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Enrich Commodities India Pvt.Ltd

Published on 24/04/2018 10:45:01 AM

Technical outlook

Nifty daily chart has formed “Descending megaphone chart” pattern. The last few sessions ended up consolidated after retesting the key resistance, as the prices have broken out the channel’s resistance slope line. The market is expected to continue in bearish momentum, testing all the way through 10500-10400 levels in upcoming sessions. Alternatively, if the market breaks above the resistance level holding at 10600 then it might continue in bullish momentum. The upside rally could test 10650-10700 levels. Key support holds at 10400.

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Enrich Commodities India Pvt.Ltd

Published on 24/04/2018 10:44:39 AM

NIFTY MORNING OUTLOOK

Pre-Market Tuesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10597.50 -24.50 points on indicating gap down opening for the NSE. At the close in NSE, the Nifty 50 rose 0.20% to hit a new 1-month high, while the BSE Sensex 30 index climbed 0.10%.

The biggest gainers of the session on the Nifty 50 were IndusInd Bank Ltd., which rose 3.74% or 67.75 points to trade at 1874.40 at the close. Mahindra & Mahindra Ltd. added 2.95% or 23.55 points to end at 824.30 and Bharat Petroleum Corp. Ltd. was up 2.65% or 9.85 points to 381.35 in late trade.

Biggest losers included Indiabulls Housing Finance Ltd, which lost 2.51% or 34.05 points to trade at 1321.10 in late trade. Hindalco Industries Ltd. declined 2.71% or 7.10 points to end at 255.60 and UPL Ltd shed 1.80% or 13.75 points to 753.80. The breadth, indicating the overall health of the market, 1370 rose and 1265 declined, while 135 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.34 to 66.434.

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GEPL Capital

Published on 24/04/2018 10:29:43 AM

Key Highlights:

NIFTY moves in a gradual UPTREND even as it corrects from predefined resistance @ 10640. Downside 10480 is a crucial level for short term.…. 

* The NIFTY opened @ 10592.80, a Gap-UP of around 28 points over last Friday. It was once again a take at the predefined RESISTANCE band, with the NIFTY rising onto 10640-mark post noon. However, just as it seemed the BULLS would run away with the trophy, the BEARS stepped IN to puncture the cartel. In the process, they brought the NIFTY back to par, to close below the 10600 mark and yet in positive @ 10584.70 UP by 20.65 points or 0.2%.

* The broader indices moved in tandem with the benchmark NIFTY. While the NIFTY MID100 closed UP by 0.51% to close @ 20006.45; the NIFTY SML100 closed UP by around 0.18% to close @ 8336.80. The broader market clearly stood back even-stevens, with 817 advances & 757 declines. The INDIA VIX largely maintained status quo, and this time around closed UP by 1.15% @ 13.0875.

* In line with the broader markets, the SECTORS too traded largely MIXED. While the NIFTY REALTY led with a 1.6% rise; the NIFTY PHARMA came in second with a 1.48% rise. On the other hand, the NIFTY METALS & NIFTY NIFTY FMCG corrected by around half a percent mark.

* Technically, the dynamics remain more or less unchanged & largely on a predefined trajectory. It seems to be driven on the minute scale by statistical levels. On the HIGHER side, levels around 10640-10740 now stand as a potential barrier, while the levels on lower side around 10450-10350 (Earlier resistances, Now Supports) assume significance on following counters:(i) 38.2% retracement (10418) of earlier fall from 11171.5-9951.9), (ii) 100 DMA @ 10455, (iii) 50 DMA @ 10356. Going ahead, the 200DMA, now placed around 10244 will now remain a crucial level on the radar. 

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Angel Broking Pvt Ltd

Published on 24/04/2018 9:54:11 AM

Nifty Bank Outlook - (24961)

The Nifty Bank index started trading for the week on a marginal positive note. However, the index consolidated throughout the session and eventually, it ended the day with negligible gains. During later half of last week, we had witnessed some selling pressure in the Nifty Bank index from 25400. In fact, if we analyze the last couple of weeks move, it is observed that the index has consolidated in a range, and there have been more stock specific momentum in the sector. From a short-term perspective, there are no clear signs of any directional move and hence, traders should continue to trade with a stock-specific approach and stay light in the index. The intraday supports for the index are placed around 24840 and 24687 whereas resistances are seen around 25156 and 25225

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Angel Broking Pvt Ltd

Published on 24/04/2018 9:53:46 AM

Sensex (34451 ) / Nifty (10585)

Despite Asian bourses trading with some sluggishness in the morning; our markets kick started the trading week on a positive note. The optimism extended as the day progressed and in the process, the Nifty started trading well above the 10600 mark. However, last half an hour of the day, did show some ominous signs as we saw a sharp profit taking to pull the index below 10600 on a closing basis.

Until last half an hour, things were looking extremely bright and index did not show any sign of weakness. But, as always market surprises us, the index saw some corrective moves precisely after nearing the stiff hurdle of 10640. This is what we have been mentioning since last few days and the level has clearly proved its significance. Going ahead, traders needs to keep a close eye whether Nifty is able to surpass this level or not? In case of another unsuccessful attempt, we could see selling intensified in the market. On the downside, 10495 remain to be a key support. A sustainable move below this level would apply immediate brakes on the recent relief rally. Till then the index may continue gyrating within a range of 10495 – 10640.

Since last few days, clearly the ‘IT’ conglomerates have been on a roll and in fact, the early morning lead was mainly propelled by this heavyweight space. However, last hour profit taking in some of the marquee names dragged the index lower below the 10600 mark. Apart from this, another pocket that has caught traders’ attention is ‘Pharma’. The close in some of its constituents indicates continuation of yesterday’s move in coming days.

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Choice International Ltd

Published on 24/04/2018 9:26:57 AM

Bank Nifty Outlook

* The Bank Nifty index opened at 25,065.50 and rise up to an intraday high of 25084.15, closing the day at 24,960.65 with a gain of 16.80 points.

* On the daily chart, the Bank Nifty index has been sustaining above its 50 days Simple Moving Average.

* Additionally, the Nifty has taken a reversal from upper band of its “Falling Channel Pattern”.

* Going forward, during the day we expect the index to find resistance at 25400 level, whereas support is likely placed at 24800 level

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Choice International Ltd

Published on 24/04/2018 9:26:30 AM

Nifty Outlook

* The Nifty began the week on a good note, but have ended flat. The index Nifty is up 20.65 points or 0.20% to close at 10584.70.

* On a daily chart, the Nifty has started to trade above its 100 Days Simple Moving Average.

* The indicator MACD has been trading above its average zero line which is a positive signal for the index.

* With the ongoing structure, we are expecting a support at 10500 level while upside resistance comes at 10710 level.

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Ventura Securities Ltd

Published on 24/04/2018 9:17:32 AM

Dow-14, Nasdaq-18, Nikkei+148, SGXNifty 10570(-18). Yday FIIs-259cr in Cash,+46cr in FNO. DIIs+387cr in Cash. Tdy Balramchin, DHFL, JetAirways, JPAssociat, TV18Brdcst  in ban period in FNO. VENTURA

SMS subject to Disclosures and Disclaimer goo.gl/8bCMyQ
 

Arihant Capital Markets Ltd

Published on 24/04/2018 9:13:51 AM

Equity

On 23/04/2018 markets opened higher traded with choppiness and finally closed in green. On the sectoral front Realty, Healthcare IT and Teck ended on the gainers side whereas Metal and FMCG ended on the losing side. The advance decline ratio was in favour of advancing counter (Advances = 1399/ Declines = 1284).

Pattern Formation: On the daily chart, we are observing a high wave Doji candlestick pattern.

Outlook: In view of the above pattern formation it is evident that markets are circumspect at current level. In coming trading session if Nifty trades above 10640 then it may test 10680 – 10700 levels. On the downside, 10550 – 10470 may act as resistance for the day.  

We still maintain our stance that a consolidation or minor correction from current level cannot be ruled out. Hence, cautiously positive approach should be used at current level. However, stock specific move is likely to continue.

Tags: Nifty Technical Outlook, Nifty50 Technical Levels, Guru Calls, FIIs & DIIs Data, Ratings for stocks under our coverage, News for stocks under our coverage

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Religare Securities Limited

Published on 24/04/2018 9:07:11 AM

Nifty Outlook 

Markets ended marginally high amid volatility, in continuation to the prevailing consolidation phase. Indications were mixed and so is the reaction from the participants. In the first half, Nifty moved higher, in response to the recent earnings announcements and favorable statement by the RBI Governor on economic growth. However, the pace of rise was gradual and sudden dip in the latter half trimmed the gains significantly, tracking weak indications from the European markets and report on outflow of FIIs fund citing global volatility.

The prevailing consolidation is on the expected lines and we reiterate our view to reduce long positions in Nifty on every rise. Stocks, on the other hand, would continue to witness move on both sides of the markets and thus require extra caution. IT and FMCG still looks robust and should be preferred over others for long trade while one should be selective in other sectors as mostly are witnessing consolidation in line with the benchmark index.  

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