12000. Yesterday, the index took a U turn after forming a peak of 11911. Also, the displayed daily chart of Nifty Bank index depicts a ‘Shooting Star’ candlestick pattern which is a reversal one and that too exactly at 78.6% Fibonacci retracement level of the previous move. Thus, there could be some consolidation or profit booking going ahead. Bank Nifty to attract fresh buying interest above 31500 mark whereas a breach of 31100 could result in some corrective move in Nifty also. On the downside, NIFTY has a support of 11820 – 11750 while the upside hurdle is at 11920.Disclaimer)