As discussed in our previous report, 50 DEMA acted as a support for NIFTY and we witnessed a breakout above 11850 mark. Now at this juncture, NIFTY has formed an intermediate swing high of 11911. Also, the daily chart of Nifty Bank index depicts a ‘Shooting Star’ candlestick pattern which is a reversal one and that too exactly at 78.6% Fibonacci retracement level of the previous move. Thus, there could be some consolidation or profit booking going ahead. But the trend is likely to remain strong till the time 11600 is not breached in Nifty. On the downside, NIFTY has a support of 11700 – 11600 while the upside hurdle is at 11920. A move above 11920 might pull the index towards life high.
Note : Kindly go through the attached report for detailed outlook.
Posted by Mehul Kothari | Published on 01-JUL-2019
BANKNIFTY DAILY CHARTAfter a smart recovery during the past couple of sessions, yesterday the domestic markets ended the F&O series of June 2019 on a flat note. The index Nifty spot oscillated in a range of 100 points to close with marginal change. However, during the entire series Nifty lost around (-0.87%). Meanwhile the Nifty Bank index lost (-0.87%) since 30th May 2019.On the sectoral front, NIFTY MEDIA (-7.94%) and NIFTY SMLCAP 100 (-6.24%) counters took majority of the beating and were the worst performers. On the other hand, only the NIFTY METAL (+3.07%) stocks displayed some spirit to end the series with substantial gains. From the F&O space, JETAIRWAYS (-52.70%), JISLJALEQS (-49.03%) and RELCAPITAL (-45.66%) collapsed by deteriorating half of their value during the series went by.In our previous edition of Nivesh overview we discussed that the index Nifty is poised to test the higher levels of 11920 – 12000. Yesterday, the index took a U turn after forming a peak of 11911. Also, the displayed daily chart of Nifty Bank index depicts a ‘Shooting Star’ candlestick pattern which is a reversal one and that too exactly at 78.6% Fibonacci retracement level of the previous move. Thus, there could be some consolidation or profit booking going ahead. Bank Nifty to attract fresh buying interest above 31500 mark whereas a breach of 31100 could result in some corrective move in Nifty also. On the downside, NIFTY has a support of 11820 – 11750 while the upside hurdle is at 11920.Disclaimer)
Posted by Mehul Kothari | Published on 04-JUL-2019
NIFTY DAILY CHART
After surging around 1% during the last couple of sessions, the benchmark indices remained choppy in yesterday’s session. The index Nifty oscillated in a narrow band of around 60 points to close extremely flat. Although the index remained flat but decent buying was observed in individual stock which resulted in a strong market breadth. Meanwhile, Nifty Bank index gained 100 points from its previous close.Right from the beginning of the session, due to broad based buying the breadth remained positive. On the sectoral front, NIFTY PSU BANK (+1.72%) and NIFTY MEDIA (+1.07%) stocks remained upbeat whereas the NIFTY IT (-0.91%) and NIFTY PHARMA (-0.12%) remained a bit under pressure. From the F&O space, DHFL (+9.41%), IBULHSGFIN (+7.57%) and PEL (+5.06%) were the top gainers.
Post yesterday’s session, the index Nifty has managed to close above the initial resistance of 11911. Now, at this juncture, it is hovering below 12000 which is the 78.6% Fibonacci retracement levels and also a psychological mark. Thus going ahead, 12000 will remain a strong level to watch out for. A move above the same might bring in further buying which can pull the index towards new high. On the other hand, 11880 might act as intermediate support for the coming session. A move below the same could result in some profit booking. With regards to NIFTY BANK, 31500 is a strong resistance on chart as well as due to OI concentration in CE options. Only a breach of the same shall result in further upside. The support on the downside is at 31100 for BANKNIFTY.Disclaimer)
Weekly BSE & NSE Gainers & Losers - 24th June to 28th June 2019
MARKET OUTLOOK
As discussed in our previous report, 50 DEMA acted as a support for NIFTY and we witnessed a breakout above 11850 mark. Now at this juncture, NIFTY has formed an intermediate swing high of 11911. Also, the daily chart of Nifty Bank index depicts a ‘Shooting Star’ candlestick pattern which is a reversal one and that too exactly at 78.6% Fibonacci retracement level of the previous move. Thus, there could be some consolidation or profit booking going ahead. But the trend is likely to remain strong till the time 11600 is not breached in Nifty. On the downside, NIFTY has a support of 11700 – 11600 while the upside hurdle is at 11920. A move above 11920 might pull the index towards life high.
Note : Kindly go through the attached report for detailed outlook.
Click Here to Download the Report
Disclaimer
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Share Market Today - 28th June 2019
BANKNIFTY DAILY CHARTAfter a smart recovery during the past couple of sessions, yesterday the domestic markets ended the F&O series of June 2019 on a flat note. The index Nifty spot oscillated in a range of 100 points to close with marginal change. However, during the entire series Nifty lost around (-0.87%). Meanwhile the Nifty Bank index lost (-0.87%) since 30th May 2019.On the sectoral front, NIFTY MEDIA (-7.94%) and NIFTY SMLCAP 100 (-6.24%) counters took majority of the beating and were the worst performers. On the other hand, only the NIFTY METAL (+3.07%) stocks displayed some spirit to end the series with substantial gains. From the F&O space, JETAIRWAYS (-52.70%), JISLJALEQS (-49.03%) and RELCAPITAL (-45.66%) collapsed by deteriorating half of their value during the series went by.In our previous edition of Nivesh overview we discussed that the index Nifty is poised to test the higher levels of 11920 – 12000. Yesterday, the index took a U turn after forming a peak of 11911. Also, the displayed daily chart of Nifty Bank index depicts a ‘Shooting Star’ candlestick pattern which is a reversal one and that too exactly at 78.6% Fibonacci retracement level of the previous move. Thus, there could be some consolidation or profit booking going ahead. Bank Nifty to attract fresh buying interest above 31500 mark whereas a breach of 31100 could result in some corrective move in Nifty also. On the downside, NIFTY has a support of 11820 – 11750 while the upside hurdle is at 11920.Disclaimer)
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Share Market Today - 4th July 2019
NIFTY DAILY CHART After surging around 1% during the last couple of sessions, the benchmark indices remained choppy in yesterday’s session. The index Nifty oscillated in a narrow band of around 60 points to close extremely flat. Although the index remained flat but decent buying was observed in individual stock which resulted in a strong market breadth. Meanwhile, Nifty Bank index gained 100 points from its previous close.Right from the beginning of the session, due to broad based buying the breadth remained positive. On the sectoral front, NIFTY PSU BANK (+1.72%) and NIFTY MEDIA (+1.07%) stocks remained upbeat whereas the NIFTY IT (-0.91%) and NIFTY PHARMA (-0.12%) remained a bit under pressure. From the F&O space, DHFL (+9.41%), IBULHSGFIN (+7.57%) and PEL (+5.06%) were the top gainers. Post yesterday’s session, the index Nifty has managed to close above the initial resistance of 11911. Now, at this juncture, it is hovering below 12000 which is the 78.6% Fibonacci retracement levels and also a psychological mark. Thus going ahead, 12000 will remain a strong level to watch out for. A move above the same might bring in further buying which can pull the index towards new high. On the other hand, 11880 might act as intermediate support for the coming session. A move below the same could result in some profit booking. With regards to NIFTY BANK, 31500 is a strong resistance on chart as well as due to OI concentration in CE options. Only a breach of the same shall result in further upside. The support on the downside is at 31100 for BANKNIFTY.Disclaimer)