In our weekly edition, we stated that ‘till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform.’ In line with that, we witnessed that in the past couple of sessions although the benchmark rallied about 2% but at the same time strong action was observed in broader markets. Now at this juncture, the index has surpassed 11000 mark but it’s trading near the previous swing high of 11118. The mentioned level is likely to act as strong resistance in the coming sessions.
A sustainable move above the same might pull the index towards the higher levels of 11250 – 11400. On the downside 10980 might act as an intermediate support. A move below the same might dwell the ongoing momentum for the time being. Traders are advised to continue with their stock specific approach and follow strict stop loss in case of positional longs.
In our weekly edition, we stated that ‘till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform.’ In line with that, we witnessed that in the past couple of sessions although the benchmark rallied about 2% but at the same time strong action was observed in broader markets. Now at this juncture, the index has surpassed 11000 mark but it’s trading near the previous swing high of 11118. The mentioned level is likely to act as strong resistance in the coming sessions.
A sustainable move above the same might pull the index towards the higher levels of 11250 – 11400. On the downside 10980 might act as an intermediate support. A move below the same might dwell the ongoing momentum for the time being. Traders are advised to continue with their stock specific approach and follow strict stop loss in case of positional longs.
Posted by Mehul Kothari | Published on 15-MAR-2019
MARKET OUTLOOK
The flat series of Feb 2019 was followed by an optimistic session on Friday wherein the benchmark indices traded with positive bias. However, Week on Week basis the benchmark indices remained flat amid the rising geopolitical tensions but the broader markets outperformed. The index Nifty closed with marginal gains whereas the NIFTY MIDCAP and NIFTY SMLCAP indices surged between 2.5% to 3.5%.
Technically, at this juncture we continue to mention that till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform. Also, due to the ongoing geopolitical issues; we expect the index to trade within the range of 10580 - 11000. Any move on either side of the range shall now dictate the further trend. Traders who initiated long in index futures near 10650 should follow strict stop of 10700 for the upside target of 11000 and above. On the downside 10720 – 10640 zone might again attract some buying interest. A move below the same might dwell the ongoing momentum.Disclaimer)
Posted by Mehul Kothari | Published on 18-MAR-2019
Market Outlook
Due to overall sideways (range bound) momentum in the recent session there is hardly any change in the price structure of Nifty spot. Thus we reiterate our view that although the index has surpassed 11000 mark but it’s trading near the previous swing high of 11118. The mentioned level is likely to act as strong resistance in the coming sessions. Only a sustainable move above the same might pull the index towards the higher levels of 11250 – 11400.
On the downside 10980 might act as an intermediate support. A move below the same might dwell the ongoing momentum for the time being. With regards to NIFTY BANK index, we are witnessing a fresh breakout which indicates that the index is poised to retest its all-time high of 28389. The immediate support for NIFTY BANK is at 27450 mark.Disclaimer)
Share Market Today - 7th March 2019
MARKET OUTLOOK
Disclaimer
In our weekly edition, we stated that ‘till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform.’ In line with that, we witnessed that in the past couple of sessions although the benchmark rallied about 2% but at the same time strong action was observed in broader markets. Now at this juncture, the index has surpassed 11000 mark but it’s trading near the previous swing high of 11118. The mentioned level is likely to act as strong resistance in the coming sessions.
A sustainable move above the same might pull the index towards the higher levels of 11250 – 11400. On the downside 10980 might act as an intermediate support. A move below the same might dwell the ongoing momentum for the time being. Traders are advised to continue with their stock specific approach and follow strict stop loss in case of positional longs.
Previous Story
Weekly BSE & NSE Gainers & Losers - 25th Feb to 1st Mar 2019
MARKET OUTLOOK The flat series of Feb 2019 was followed by an optimistic session on Friday wherein the benchmark indices traded with positive bias. However, Week on Week basis the benchmark indices remained flat amid the rising geopolitical tensions but the broader markets outperformed. The index Nifty closed with marginal gains whereas the NIFTY MIDCAP and NIFTY SMLCAP indices surged between 2.5% to 3.5%. Technically, at this juncture we continue to mention that till the time Nifty trades above 10580 the bias remains positive and individual stocks might continue to outperform. Also, due to the ongoing geopolitical issues; we expect the index to trade within the range of 10580 - 11000. Any move on either side of the range shall now dictate the further trend. Traders who initiated long in index futures near 10650 should follow strict stop of 10700 for the upside target of 11000 and above. On the downside 10720 – 10640 zone might again attract some buying interest. A move below the same might dwell the ongoing momentum.Disclaimer)
Next Story
Share Market Today - 8th March 2019
Market Outlook Due to overall sideways (range bound) momentum in the recent session there is hardly any change in the price structure of Nifty spot. Thus we reiterate our view that although the index has surpassed 11000 mark but it’s trading near the previous swing high of 11118. The mentioned level is likely to act as strong resistance in the coming sessions. Only a sustainable move above the same might pull the index towards the higher levels of 11250 – 11400. On the downside 10980 might act as an intermediate support. A move below the same might dwell the ongoing momentum for the time being. With regards to NIFTY BANK index, we are witnessing a fresh breakout which indicates that the index is poised to retest its all-time high of 28389. The immediate support for NIFTY BANK is at 27450 mark.Disclaimer)