Yesterday was a seventh consecutive session where the domestic market was dominated by the bears on the back of weak global cues (only during first half). However, we witnessed a fabulous comeback by the bulls during the second half which helped the benchmark to recover sharply and close with considerable gains. This ended their six day’s losing streak. The index Nifty lost another 40 points during the first half but eventually ended the session with a gain of more than 70 points.
Yet again the market breadth remained in the favour of declining counters throughout the session but we witnessed broad based buying from the lower levels in individual stock. On the sectoral front, apart from NIFTY IT (-1.21%) all the other group indices closed in positive terrain. With regards to gainers, NIFTY PSU BANK (+2.85%) and NIFTY PHARMA (+1.52%) stocks were the biggest outperformers. From the F&O space, IRB (+8.34%), DHFL (+8.84%) and IDBI (+3.28%) were the leaders.
MARKET OUTLOOK
Buying after rigorous fall of so many sessions indicates exhaustion which we have been mentioning in the past couple of reports. In the upcoming session, 11100 - 11000 might act as strong base for the bulls and hence traders can use a dips from here to initiate fresh long positions. Short term traders can follow a stop of 11000 but traders willing to hold positions with regards to election verdict might accumulate the index fut with a stop below 10700.
On the upside, 11300 might now act as immediate hurdle for the bulls. A close above the same might confirm a bottom in place. We advise traders to avoid over leveraged positions and follow strict stop loss.
Posted by Mehul Kothari | Published on 14-MAY-2019
CURRENCY PIVOT LEVELSCROSS CURRENCY UPDATEUSDINR 29 MAY 2019 EXPIRY OPTION UPDATERBI REFERENCE RATE (MAY 13, 2019)TECHNICAL VIEW ON MAJOR CURRENCY PAIRUSDINR (May Future)
Dollar/rupee witnessed 0.90% its biggest intraday gain since 25 April 2019 and settled at 70.66 compared to Friday close of 70.0425. The pair jumped towards its two months high tracking the sharp rise in crude oil prices amid overseas outflows from local stocks. The US and China remained deadlocked after Sunday's trade negotiations in Washington as the US demanded promises of concrete changes to Chinese law and China said it would not swallow any "bitter fruit" that harmed its interests also weighted sentiment.Technical, A strong breakout of its massive resistance 70.50 on EOD chart is indicating for bullish move towards its next resistance 70.95-71.15. Further, Trade tensions are expected to continue to weigh on the Dollar/Rupee. On the downside, crucial support is seen at 70.10-69.80.Trend –BullishGBPINR (May Future)
Pound/Rupee rose on Monday as UK cross party Brexit talks is set to continue and investors remain hopeful of a possible breakthrough. Adding to that, reports of possible talks with European Union (EU) to negotiate Brexit also supported the pound. Technical, GBPINR finally breached its triangle resistance 91.70 that has been hold since, 9 April 2019 and after hitting a day high 92.0675 settled at 92.03 levels. Near term trend expect to remain bullish and upside target 92.50-93.00. On the downside, support is seen at 91.75-91.10.Trend –Bullish
MAJOR ECONOMIC DATA & EVENTS RELEASED YESTERDAY/EARLIER TODAY
India's Consumer Price Index-based inflation accelerated at slower pace of 2.92% in April compared to 2.86% of March, data from Ministry of Statistics & Programme Implementation showed Monday.
Japan BoP Current Account (preliminary) Balance for March Y 2847.9bn (expected Y 3020bn).
MAJOR ECONOMIC DATA & EVENTS SCHEDULE TODAY
Note: Economic data expectations are based on median forecast by economists or Reuters and Bloomberg survey. Here positive impact indicates currency could appreciate and negativeindicates currency could depreciate in comparison with US Dollar.Technical Chart Source: TickerNews Source: Ticker news, Forexfactory.com, forexlive.com and investing.com*Dos – Depends on Statement. DOV – Depends on Votes.Click Here to Download the ReportDisclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)
Posted by Mehul Kothari | Published on 17-MAY-2019
NIFTY DAILY CHART
The domestic market stared the session with an upside gap following the stable global cues. However the moment was short lived since the volatility once again spooked the bulls. The benchmark index Nifty spot almost retested the 11300 mark but closed with significant loss of 65 points. The index in fact sneaked below 11200 mark. Meanwhile, the Nifty Bank index too lost 300 points in futures.
Yet again the market breadth remained in the favour of declining counters throughout the session which indicated selling in individual stocks. On the sectoral front, apart from NIFTY REALTY (+0.32%) and NIFTY IT (+0.09%) all the other group indices closed in negative terrain. With regards to losers, NIFTY MEDIA (-3.74%) and NIFTY METAL (-2.10%) stocks were the biggest laggards. From the F&O space, SRF (+7.24%), BAJFINANCE (+4.00%) and JUBLFOOD (+3.63%) were the leaders.
MARKET OUTLOOK
Yesterday, 11300 acted as supply zone for the index and hence we maintain our stance that a move above 11300 could trigger fresh momentum on the upside. In the upcoming session, 11100 - 11000 might act as strong base for the bulls and hence traders can use a dips from here to initiate fresh long positions. Short term traders can follow a stop of 11000 but traders willing to hold positions with regards to election verdict might accumulate the index fut with a stop below 10700.
We advise traders to avoid over leveraged positions and follow strict stop loss.Click Here to Download the ReportDisclaimer)
Share Market Today - 15th May 2019
MARKET RECAP
Key Market Data Points
Yesterday was a seventh consecutive session where the domestic market was dominated by the bears on the back of weak global cues (only during first half). However, we witnessed a fabulous comeback by the bulls during the second half which helped the benchmark to recover sharply and close with considerable gains. This ended their six day’s losing streak. The index Nifty lost another 40 points during the first half but eventually ended the session with a gain of more than 70 points.
Yet again the market breadth remained in the favour of declining counters throughout the session but we witnessed broad based buying from the lower levels in individual stock. On the sectoral front, apart from NIFTY IT (-1.21%) all the other group indices closed in positive terrain. With regards to gainers, NIFTY PSU BANK (+2.85%) and NIFTY PHARMA (+1.52%) stocks were the biggest outperformers. From the F&O space, IRB (+8.34%), DHFL (+8.84%) and IDBI (+3.28%) were the leaders.
MARKET OUTLOOK
Buying after rigorous fall of so many sessions indicates exhaustion which we have been mentioning in the past couple of reports. In the upcoming session, 11100 - 11000 might act as strong base for the bulls and hence traders can use a dips from here to initiate fresh long positions. Short term traders can follow a stop of 11000 but traders willing to hold positions with regards to election verdict might accumulate the index fut with a stop below 10700.
On the upside, 11300 might now act as immediate hurdle for the bulls. A close above the same might confirm a bottom in place. We advise traders to avoid over leveraged positions and follow strict stop loss.
Click Here to Download the Report
Disclaimer
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Daily Currency Research Report – 14th May 2019
CURRENCY PIVOT LEVELSCROSS CURRENCY UPDATEUSDINR 29 MAY 2019 EXPIRY OPTION UPDATERBI REFERENCE RATE (MAY 13, 2019)TECHNICAL VIEW ON MAJOR CURRENCY PAIRUSDINR (May Future) Dollar/rupee witnessed 0.90% its biggest intraday gain since 25 April 2019 and settled at 70.66 compared to Friday close of 70.0425. The pair jumped towards its two months high tracking the sharp rise in crude oil prices amid overseas outflows from local stocks. The US and China remained deadlocked after Sunday's trade negotiations in Washington as the US demanded promises of concrete changes to Chinese law and China said it would not swallow any "bitter fruit" that harmed its interests also weighted sentiment.Technical, A strong breakout of its massive resistance 70.50 on EOD chart is indicating for bullish move towards its next resistance 70.95-71.15. Further, Trade tensions are expected to continue to weigh on the Dollar/Rupee. On the downside, crucial support is seen at 70.10-69.80.Trend –BullishGBPINR (May Future) Pound/Rupee rose on Monday as UK cross party Brexit talks is set to continue and investors remain hopeful of a possible breakthrough. Adding to that, reports of possible talks with European Union (EU) to negotiate Brexit also supported the pound. Technical, GBPINR finally breached its triangle resistance 91.70 that has been hold since, 9 April 2019 and after hitting a day high 92.0675 settled at 92.03 levels. Near term trend expect to remain bullish and upside target 92.50-93.00. On the downside, support is seen at 91.75-91.10.Trend –Bullish MAJOR ECONOMIC DATA & EVENTS RELEASED YESTERDAY/EARLIER TODAY India's Consumer Price Index-based inflation accelerated at slower pace of 2.92% in April compared to 2.86% of March, data from Ministry of Statistics & Programme Implementation showed Monday. Japan BoP Current Account (preliminary) Balance for March Y 2847.9bn (expected Y 3020bn). MAJOR ECONOMIC DATA & EVENTS SCHEDULE TODAY Note: Economic data expectations are based on median forecast by economists or Reuters and Bloomberg survey. Here positive impact indicates currency could appreciate and negativeindicates currency could depreciate in comparison with US Dollar.Technical Chart Source: TickerNews Source: Ticker news, Forexfactory.com, forexlive.com and investing.com*Dos – Depends on Statement. DOV – Depends on Votes.Click Here to Download the ReportDisclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our currency opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.)
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Share Market Today - 16th May 2019
NIFTY DAILY CHART The domestic market stared the session with an upside gap following the stable global cues. However the moment was short lived since the volatility once again spooked the bulls. The benchmark index Nifty spot almost retested the 11300 mark but closed with significant loss of 65 points. The index in fact sneaked below 11200 mark. Meanwhile, the Nifty Bank index too lost 300 points in futures. Yet again the market breadth remained in the favour of declining counters throughout the session which indicated selling in individual stocks. On the sectoral front, apart from NIFTY REALTY (+0.32%) and NIFTY IT (+0.09%) all the other group indices closed in negative terrain. With regards to losers, NIFTY MEDIA (-3.74%) and NIFTY METAL (-2.10%) stocks were the biggest laggards. From the F&O space, SRF (+7.24%), BAJFINANCE (+4.00%) and JUBLFOOD (+3.63%) were the leaders. MARKET OUTLOOK Yesterday, 11300 acted as supply zone for the index and hence we maintain our stance that a move above 11300 could trigger fresh momentum on the upside. In the upcoming session, 11100 - 11000 might act as strong base for the bulls and hence traders can use a dips from here to initiate fresh long positions. Short term traders can follow a stop of 11000 but traders willing to hold positions with regards to election verdict might accumulate the index fut with a stop below 10700. We advise traders to avoid over leveraged positions and follow strict stop loss.Click Here to Download the ReportDisclaimer)