Enrich Commodities India Pvt.Ltd

Published on 22/10/2018 9:37:37 AM

Technical outlook

Nifty daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bearish in trend on a gap down formation inside the channel. The market is expected to continue on bearish momentum, once the same breaks below the current key support zone holding at 10250. The downside rally could be testing all the way up to 10150-10000 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 10350-10450 levels. Key resistance holds at 10450.

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Enrich Commodities India Pvt.Ltd

Published on 22/10/2018 9:37:20 AM


Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10334 +9 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 fell 1.43%, while the BSE Sensex 30 index lost 1.33%.

The biggest gainers of the session on the Nifty 50 were Hindustan Petroleum Corporation Ltd, which rose 4.00% or 8.30 points to trade at 215.90 at the close. Sun Pharmaceutical Industries Ltd. added 2.59% or 15.35 points to end at 609.95 and Kotak Mahindra Bank Ltd. was up 1.87% or 22.00 points to 1198.95 in late trade.

Biggest losers included Indiabulls Housing Finance Ltd, which lost 16.43% or 129.60 points to trade at 653.80 in late trade. HCL Technologies Ltd declined 6.57% or 67.25 points to end at 958.50 and Yes Bank Ltd shed 5.41% or 12.55 points to 217.90.

The breadth, indicating the overall health of the market, 1655 fell and 836 advanced, while 144 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.50% to 73.435.

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GEPL Capital

Published on 22/10/2018 9:29:44 AM

Key Highlights:

NIFTY corrects further by 150 points to close near the 10303 mark. Closes the week on a weak note once again, loosing around a percent & half …. 

*  The NIFTY opened @ 10339.70, this time around a GAP-DOWN of around 100+ points over Wednesday. After the earlier three day’s pull back of 3% plus quantum, the NIFTY has looked a totally changed animal over last 2 trading days. The SELLING pressure was consistent all through, as NIFTY after creating an intraday HIGH around the 10380 mark, plummeted almost 130 points to put across a series of LOWER TOP & LOWER BOTTOM till 2 PM. Some late recovery saw the NIFTY back to the 10300 mark, as it finally shut shop @ 10303.55 DOWN by 149.50 points or 1.43%.

*  The broader indices, largely moved in line with the benchmark NIFTY. While the NIFTY MID100 closed DOWN by 1.55% to close @ 16514.95; the NIFTY SML100 closed DOWN by 1.26% to close @ 5993.25. The broader market once again swapped flanks with 531 advances & 1214 declines. The INDIA VIX was bounced back UP by a good 10.72% to close @ 19.9075.

*  Almost all the sectoral indices traded in the RED, the only exception, once again being the defensive NIFTY FMCG, & the NIFTY METAL and NIFTY PSU BANKS, which closed in the GREEN by a whisker. The NIFTY IT & NIFTY MEDIA were the worst hit, with a MOVE DOWN of more than 2% each.

*  The relief of 3 days, as NIFTY bounced back sharp from 10234 to 10700, has been met with an equal suppression from the BEAR end. The bias and the scenario with the global sentiments, which was quiet soothing; has reversed flanks. But having gone through a bit above the logical level of 10650, the bandwagon tripped. The oscillators which were placed in the oversold zone has managed to come back a bit, and thus it may indicate a LOWER step for the markets as a whole. The band under consideration, now stands between 10750-10150. In such volatility, traders are advised to avoid carrying aggressive positions and rather focus on individual stock for intraday moves with proper exit setup. 

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Angel Broking Pvt Ltd

Published on 22/10/2018 9:19:27 AM

Nifty Bank Outlook - (25086)

After a pullback move, the Nifty Bank index again corrected during last week post retracing about 38.2% of the recent down move. Although, the index showed relative outperformance to the Nifty index on Friday as it traded in a range and ended the day above the 25000 mark.

If we observe the lower time frame charts, it is seen that the last week's high also coincides with the hourly '200 SMA' and the index has then retraced about 61.8% of the pullback move in the last couple of sessions. Going ahead, it would be crucial to see how index behaves around its support of 24880. A move above the Friday's high of 25278 could lead to another leg of pullback whereas breach of the support of 24880 could then lead to a continuation of the correction. Hence, short-term traders are advised to keep a tab on the range of 24880-25278 and trade in the direction of the breakout. Traders with open positions should keep a stop loss beyond the mentioned levels.

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Angel Broking Pvt Ltd

Published on 22/10/2018 9:18:47 AM

Sensex (34316) / Nifty (10304)

First half in the week gone by was very much on expected lines as we saw continuation of previous week’s relief move towards the 10700mark. This move was aided by some of the macro factors like Crude oil cooling off from higher levels and respite in domestic currency after recent relentless weakness. However, this ecstasy did not last too long as index nosedived after making intra-week high of 10710.15 on Wednesday, which was then followed by yet another bout of selling to pare down all gains accumulated in the previous week.

In last couple of sessions, index resumed its recent downtrend; but, the way it has closed on Friday, somehow indicates a possible exhaustion in the selling momentum. Because there was no major follow through selling seen in index and to support it, banking and midcap indices were outperforming benchmarks by a fair margin. Hence, as of now, we believe that the sellers are a bit exhausted and the recent support zone of 10200 – 10138 may well be defended for a while. Technically speaking, last week we had mentioned about the positive crossover in ‘RSISmoothened’ on daily chart, which is still intact. In addition, last couple of sessions’ correction took a support precisely at the 78.6% Fibonacci retracement of the recent relief move. Considering all these evidences, some sort of respite in this week cannot be ruled out. But, since, of late, market is in no mood to please traders/investors fraternity, we would rather wait for some kind of reversal. If we see index surpassing and staying beyond Friday’s high of 10380, then our assumption would get confirmed and in this case, we may see index rebounding back to 10550 – 10700 levels.

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LKP Securities

Published on 22/10/2018 9:12:54 AM

Index closed a week at 10303 with loss of 169 points on weekly basis and formed bearish candle on weekly chart. Index has formed strong support near 10300-10240 zone holding these levels we may see index to march towards 10410-10480 which is immediate resistance on the higher side. Traders can use buy on dip strategy keeping overall stop loss around 10240 zone for the immediate targets of 10410-10480.

Choice International Ltd

Published on 22/10/2018 9:11:12 AM

Bank Nifty Outlook

* Bank Nifty Index opened at 24,966.50 and went down to an intraday low of 24,922.65 closing the day at 25,085.80 with a loss of 102.80 points or 0.41 percent.

* On an hourly chart, Bank Nifty is trading in Symmetrical Triangle formation and facing a resistance of 25475 level.

* A daily momentum indicator RSI reading is at 42.37 level and trading above oversold zone with a positive crossover.

* Going forward, during the day we expect the index to find resistance at 25,475 level, whereas support is likely to be placed at 24,800 level.

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Ventura Securities Ltd

Published on 22/10/2018 9:10:29 AM

Dow+65, Nasdaq-36, Nikkei-70, SGXNifty 10320(-5). On Fri, FIIs-618cr in Cash,-2102cr in FNO. DIIs-2cr in Cash. Tdy AdaniPower, DHFL, JetAirways in ban period in FNO.

SMS subject to Disclosures and Disclaimer

Choice International Ltd

Published on 22/10/2018 9:08:45 AM

Nifty Outlook

* Nifty closed the day on negative note on Friday, closing the day at 10,303.55 with a loss of 149.50 points or 1.43 percent.

* On an hourly chart, Nifty has formed Bullish Harami pattern which is a bullish reversal formation.

* A daily momentum indicator RSI reading is at 34.33 level with a negative crossover and trading above its oversold zone.

* With the ongoing structure, we are expecting the index to find resistance at 10,430 level while downside support comes at 10,240 level.

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Arihant Capital Markets Ltd

Published on 22/10/2018 9:02:44 AM


Sensex ended with a net loss of 1.02% whereas Nifty lost 1.61% w-o-w.

Pattern Formation: On the weekly chart, we are observing a bear candle which suggests weakness going forward. On the daily chart, we are observing a downward gap area in the range of 10436 to 10380 levels. Normally, downward gaps do act as resistance for prices.

Outlook: Combining the above two pattern formation it is evident that undertone is negative. In coming week if Nifty trades and close above 10394 level then it is likely to test 10528 – 10663 – 10819 levels. However, if Nifty trades and close below 10213 level then it can test 10078 – 9944 – 9787 levels.

Broadly, we are of the opinion that for current week 9900 is crucial support and 10668 is strong resistance level. Hence if Nifty for current week holds 9900 level and trades above 10665 level then we could assume that temporary bottom is made and we could witness further upside. On the other hand if it fails to trade above 10668 then we could witness continuation of downtrend. Hence, one needs to adopt cautiously positive approach towards the markets.

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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