TRADING CALLS
- Achiievers Equites Ltd
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- Tradebulls Securities (P) Ltd
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Monarch Networth Capital Limited
Published on 19-03-2024 10:42 am
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 21900 - 21850 level and resistance at 22150 - 22200 level.
* Banking index is likely to trade in line with the benchmark index today with support at 46300 - 46100 level and resistance at 46900 - 47100 level.
* AUBANK has closed with bearish candlestick and it is likely to trade with negative bias today.
NIFTY (Daily) Chart
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Monarch Networth Capital Limited
Published on 19-03-2024 10:41 am
TECHNICAL OUTLOOK
* Benchmark index traded range bound yesterday before closing with 0.15% gain at 22055 level. Banking index lagged the benchmark index as it closed with 0.04% cut at 46575 level.
* India VIX closed with 1.50% gain at 13.89 level.
* Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 2.49% gain while NIFTYIT index underperformed as it closed with 1.64% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.39% and 0.57% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* European markets (DAX) closed flat while US markets (DJIA) closed higher yesterday. Asian Markets are largely trading lower today.
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Tradebulls Securities (P) Ltd
Published on 19-03-2024 10:40 am
Nifty
For 4 th consecutive session 21900 proved as a worthy support for Nifty as it managed a closed above the same forming yet another ‘InsideBar’formation. But the negative crossover of 5 & 20 DEMA convergence zone around 22150 continues to indicate further weakness. On thedailyscaleyetanother ‘Inside Bar’ candlestick price pattern at 21900 looks critical & any slippages below would acceleration the downward momentum. Withbothitstrend strength indicators still complimenting with the unfolding price action; RSI trending below its 50 level while ADX is trending upwards towardsits25 zone. Options data too indicates key resistance zone at 22200 followed by 22300 itself while support base is firm at 21500. Weekly closingbelow5WEMA support of 22150 has confirmed weakness which could push the index lower towards 21800-21500 zone in the coming sessions. Withtheshort-term support base for the week being breached its ideal to refrain from building positional longs until there is a firm reversal patternformationonitsweekly scale or when the index clearly surpasses the resistance zone above 22400. Until then the trend would provide sell on rise opportunities
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Axis Securities
Published on 19-03-2024 10:38 am
Bank Nifty
Bank Nifty opened with a downward gap and traded with extreme volatility on either side. Bank Nifty closed at 46576 on 18th March with a loss of 18 points. On the daily chart, the index has formed a small bullish candle with shadows on either side, representing extreme volatility as well as indecisiveness among participants regarding the direction. The index continues to move in a higher top and higher bottom formation on the hourly chart, indicating a positive bias. The chart pattern suggests that if Bank Nifty crosses and sustains above 46700 level, it would witness buying, leading the index towards 46800-47000 levels. Important Supports for the day are around 46450. However, if the index sustains below 46450, it could witness profit booking, leading the index towards 46300-46200 levels. Bank Nifty is trading above the 50, 100, and 200-day SMAs, indicating a positive bias in the medium term. Bank Nifty continues to remain in an uptrend in the medium and long term. Therefore, buying on dips remains our preferred strategy. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line, indicating a profit booking. The trend-deciding level for the day is 46445. If BANK NIFTY trades above this level, we may witness a further rally up to 46870-47165-47585 levels. However, if BANK NIFTY trades below 46445 levels, we may see some profit booking initiating in the market, which may correct BANK NIFTY up to 46150-45730-45435 levels.
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Axis Securities
Published on 19-03-2024 10:38 am
Nifty
Nifty opened with a negative note and remained extremely volatile on either side. Nifty closed at 22056 on 18th March, marking a gain of 32 points. On the daily chart, the index has formed a small bullish candle with shadows on either side, representing extreme volatility and indecisiveness among participants regarding the direction. In the last four trading sessions, the index has maintained a position above the 50-day SMA, currently situated at 21916. However, it has encountered resistance in surpassing the 20-day SMA at 22213, leading to consolidation within this range. The chart pattern suggests that if Nifty crosses and sustains above the 22100 level, it would witness buying which would lead the index towards 22200-22300 levels. Important Supports for the day are around 22000. However, if the index sustains below 22000, then it may witness profit booking which would take the index towards 21900-21800 levels. Nifty is trading above the 50, 100, and 200-day SMAs, indicating a positive bias in the medium term. Nifty continues to remain in an uptrend for the medium term, making buying on dips our preferred strategy. The daily strength indicator RSI continues to remain flat and is below its reference line, indicating the absence of momentum on either side. The trend-deciding level for the day is 22030. If NIFTY trades above this level, we may witness a further rally up to 22145-22240-22355 levels. However, if NIFTY trades below 22030 levels, we may see some profit booking initiating in the market, which may correct NIFTY up to 21940-21825-21735 levels.
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