After 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.
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)
Posted by Mehul Kothari | Published on 01-JUL-2019
MARKET OUTLOOK
As discussed in our previous report, 50 DEMA acted as a support for NIFTY and we witnessed a breakout above 11850 mark. Now at this juncture, NIFTY has formed an intermediate swing high of 11911. Also, the 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. But the trend is likely to remain strong till the time 11600 is not breached in Nifty. On the downside, NIFTY has a support of 11700 – 11600 while the upside hurdle is at 11920. A move above 11920 might pull the index towards life high. Note : Kindly go through the attached report for detailed outlook.Click Here to Download the ReportDisclaimer)
Share Market Today - 28th June 2019
BANKNIFTY DAILY CHART
After 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
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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)
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Weekly BSE & NSE Gainers & Losers - 24th June to 28th June 2019
MARKET OUTLOOK As discussed in our previous report, 50 DEMA acted as a support for NIFTY and we witnessed a breakout above 11850 mark. Now at this juncture, NIFTY has formed an intermediate swing high of 11911. Also, the 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. But the trend is likely to remain strong till the time 11600 is not breached in Nifty. On the downside, NIFTY has a support of 11700 – 11600 while the upside hurdle is at 11920. A move above 11920 might pull the index towards life high. Note : Kindly go through the attached report for detailed outlook.Click Here to Download the ReportDisclaimer)