Once again the bulls took front seat during the week went by. The domestic markets maintained its upside journey after a short breather in the previous week wherein the benchmark indices closed with another significant gains. The index Nifty spot not only cleared the hurdle of 11573 but also managed to close well above 11600 mark. Now the ‘Doji’ formation which we discussed in our previous report has been negated. Thus, any follow up buying from here on could help the index to retest its life high of 11760 in the April series.
Above the same, we would enter an uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out. On the downside, 11450 would now act as an intermediate support for the markets. A breach of the same might halt the upside momentum which can rag the index towards 11300 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the month of general election wherein we might witness surge in volatility.
Posted by Mehul Kothari | Published on 03-APR-2019
MARKET RECAP
KEY MARKET DATA POINTS
The magnificent series of March 2019 ended on high spirits during yesterday’s session. Including the gain of yesterday’s session the index Nifty gained over 7% in derivative series of March 2019. Coming back to the previous session, post a flat opening Nifty gained strength as the day progressed to surge more than 100 points and close near day’s high. Meanwhile, the Nifty Bank index gained more than 400 points to close well above the 30K mark.
Right from the start, market breadth remained in the favour of advancing counters. On the sectoral front, apart from NIFTY METAL (-0.28%) all the other group indices ended with decent gains. Amongst them, NIFTY PSUBANK (+3.62%) stocks remained the biggest gainers for third consecutive session and were followed by NIFTY MEDIA (+3.48%) counters. From the F&O space, DHFL (+9.28%), IBULHSGFIN (+7.96%), and DISHTV (+7.29%) were the biggest gainers.
MARKET OUTLOOK
In contrast to over view, Nifty not only cleared the peak of 11573 but also close near the same which is a sign of strength. Although on a larger degree time frame we expected the Bull Run to continue but in short term we anticipated a small correction in the markets which now has failed. Thus, any follow up buying from here on could help the index to retest its life high of 11760 in the April series.
Meanwhile, on the downside yesterday’s low of 11452 would now act as an intermediate support for the markets. A breach of the same might halt the upside momentum which can rag the index towards 11300 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the month of general election wherein we might witness surge in volatility.
Disclaimer)
Posted by Mehul Kothari | Published on 03-APR-2019
MARKET RECAP
KEY MARKET DATA POINTS
The week began with another optimistic session where the benchmark indices surged another percent during the second half. However some profit booking at higher levels forced the markets to shed half of its gain and close with flat gains. The index Nifty almost went near the peak of 11760 but closed well below 11700 mark. Meanwhile, Nifty Bank index too lost around 500 points from its high and ended in negative terrain.
Right from the start, market breadth remained in the favour of advancing counters. On the sectoral front, we observed a mixed picture wherein NIFTY METAL (+1.84%) and NIFTY IT (+1.33%) stocks were the top performers. On the other hand, NIFTY REALTY (-0.87%) and NIFTY PVT BANK (-0.75%) stocks remained under pressure. From the F&O space, TATAMTRDVR (+7.71%), TATAMOTORS (+7.20%), and IRB (+7.19%) were the biggest gainers.
MARKET OUTLOOK
We continue to go with our view stated in latest edition of Weekly Pulse that the index Nifty is poised to retest all time high of 11760. A move above the same will bring the markets in uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out. However, at the same time the selling pressure of yesterday’s session is hinting towards some kind of distribution in the market. Thus, it’s better to stay light during the coming upside since that could possibly be the last leg of rally.
On the downside, 11630 would now act as an intermediate support for the markets. A breach of the same might halt the upside momentum which can drag the index towards 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 month of general election wherein we might witness surge in volatility.
Disclaimer)
Weekly BSE & NSE Gainers & Losers - 25th Mar to 29th Mar 2019.
NIFTY
MARKET RECAP AND OUTLOOK
Once again the bulls took front seat during the week went by. The domestic markets maintained its upside journey after a short breather in the previous week wherein the benchmark indices closed with another significant gains. The index Nifty spot not only cleared the hurdle of 11573 but also managed to close well above 11600 mark. Now the ‘Doji’ formation which we discussed in our previous report has been negated. Thus, any follow up buying from here on could help the index to retest its life high of 11760 in the April series.
Above the same, we would enter an uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out. On the downside, 11450 would now act as an intermediate support for the markets. A breach of the same might halt the upside momentum which can rag the index towards 11300 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the month of general election wherein we might witness surge in volatility.
Disclaimer
Previous Story
Share Market Today - 29th March 2019
MARKET RECAP KEY MARKET DATA POINTS The magnificent series of March 2019 ended on high spirits during yesterday’s session. Including the gain of yesterday’s session the index Nifty gained over 7% in derivative series of March 2019. Coming back to the previous session, post a flat opening Nifty gained strength as the day progressed to surge more than 100 points and close near day’s high. Meanwhile, the Nifty Bank index gained more than 400 points to close well above the 30K mark. Right from the start, market breadth remained in the favour of advancing counters. On the sectoral front, apart from NIFTY METAL (-0.28%) all the other group indices ended with decent gains. Amongst them, NIFTY PSUBANK (+3.62%) stocks remained the biggest gainers for third consecutive session and were followed by NIFTY MEDIA (+3.48%) counters. From the F&O space, DHFL (+9.28%), IBULHSGFIN (+7.96%), and DISHTV (+7.29%) were the biggest gainers. MARKET OUTLOOK In contrast to over view, Nifty not only cleared the peak of 11573 but also close near the same which is a sign of strength. Although on a larger degree time frame we expected the Bull Run to continue but in short term we anticipated a small correction in the markets which now has failed. Thus, any follow up buying from here on could help the index to retest its life high of 11760 in the April series. Meanwhile, on the downside yesterday’s low of 11452 would now act as an intermediate support for the markets. A breach of the same might halt the upside momentum which can rag the index towards 11300 mark. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets are now entering the month of general election wherein we might witness surge in volatility. Disclaimer)
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Share Market Today - 2nd April 2019
MARKET RECAP KEY MARKET DATA POINTS The week began with another optimistic session where the benchmark indices surged another percent during the second half. However some profit booking at higher levels forced the markets to shed half of its gain and close with flat gains. The index Nifty almost went near the peak of 11760 but closed well below 11700 mark. Meanwhile, Nifty Bank index too lost around 500 points from its high and ended in negative terrain. Right from the start, market breadth remained in the favour of advancing counters. On the sectoral front, we observed a mixed picture wherein NIFTY METAL (+1.84%) and NIFTY IT (+1.33%) stocks were the top performers. On the other hand, NIFTY REALTY (-0.87%) and NIFTY PVT BANK (-0.75%) stocks remained under pressure. From the F&O space, TATAMTRDVR (+7.71%), TATAMOTORS (+7.20%), and IRB (+7.19%) were the biggest gainers. MARKET OUTLOOK We continue to go with our view stated in latest edition of Weekly Pulse that the index Nifty is poised to retest all time high of 11760. A move above the same will bring the markets in uncharted territory where another 200 – 300 points upside in Nifty cannot be ruled out. However, at the same time the selling pressure of yesterday’s session is hinting towards some kind of distribution in the market. Thus, it’s better to stay light during the coming upside since that could possibly be the last leg of rally. On the downside, 11630 would now act as an intermediate support for the markets. A breach of the same might halt the upside momentum which can drag the index towards 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 month of general election wherein we might witness surge in volatility. Disclaimer)