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KIFS Trade Capital

Published on 21/02/2019 5:42:39 PM

Market Outlook For 22 February 2019

Bank Nifty

Bank Nifty also continued to march towards north for the second consecutive days and was up by 97 points breaching the level of 27000 to close the day on a positive note. If we analyze the current chart structure on a lower time frame chart mainly on daily Bank Nifty is escalating into a rising channel within which it corrected from the level of 27589 on the upper side towards 26617 on the lower and took the channel support near 26600 mark and bounced backed towards north. Intermediate resistance is placed near the level of 27200.

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KIFS Trade Capital

Published on 21/02/2019 5:42:21 PM

Market Outlook For 22 February 2019

Nifty

If you look at the higher timeframe chart mainly the weekly chart Nifty is consolidating in a tight range between 11110 on the upper side to 10585 on the lower side. Breakout on the either end will give one the clarity of the trend in the long run. The short term perspective can be observed on the lower time frame chart where Nifty has managed to take a support near the level of 10600 which is in the proximity of 50% Fibonacci retracement level of the previous bull move from the level of 10004 towards 11118. If the bulls are able to surpass the level of 10800 then we may see the further escalation towards 10900 mark.

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Religare Securities Limited

Published on 21/02/2019 9:52:55 AM

Nifty Outlook

The Indian equity benchmark indices ended its nine-day losing streak amid supportive global cues on Wednesday. The Nifty index opened in the green and traded with a positive bias throughout the session and touched an intra-day high of 10,753. It finally closed 131 points higher at 10,736 (up 1.2%). The broader market indices BSE Midcap and BSE-Smallcap too ended with healthy gains. All the sectoral indices witnessed strong buying interest with Metal, Oil & Gas and Power being the top gainers in the range of 1.5-3.0%.

Going forward, we expect markets to take cues from global developments in the absence of any key domestic triggers in the near term. Outcome of US-China trade talks, release of Federal Open Market Committee (FOMC) meeting minutes (to provide stance on monetary policy) as well as progress on Brexit deal will give further direction to the markets. Investors will also keep an eye on crude oil price and rupee/dollar movement. Meanwhile, we advise investors to focus on fundamentally sound stocks and maintain a stock specific approach, while traders should avoid risky leveraged positions. 

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Angel Broking Pvt Ltd

Published on 21/02/2019 9:41:43 AM

Nifty Bank Outlook - (26956)

Yesterday, Nifty Bank Index too opened on a positive note and post-trading in a range for the most part of the session witnessed a sharp surge in the last hour along with the broader markets to eventually end with gains of a percent tad below 27000.

In our last few outlooks, we have been mentioning strong support around 200DMA (26620) and a chance of a bounce back as long Index holds the same. In line with our view after holding the mentioned support zone for the last three sessions, the bank index has finally shown a bounce back. Now going with the strong buying momentum seen during the last hour along with the broad base buying we sense this bounce is likely to continue for the next few sessions towards 27150 – 27305. On the flip side, support is placed around 26730 followed by strong support around 26600. Traders are advised to focus on individual stock within this space as they are likely to provide better trading opportunities.

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Angel Broking Pvt Ltd

Published on 21/02/2019 9:41:31 AM

Sensex (35756) / Nifty (10736)

We had a gap up opening yesterday mainly on the back of strong global cues. Index then went into a consolidation mode and in the process, attempted to march towards 10700. Similar to previous sessions, this first attempt got sold into post the midsession. But fortunately, the end was not as same as recent ones. During the penultimate hour, we saw emergence of strong buying interest, reclaiming 10700 convincingly by adding more than 130 points to the bulls’ kitty.

On Tuesday, we saw index taking a nosedive towards the fag end and yesterday was exactly the mirror image of the same. In hindsight, it’s easy saying this but yesterday’s bounce back was very much on cards. Firstly, we were at a crucial swing low of 10580 and Tuesday’s tail end correction had confirmed a positive divergence in ‘RSI’ on hourly chart. Also, historically it is observed that whenever index corrects for eight straight sessions without surpassing previous day’s high, the ninth day becomes a reversal day or a bounce back day. This is what we saw yesterday and it’s good to see broader market participating in it quite heavily.

Looking at yesterday’s move, we expect extension of this bounce back towards 10800 - 10840 levels. On the flipside, 10700 followed by 10650 are now likely to act as strong supports. There were so many pockets kept buzzing yesterday; but the one that stood out according to us was the ‘Metal’ space. We continue to remain upbeat on it and expect a good relief move hereafter.

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Enrich Commodities India Pvt.Ltd

Published on 21/02/2019 9:39:46 AM

Technical outlook

Nifty daily chart has formed “Rising wedge” pattern. The last session ended up bullish in trend after few negative rallies inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 10800. The upside rally could be testing all the way up to 10900-11000 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 10650-10560 levels. Key support holds at 10560.

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Enrich Commodities India Pvt.Ltd

Published on 21/02/2019 9:39:32 AM

NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10726 -41 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 1.24%, while the BSE Sensex 30 index gained 1.14%.

The biggest gainers of the session on the Nifty 50 were Indiabulls Housing Finance Ltd, which rose 6.14% or 37.70 points to trade at 645.20 at the close. Vedanta Ltd added 4.64% or 7.10 points to end at 160.25 and Adani Port and Special Economic Zone Ltd was up 4.43% or 15.05 points to 354.75 in late trade.

Biggest losers included Hero MotoCorp Ltd, which lost 0.30% or 7.85 points to trade at 2623.75 in late trade. Bajaj Auto Ltd added 0.24% or 6.65 points to end at 2774.70 and Dr. Reddy’s Laboratories Ltd shed 0.35% or 8.90 points to 2525.15.

The breadth, indicating the overall health of the market, 1442 rose and 1073 declined, while 142 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.24% to 71.121.

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Choice International Ltd

Published on 21/02/2019 9:38:28 AM

Bank Nifty Outlook

* Bank Nifty gave a good upside move on Wednesday, Bank Nifty opened at 26,786.00 made high of 26,985.50 and ended the session at 26,955.50 with a gain of 270.65 points or 1.01 percent.

* On a daily scale, the Bank Nifty has reversed from the support and taking a support of its 100 Days Exponential Moving average which signals for a reversal in the Index.

* A daily momentum indicator RSI reading is at 47.79 level with a positive crossover and trending upward which shows a reversal move in the Index.

* Going forward, during the day we expect the index to find resistance at 27,200 level, whereas support is likely to be placed at 26,750 level.

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Choice International Ltd

Published on 21/02/2019 9:38:15 AM

Nifty Outlook

* Nifty finally broke its losing streak and formed a big green candle on Wednesday, Nifty made a high of 10,752.70 and settled at 10,735.45 with a gain of 131.10 point or 1.24 percent.

* On a daily scale, the Nifty bounced from major support and gave a gap up opening forming a big green candle which indicates a reversal can be seen in the Index in coming trading session.

* A daily momentum indicator RSI reading is at 45.87 level with a positive crossover and trending upward which shows reversal in the Index.

* With the ongoing structure, we are expecting the index to find resistance at 10,830 level while downside support comes at 10,640 level.

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Arihant Capital Markets Ltd

Published on 21/02/2019 9:29:19 AM

Equity

On the Daily Chart prices have formed a bullish Morning Star pattern.

 SEBI Registration No.- INH000002764
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