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KIFS Trade Capital

Published on 19/12/2018 11:02:55 AM

Bank Nifty

As per the current chart structure in Tuesdays trading’s session Bank Nifty breached the initial high of 27037 which was made and now giving a close above the same level. Now that the resistance of previous high has been broken bank nifty has initially heading towards the level of 27500 which is placed near the Fibonacci retracement level of 78.6% of the previous fall. Intermediate resistance is placed near the level of 26800 which is in the proximity of 61.8% of Fibonacci retracement level. Traders are advised to keep booking profit on higher level.

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KIFS Trade Capital

Published on 19/12/2018 11:02:27 AM

Nifty

The day began on the negative note for the key benchmark index following weak global cues but thankfully sharp buying was observed in the last hour which brought the index on the positive zone and Nifty gave a close above 10900 mark gaining 0.20 percent for the trading day. Sector specific Pharma and PSU Bank sectors outperformed the key benchmark index whereas Media and IT sectors were laggards in the market. As per the current chart formation Nifty is consolidating in the escalating channel where the overhead resistance is placed near 11000 mark. So we advise traders to book profit at higher level and wait for the further confirmation. Intermediate support is placed near 10750 mark.

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Angel Broking Pvt Ltd

Published on 19/12/2018 10:18:56 AM

Nifty Bank Outlook - (27175)

On the back of negative cues for the U.S bourses, the Nifty Bank index too witnessed a soft opening yesterday and the index traded in a narrow range till noon. However, along with the broader markets, the momentum picked up in the banking space as well in the last hour of the trade and the index ended the day well above the 27000 mark.

The index continued its positive momentum in spite of the negative global cues. In our yesterday's report, we had highlighted about the strength seen in some of index heavyweights. This led to a positive momentum, and in yesterday's session we even saw price up moves in the PSU Banking names along with good volumes. In near term, this should lead to a continuation of the positive momentum and hence, we continue with our advice for traders to trade with a positive bias. The intraday supports for the index are placed around 26900 – 26840 whereas resistance is placed around 27300-27420.

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Angel Broking Pvt Ltd

Published on 19/12/2018 10:18:40 AM

Sensex (36347) / Nifty (10909)

For the second straight session Dow Jones had more than 500 points drop to close around the lowest point of the current calendar year. This sell off was triggered with the fear of fed announcing rate hike for the last time this year. This had a rub off effect on rest of the Asian peers and so as at the opening in our market. However, we must appreciate the fact that our markets are showing tremendous resilience and hence, we did not have the major damage. In fact, post the sluggish first half, we saw strong buying emerging at lower levels due to which index shaved off all losses and eventually went on to close above the 10900 mark with nominal gains.

Clearly, in last few days, our markets have decoupled from its global peers and yesterday’s price action was the perfect example of it. There was massive buying seen across the board in the latter half, which was led by the heavyweight pocket ‘banking’. The banking index went on to surpass its recent swing high with an authority and hence, it’s a matter of time now, we would see even Nifty surpassing its recent swing of 10941.20. This is what we had stated in our previous article and going ahead, we will not be surprised to see Nifty testing 11000 and even surpassing it over the next few days. Thus, we continue to remain upbeat and advise using dips to go long with a momentum perspective. On the downside, 10800 has now become a sheet anchor and till the time Nifty remains above it, we are likely to extend this rally. 

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Enrich Commodities India Pvt.Ltd

Published on 19/12/2018 10:06:49 AM

Technical outlook

Nifty daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bullish in trend after few consolidations inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 10950. The upside rally could be testing all the way up to 11100-11200 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 10850-10750 levels. Key support holds at 10750.

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Enrich Commodities India Pvt.Ltd

Published on 19/12/2018 10:06:31 AM

NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10986 +31.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.19% to hit a new 1-month high, while the BSE Sensex 30 index gained 0.21%.

The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 2.80% or 11.80 points to trade at 433.45 at the close. Bajaj Finance Ltd added 2.37% or 58.60 points to end at 2532.20 and Power Grid Corporation of India Ltd was up 1.45% or 2.80 points to 196.35 in late trade.

Biggest losers included Zee Entertainment Enterprises Ltd., which lost 7.80% or 39.15 points to trade at 462.70 in late trade. UPL Ltd declined 3.07% or 23.55 points to end at 743.65 and Infosys Ltd shed 2.51% or 17.40 points to 676.60.

The breadth, indicating the overall health of the market, 1378 rose and 1092 declined, while 151 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 1.05% to 70.845.

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Religare Securities Limited

Published on 19/12/2018 9:39:00 AM

Nifty Outlook

The equity benchmark indices continued its uptrend after initial hiccups and ended the session on a positive note. Sharp appreciation in rupee (vs USD) and decline in crude oil prices boosted the sentiments. The Nifty index traded lower in the first half, but managed to bounce back smartly post noon from intra-day lows of 10,819 before closing the session 0.2% higher at 10,909 levels. The broader market indices ‘BSE-Midcap’ and ‘BSE-Smallcap’ closed largely in-line with the benchmark. Mixed trend was witnessed amongst the sectoral indices wherein Metals, Power and Capital Goods were the top gainers, up by 0.9-1.1%, while IT, FMCG, and Consumer Durables closed in red. Amongst the global markets, European markets were trading on a mixed note while Asian markets ended in red.

With lack of any fresh positive domestic triggers and uncertain global cues, some consolidation in the Indian markets cannot be ruled out at higher levels. Any correction at this juncture in fundamentally sound companies should be considered as a healthy buying opportunity for investors. Market participants would keep close watch on the movement of crude oil prices, currency and global developments. Further, GST meet outcome and the US fed meet scheduled this week could induce volatility across the indices. We advise traders to avoid risky leveraged positions.

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Choice International Ltd

Published on 19/12/2018 9:24:14 AM

Bank Nifty

*  Bank Nifty Index opened at 26,917.30 and went up to an intraday high of 27,210.05 closing the day at 27,174.70, with a gain of 158.90 points or 0.59 percent.

*  On an hourly chart, Bank Nifty is sustaining above its 21 Hourly Exponential Moving Average which shows an upside rally in the counter.

*  A daily momentum indicator RSI reading is at 64.09 level with a positive crossover which indicates a bull run in the index.

*  Going forward, during the day we expect the index to find resistance at 27,320 level, whereas support is likely to be placed at 26,730 level.

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Choice International Ltd

Published on 19/12/2018 9:22:34 AM

Nifty

*  Nifty closed the day on positive note on Tuesday, closing the day at 10,908.70 with a gain of 20.35 points or 0.18 percent.

*  On an hourly chart, Nifty has given a breakout of its Cup and Handle formation which suggests a bull run in the counter.

*  A daily momentum indicator RSI reading is at 59.85 level with a positive crossover which points out for a positive breath in the Index.

*  With the ongoing structure, we are expecting the index to find resistance at 10,990 level while downside support comes at 10,800 level.

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LKP Securities

Published on 19/12/2018 9:18:56 AM

Index closed a day at 10909 with gain of 20 points on Tuesday session and formed a bullish candle on daily chart. Nifty has shifted its support to 10855-10800 zone any dip near these levels will be again buying opportunity and resistance for index is coming near 10950-11000 zone. Nifty bank has support near 27050-26940 zone any dip near these levels will be buying opportunity and resistance is formed near 27300-27400 zone.