Although the domestic markets traded with positive bias during yesterday’s session but we witnessed some consolidation in the broader indices. The index Nifty spot got stuck in a narrow range of 50 points throughout the day to close extremely flat. On the other hand, Nifty bank index outperformed a bit by positing decent gains. It’s been almost eight consecutive sessions where the markets have been rising.
Eventually, we observed some pressure at higher levels which resulted in negative market breadth. On the sectoral front, there was a mixed picture wherein NIFTY MEDIA (-3.38%) and NIFTY AUTO (-1.42%) stocks ended in red. On the other hand, NIFTY REALTY (+2.43%) and NIFTY IT (+0.67%) stocks were the top performers. From the F&O space, INDIGO (+6.72%), IDEA (+6.33%) and IBULHSGFIN (+4.93%) were the biggest gainers.
Market Outlook
Despite some selling in the broader markets Nifty managed to sustain above 11500 mark. Also, as discussed in our previous report that Nifty has cleared the hurdle of 161.8% Fibonacci retracement level of the previous move as shown in the chart. Thus, we reiterate our view that bullish momentum might continue towards new life high till the time Nifty sustains above 11400 mark. While doing the same, 11600 – 11680 might act as an intermediate resistance for the bulls.
No doubt the major trend is bullish but at the same time traders are advised to start booking their leveraged positions. On the downside 11400 might act as an intermediate support for the coming sessions. A move below the same might halt the ongoing momentum for the time being.
Posted by Mehul Kothari | Published on 19-MAR-2019
MARKET RECAP KEY MARKET DATA POINTSMARKET OUTLOOKBulls maintained their winning spree in the domestic markets since yet again the benchmark indices closed near day’s high. Both the major indices Nifty and Nifty Bank displayed strong upside momentum throughout the session to close with considerable gains. The index Nifty surged around 70 points to close above 11500 mark. On the other hand, Nifty Bank surged around 200 points from its previous close.
Finally after some consolidation we again witnessed participation from the broader markets which resulted in a very strong market breadth during the session. On the sectoral front, apart from NIFTY AUTO (-0.70%) and NIFTY METAL (-0.03%) stocks all the other group indices managed to close in green. Amongst them, NIFTY PSU BANK (+1.87%) and NIFTY IT (+0.89%) stocks were the top performers. From the F&O space, BANKINDIA (+6.23%), UNIONBANK (+4.81%) and RELCAPITAL (+4.77%) were the biggest gainers..
Outlook Due to ongoing momentum, Nifty spot has clear the mark of 11500 on closing basis. It addition, during the process the index has also clear the hurdle of 161.8% Fibonacci retracement level of the previous move as shown in the chart. Thus, we expect bullish momentum to continue towards new life high till the time Nifty sustains above 11400 mark. While doing the same, 11600 – 11680 might act as an intermediate resistance for the bulls.
We maintain our positive stance for the markets but at the same time advice traders to start booking their leveraged positions. On the downside 11400 might act as an intermediate support for the coming sessions. A move below the same might dwell the ongoing momentum for the time being.
Disclaimer)
Posted by Mehul Kothari | Published on 25-MAR-2019
NIFTY
Market Recap and Outlook
Finally the index NIFTY spot ended its winning spree after a rally of four consecutive weeks which means that the index closed in red after rising from 10585 to 11575 (almost 1000 points). This dip was anyways expected after such a humongous rally since the charts already started showing exhaustion in the past couple of sessions. Now at this juncture, the weekly chart displays a ‘Doji’ candlestick pattern which indicates indecisiveness prevailing at current levels. Thus, going ahead a sustainable move below 11400 might result in some profit booking which can drag the index back to 11200 – 11100 zone. We have already initiated a buy recommendation in 11500 PE near to 48 mark for the upside target of 100 and above (which is still ON).
For the upside momentum to resume, Nifty has to clear the recent high of 11573 which can pull it towards the life high. No doubt the major trend is bullish but at the same time traders are advised to start booking their leveraged positions.Disclaimer)
Share Market Today - 22nd March 2019
Market Recap
Although the domestic markets traded with positive bias during yesterday’s session but we witnessed some consolidation in the broader indices. The index Nifty spot got stuck in a narrow range of 50 points throughout the day to close extremely flat. On the other hand, Nifty bank index outperformed a bit by positing decent gains. It’s been almost eight consecutive sessions where the markets have been rising.
Eventually, we observed some pressure at higher levels which resulted in negative market breadth. On the sectoral front, there was a mixed picture wherein NIFTY MEDIA (-3.38%) and NIFTY AUTO (-1.42%) stocks ended in red. On the other hand, NIFTY REALTY (+2.43%) and NIFTY IT (+0.67%) stocks were the top performers. From the F&O space, INDIGO (+6.72%), IDEA (+6.33%) and IBULHSGFIN (+4.93%) were the biggest gainers.
Market Outlook
Despite some selling in the broader markets Nifty managed to sustain above 11500 mark. Also, as discussed in our previous report that Nifty has cleared the hurdle of 161.8% Fibonacci retracement level of the previous move as shown in the chart. Thus, we reiterate our view that bullish momentum might continue towards new life high till the time Nifty sustains above 11400 mark. While doing the same, 11600 – 11680 might act as an intermediate resistance for the bulls.
No doubt the major trend is bullish but at the same time traders are advised to start booking their leveraged positions. On the downside 11400 might act as an intermediate support for the coming sessions. A move below the same might halt the ongoing momentum for the time being.
Disclaimer
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Share Market Today - 20th March 2019
MARKET RECAP KEY MARKET DATA POINTSMARKET OUTLOOKBulls maintained their winning spree in the domestic markets since yet again the benchmark indices closed near day’s high. Both the major indices Nifty and Nifty Bank displayed strong upside momentum throughout the session to close with considerable gains. The index Nifty surged around 70 points to close above 11500 mark. On the other hand, Nifty Bank surged around 200 points from its previous close. Finally after some consolidation we again witnessed participation from the broader markets which resulted in a very strong market breadth during the session. On the sectoral front, apart from NIFTY AUTO (-0.70%) and NIFTY METAL (-0.03%) stocks all the other group indices managed to close in green. Amongst them, NIFTY PSU BANK (+1.87%) and NIFTY IT (+0.89%) stocks were the top performers. From the F&O space, BANKINDIA (+6.23%), UNIONBANK (+4.81%) and RELCAPITAL (+4.77%) were the biggest gainers.. Outlook Due to ongoing momentum, Nifty spot has clear the mark of 11500 on closing basis. It addition, during the process the index has also clear the hurdle of 161.8% Fibonacci retracement level of the previous move as shown in the chart. Thus, we expect bullish momentum to continue towards new life high till the time Nifty sustains above 11400 mark. While doing the same, 11600 – 11680 might act as an intermediate resistance for the bulls. We maintain our positive stance for the markets but at the same time advice traders to start booking their leveraged positions. On the downside 11400 might act as an intermediate support for the coming sessions. A move below the same might dwell the ongoing momentum for the time being. Disclaimer)
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Weekly BSE & NSE Gainers & Losers - 18th Mar to 22nd Mar 2019.
NIFTY Market Recap and Outlook Finally the index NIFTY spot ended its winning spree after a rally of four consecutive weeks which means that the index closed in red after rising from 10585 to 11575 (almost 1000 points). This dip was anyways expected after such a humongous rally since the charts already started showing exhaustion in the past couple of sessions. Now at this juncture, the weekly chart displays a ‘Doji’ candlestick pattern which indicates indecisiveness prevailing at current levels. Thus, going ahead a sustainable move below 11400 might result in some profit booking which can drag the index back to 11200 – 11100 zone. We have already initiated a buy recommendation in 11500 PE near to 48 mark for the upside target of 100 and above (which is still ON). For the upside momentum to resume, Nifty has to clear the recent high of 11573 which can pull it towards the life high. No doubt the major trend is bullish but at the same time traders are advised to start booking their leveraged positions.Disclaimer)