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.
Posted by Mehul Kothari | Published on 28-FEB-2019
MARKET RECAP
KEY MARKET DATA POINTS
The benchmark indices started yesterday’s session on a flat not but gained strength as the day progressed. At one given point of time, index nifty even surged more than 100 points to surpass the 10900 mark. However, yet again the geopolitical tensions between India and Pakistan spooked the markets which resulted in sudden spike in volatility. This forced Nifty to correct almost 200 points from day’s high and close in red. Meanwhile, Nifty Bank index too sneaked below 27000 mark.
The market breadth which was positive during the first half turned out to be neutral as the day progressed. On the sectoral front, NIFTY MIDCAP (+0.40%) and NIFTY SMLCAP (+0.19%) stocks remained positive but other group indices ended in red. Amongst them NIFTY MEDIA (-0.88%) and NIFTY PVTBANK (-0.61%) stocks were the biggest losers. From the F&O space, ALBK (+9.51%), PCJEWELLER (+5.38%) and CANBK (+5.13%) were the top performers.
MARKET OUTLOOK
Yet again the index Nifty turned around from the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which acted as an intermediate resistance in the recent session. Due to the ongoing geopolitical issues, we expect the index to trade with positive bias 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 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. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.Disclaimer)
Posted by Mehul Kothari | Published on 15-MAR-2019
NIFTY TREND TRACKER
MARKET OUTLOOK
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.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.)
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
Previous Story
MARKET RECAP KEY MARKET DATA POINTS The benchmark indices started yesterday’s session on a flat not but gained strength as the day progressed. At one given point of time, index nifty even surged more than 100 points to surpass the 10900 mark. However, yet again the geopolitical tensions between India and Pakistan spooked the markets which resulted in sudden spike in volatility. This forced Nifty to correct almost 200 points from day’s high and close in red. Meanwhile, Nifty Bank index too sneaked below 27000 mark. The market breadth which was positive during the first half turned out to be neutral as the day progressed. On the sectoral front, NIFTY MIDCAP (+0.40%) and NIFTY SMLCAP (+0.19%) stocks remained positive but other group indices ended in red. Amongst them NIFTY MEDIA (-0.88%) and NIFTY PVTBANK (-0.61%) stocks were the biggest losers. From the F&O space, ALBK (+9.51%), PCJEWELLER (+5.38%) and CANBK (+5.13%) were the top performers. MARKET OUTLOOK Yet again the index Nifty turned around from the placement of 200 DSMA. Also on the upside, 10915 is the 61.8% Fibonacci retracement level of the previous move which acted as an intermediate resistance in the recent session. Due to the ongoing geopolitical issues, we expect the index to trade with positive bias 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 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. In addition, the weekly chart of NIFTY MIDCAP 100 index construes that it has found support exactly at 200 Weeks SMA which indicates a sharp bounce in broad market stocks.Disclaimer)
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Share Market Today - 7th March 2019
NIFTY TREND TRACKER MARKET OUTLOOK 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.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.)