For the entire week, domestic markets remained stuck in a band due to absence of any fresh triggers. The index Nifty spot, oscillated in a narrow band of 150 points to close extremely flat near 11600 mark. Meanwhile, the Nifty Bank index too ended marginally in red and that too below 30K mark. The volatility index VIX surged by 14% to close above 20 mark. On the sectoral front, NIFTY AUTO (+2.49%) and NIFTY FMCG (+2.22%) counters were the biggest pullers whereas the NIFTY METAL (-1.94%) and NIFTY FIN SERV (-0.79%) remained the biggest laggards. From the F&O space, PCJEWLEER (+28.62%), INFIBEAM (+12.40%) and TV 8 (+9.66%) were the outperformers during the week went by.
At this juncture, the ‘DOJI’ candle on the weekly chart is still intact which indicates sideways action. On the other hand, as per the hourly chart Nifty is stuck inside a channel as displayed above and has a range of 11685 – 11550. A sustainable move above or below the same might dictate the further trend. A sustainable move above 11685 might bring in some optimism in the markets which could result in further upside towards 11760 - 11900. However, breach of 11550 might drag the index towards 11500 - 11450 mark.
Posted by Mehul Kothari | Published on 12-APR-2019
MARKET RECAP KEY MARKET DATA POINTS
It was a highly volatile session on the D – Street ahead of the first phase of Loksabha Election 2019. The benchmark index Nifty remained range bound during the first half where it attempted for a breakout above the falling channel. However, a sharp selloff during the second half forced the index to close near day’s low with a loss of around 100 points. Meanwhile, the Nifty Bank index too corrected sharply around 300 points from its previous close and closed well below the 30K mark.
The positive market breadth turned in the favor of declining counters as the day progressed which indicates broad based selling. On the sectoral front, NIFTY REALTY (+1.13%) and NIFTY PHARMA (+0.80%) stocks managed to close in green. From the losers, NIFTY FIN SERVICE (-1.13%) and NIFTY PSU BANK (-1.04%) stocks remained under pressure. From the F&O space, IDEA (-5.09%), LICHSGFIN (-3.90%), and BHARTIARTL (-3.70%) were the biggest laggards.
MARKET OUTLOOK
NIFTY HOURLY CHART
Previously we discussed that on the hourly chart, we are witnessing that the index Nifty is stuck inside a channel as displayed above. A breakout from the same will get confirmed above 10710. During yesterday’s session Nifty tried its best for a breakout but failed and that resulted in a selling towards the lower band. We continue to mention that only a sustainable move above 11685 (earlier 11710) or below 11550 might dictate the further trend.
A sustainable move above 11685 might bring in some optimism in the markets which could result in further upside towards 11760 - 11900. However, breach of 11550 might drag the index towards 11500 - 11450 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the phase of general election wherein we might observe surge in volatility.
STOCK IN ACTION
CANFINHOME
OUTLOOK
The stock rallied from 240 to 360 without any meaningful correction and thus has entered an overbought zone.
The daily RSI has displayed negative divergence which indicates a possibility of profit booking.
At the same time, we are witnessing reversal candlestick pattern along with trend line breakdown.
Traders can sell the stock in futures between 354 - 358 with a stop of 375 for the target of 320.
Disclaimer)
Posted by Mehul Kothari | Published on 16-APR-2019
MARKET RECAP KEY MARKET DATA POINTS
Although the week began on a flat note but the domestic markets remained firm to close near day’s high with moderate gains. The index Nifty managed to clear the hurdle of 11685 and close above the same with a rise of around 50 odd points. Meanwhile, the Nifty Bank index too ended with decent gains and reclaimed the milestone of 30K.
Right from the beginning of the session, market breadth remained strongly in the favor of advancing counters. On the sectoral front, except NIFTY PSU BANK (-0.40%) and NIFTY MEDIA (-0.39%) all the other group indices closed in green. From the gainers, NIFTY REALTY (+1.65%) and NIFTY AUTO (+1.53%) stocks remained under limelight. From the F&O space, PCJEWELLER (+14.07%), INFIBEAM (+9.68%), and IDEA (+7.99%) were the biggest gainers.
MARKET OUTLOOK
NIFTY DAILY CHART
Since past few sessions, we have been talking about the range of 11550 – 11685 for Nifty spot. Now during yesterday’s session the index managed to breakout from the said range on closing basis which is a bullish sign. Going ahead, Nifty has potential to retest the all-time high of 11761 and reach towards 11900 mark. However, the bullish view would only be negated below 11550 mark.
On the levels front, 11710 – 11760 zone might act as an intermediate resistance whereas on the downside 11625 – 11575 levels could act as strong support in the coming sessions. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets have entered the phase of general election wherein we might observe surge in volatility.Disclaimer)
Weekly BSE & NSE Gainers & Losers - 8th Apr to 12th Apr 2019
NIFTY
MARKET RECAP AND OUTLOOK
For the entire week, domestic markets remained stuck in a band due to absence of any fresh triggers. The index Nifty spot, oscillated in a narrow band of 150 points to close extremely flat near 11600 mark. Meanwhile, the Nifty Bank index too ended marginally in red and that too below 30K mark. The volatility index VIX surged by 14% to close above 20 mark. On the sectoral front, NIFTY AUTO (+2.49%) and NIFTY FMCG (+2.22%) counters were the biggest pullers whereas the NIFTY METAL (-1.94%) and NIFTY FIN SERV (-0.79%) remained the biggest laggards. From the F&O space, PCJEWLEER (+28.62%), INFIBEAM (+12.40%) and TV 8 (+9.66%) were the outperformers during the week went by.
At this juncture, the ‘DOJI’ candle on the weekly chart is still intact which indicates sideways action. On the other hand, as per the hourly chart Nifty is stuck inside a channel as displayed above and has a range of 11685 – 11550. A sustainable move above or below the same might dictate the further trend. A sustainable move above 11685 might bring in some optimism in the markets which could result in further upside towards 11760 - 11900. However, breach of 11550 might drag the index towards 11500 - 11450 mark.
Disclaimer
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Share Market Today - 11th April 2019
MARKET RECAP KEY MARKET DATA POINTS It was a highly volatile session on the D – Street ahead of the first phase of Loksabha Election 2019. The benchmark index Nifty remained range bound during the first half where it attempted for a breakout above the falling channel. However, a sharp selloff during the second half forced the index to close near day’s low with a loss of around 100 points. Meanwhile, the Nifty Bank index too corrected sharply around 300 points from its previous close and closed well below the 30K mark. The positive market breadth turned in the favor of declining counters as the day progressed which indicates broad based selling. On the sectoral front, NIFTY REALTY (+1.13%) and NIFTY PHARMA (+0.80%) stocks managed to close in green. From the losers, NIFTY FIN SERVICE (-1.13%) and NIFTY PSU BANK (-1.04%) stocks remained under pressure. From the F&O space, IDEA (-5.09%), LICHSGFIN (-3.90%), and BHARTIARTL (-3.70%) were the biggest laggards. MARKET OUTLOOK NIFTY HOURLY CHART Previously we discussed that on the hourly chart, we are witnessing that the index Nifty is stuck inside a channel as displayed above. A breakout from the same will get confirmed above 10710. During yesterday’s session Nifty tried its best for a breakout but failed and that resulted in a selling towards the lower band. We continue to mention that only a sustainable move above 11685 (earlier 11710) or below 11550 might dictate the further trend. A sustainable move above 11685 might bring in some optimism in the markets which could result in further upside towards 11760 - 11900. However, breach of 11550 might drag the index towards 11500 - 11450 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the phase of general election wherein we might observe surge in volatility. STOCK IN ACTION CANFINHOME OUTLOOK The stock rallied from 240 to 360 without any meaningful correction and thus has entered an overbought zone. The daily RSI has displayed negative divergence which indicates a possibility of profit booking. At the same time, we are witnessing reversal candlestick pattern along with trend line breakdown. Traders can sell the stock in futures between 354 - 358 with a stop of 375 for the target of 320. Disclaimer)
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Share Market Today - 16th April 2019
MARKET RECAP KEY MARKET DATA POINTS Although the week began on a flat note but the domestic markets remained firm to close near day’s high with moderate gains. The index Nifty managed to clear the hurdle of 11685 and close above the same with a rise of around 50 odd points. Meanwhile, the Nifty Bank index too ended with decent gains and reclaimed the milestone of 30K. Right from the beginning of the session, market breadth remained strongly in the favor of advancing counters. On the sectoral front, except NIFTY PSU BANK (-0.40%) and NIFTY MEDIA (-0.39%) all the other group indices closed in green. From the gainers, NIFTY REALTY (+1.65%) and NIFTY AUTO (+1.53%) stocks remained under limelight. From the F&O space, PCJEWELLER (+14.07%), INFIBEAM (+9.68%), and IDEA (+7.99%) were the biggest gainers. MARKET OUTLOOK NIFTY DAILY CHART Since past few sessions, we have been talking about the range of 11550 – 11685 for Nifty spot. Now during yesterday’s session the index managed to breakout from the said range on closing basis which is a bullish sign. Going ahead, Nifty has potential to retest the all-time high of 11761 and reach towards 11900 mark. However, the bullish view would only be negated below 11550 mark. On the levels front, 11710 – 11760 zone might act as an intermediate resistance whereas on the downside 11625 – 11575 levels could act as strong support in the coming sessions. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets have entered the phase of general election wherein we might observe surge in volatility.Disclaimer)