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Angel Broking Pvt Ltd

Published on 18/07/2019 10:44:10 AM

Nifty Bank Outlook - (30735)

The Nifty Bank index opened on a positive note and traded with a positive bias yesterday to end with gains of over half a percent. In last few sessions, the index has consolidated in the range of 30870-30340. A short term directional move is expected only on a breakout from the above mentioned range. Hence, traders are advised to keep a tab on the above mentioned range and trade in the direction of the breakout.

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Angel Broking Pvt Ltd

Published on 18/07/2019 10:43:55 AM

Sensex (39216) / Nifty (11687)

The index opened marginally positive in yesterday's trading session and traded in a narrow range throughout the day to end tad below the 11700 mark.

In last few sessions, Nifty has seen a pullback move and has tested its '20 DEMA' in yesterday’s session. Although the index has given a pullback move of more than 200 points form the recent lows, it has been more of a stock specific movement and we have not yet witnessed any broad market participation. From a near term perspective, if the index manages to sustain above the 11700 mark, then it could continue this pullback move towards the recent gap area of 11770-11800 which also coincides with the 61.8% retracement of the recent corrective move. On the flipside, the immediate support is placed around 11530. Traders are advised to continue to trade with a stock specific approach and trade with a proper risk management strategy.

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Angel Broking Pvt Ltd

Published on 17/07/2019 10:34:19 AM

Nifty Bank Outlook - (30571)

The Nifty Bank index consolidated in a range in yesterday's session and ended with gains of about four-tenths of a percent. Since last few sessions, the Bank Nifty has seen a time wise correction in the range of 30330-30870. A directional move is expected only on a breakout beyond this range. Hence, traders are advised to be stock specific at the moment and wait for a breakout from the range for a directional bet.

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Angel Broking Pvt Ltd

Published on 17/07/2019 10:34:09 AM

Sensex (39131) / Nifty (11663)

The indices opened on a flat note yesterday and consolidated below the resistance of 11640 for most part of the session. However, Nifty breached this resistance during later part of the session and ended the day around the high point with gains of over six-tenths of a percent. In last few sessions, the index has consolidated in a range with market breadth not showing any encouraging signs. The previous support of 11640 was acting as a hurdle in last couple of sessions. However, yesterday we witnessed the index surpassing this hurdle and the broader markets too witnessed buying momentum in the last hour of the day.

Most of the indices ended positive yesterday which is an encouraging sign. Hence, the index could continue this momentum towards the ’20 DEMA’ which is placed around 11700 while a follow up move above the same should the lead to a continuation of this up move towards the hourly ‘200 SMA’ and the recent gap area at 11770-11800. The lower time frame charts indicate that the immediate support has shifted higher to 11530. As mentioned above, most of the sectoral indices traded with a positive bias yesterday wherein the broader markets witnessed good momentum in the last hour of the day. Many stocks from the Pharma space too were buzzing and have seen breakout from consolidation phase. Hence, traders should look for stock specific opportunities wherein certain pockets could provide decent returns in near term.

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Published on 16/07/2019 10:41:07 AM

Nifty Bank Outlook - (30446)

In yesterday's session, the Nifty Bank index breached its intraday support of 30548 (neckline of bearish flag pattern) in the first hour of the trade which resulted in a selling pressure to drag the index towards the recent swing low of 30350. The index recovered some of the losses during the last hour of the day but ended with a loss of half a percent.

Amongst the stock specific moves, the PSU Banking space witnessed selling pressure in yesterday's session and the Nifty PSU Bank index underperformed to register a loss of over two and a half percent. This space is likely to continue its underperformance in near term. A follow up selling in the Bank Nifty index below yesterday’s low could drag the index towards its '89EMA' support around 30000. On the flipside, the immediate resistance is seen around 30870 and the index needs to give a breakout above the same for any positive momentum.

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Angel Broking Pvt Ltd

Published on 16/07/2019 10:40:46 AM

Sensex (38897) / Nifty (11588)

The SGX Nifty hinted at a positive opening yesterday and in line with the expectations, our markets started trading for the week on a positive note above the 11600 mark. The index then consolidated in a range throughout the session and ended the day tad below 11600.

The index heavyweight ‘Infosys’ announced its quarterly results over the weekend and the market participants gave thumbs up to its better than expected numbers. The stock opened the session with a gap up opening and rallied throughout the day which had a positive impact on the Nifty index too. The stocks from the IT space contributed about 65 points in Nifty yesterday, however, the broader markets traded with a negative bias as the market breadth was in favor of the declines. The Nifty has consolidated in a range since last few sessions in which the earlier support of 11640 has been acting as a resistance now. Hence, the index needs to convincingly surpass the hurdle of 11640-11700 to regain any strength. On the flipside, 11460-11430 is the immediate support range to watch out for. From a near term perspective, the index is locked in a range which could be termed as a time-wise correction and until we see a breakout in either direction, traders should focus on a stock specific approach.

The Nifty IT index clearly outperformed the broader markets yesterday and the stocks within this space could continue outperform in near term. While the banking sector witnessed some pressure in yesterday’s session, the Nifty PSU Bank index indicates probability of underperformance in near term. In this consolidation phase, traders could find opportunities on both the sides of the trade and hence one should be stock specific with a proper risk management strategy as well.

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Angel Broking Pvt Ltd

Published on 15/07/2019 10:10:51 AM

Nifty Bank Outlook - (30587)

After a sharp correction at the start of the week, the Nifty Bank index consolidated in a range for rest of the session and ended the week with a loss of 2.78 percent over the previous week's close. A sharp down move followed by a consolidation phase has led to formation of a 'Bearish Flag' pattern in the Nifty Bank index on the daily chart. The mentioned pattern is a bearish continuation pattern and a breakdown below 30548 (neckline of the pattern) could provide upper hand to the bears in the coming week. If the mentioned support is broken, then the index could correct towards its immediate support zone of 30450-30350. Although the mentioned pattern hints at probability of further cuts, we will re-access the same when the index approaches this range. On the flipside, Friday's high which coincide with the '20 DEMA' at 30870 needs to be taken out to negate this bearish pattern. Hence, traders are advised to stay light on positions and be vigilant on the above mentioned scenarios.

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Published on 15/07/2019 10:10:38 AM

Sensex (38736 ) / Nifty (11552)

Post the Budget announcement, market participants looked disappointed, which triggered this massive sell off, especially in some of the marquee outperformers. To make it worse, we had a decent gap down on Monday which accelerated as the day progressed. Eventually, Monday’s session turned out to be the weakest day of the current calendar year. Fortunately, this mayhem got arrested on the following day and then we witnessed a mild recovery throughout the remaining part of the week to eventually conclude with a cut over a couple of percent

Last week’s low of 11461 holds lot of significance because it coincides with multiple technical evidences such as, (i) 61.8% retracement of recent rally (11108 – 12103), (ii) Trend line joining previous lows and (iii) The vicinity of the bullish gap formed after exit poll numbers. For a time being, market has respected this crucial junction but going ahead, it would be important to see how index behaves around it. In case of a breakdown below 11460 – 11430, the selloff is likely to escalate to test lower levels 11250 - 11230 or even a move towards May lows (11108) cannot be ruled out. So till the time we are above it, there is still a final ray of hope for the bulls. However, on the upside, previous support of 11640 is now acting as a sturdy wall. Hence, if index has to regain any strength, it needs to convincingly surpass this hurdle of 11640 - 11700. For a time being, 11430 – 11640 would be seen as a crucial range for the index

At present, traders are advised to stay light and avoid taking any undue risks. As mentioned in the above section, any existing longs should be exited if index breaches key support of 11460 – 11430 convincingly. On the sectoral front, there were some notable moves seen in the Auto and Metal spaces towards the latter half of the week. So if market manages to hold its support, we would see sharp pull backs in these names. Also, midcap index had an encouraging move despite the benchmark tumbled in the final hour. Do watch out for this universe as well.

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Angel Broking Pvt Ltd

Published on 12/07/2019 10:06:50 AM

Nifty Bank Outlook - (30716)

The Bank Nifty Index witnessed a gap up opening yesterday around its previous sessions high, and after trading in a range with a positive bias it ended with 0.64% gains at 30716. The index has consolidated in a range for the last three sessions. It is hovering on the support of '50SMA' and is witnessing a bounce back to its recent sharp fall. During the session, we saw buying in some PSU banks and selective private banks indicating positive biasness in intraday. Traders are advised to have a stock specific approach within the sector, however should avoid aggressive bets. As far as levels are concerned 30850 – 31000 is immediate resistance whereas support is seen around 30570 – 30400 levels

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Angel Broking Pvt Ltd

Published on 12/07/2019 10:06:32 AM

Sensex (38823) / Nifty (11583)

The global set up was just perfect for such head start early in the morning. Most of the global indices looked rejuvenated after Fed Chairman Powell hinting a rate cut in his speech. We opened higher as indicated by the SGX Nifty; but some part of these gains got erased in initial trades. Fortunately, we witnessed a strong buying emerging at lower levels which accelerated in the latter half. In the end, despite a weekly expiry, markets remained stable to conclude with over seven tenths of a percent gains.

Since last three days, our markets have somehow managed to defend their ‘make or break’ support levels. However, we failed to surpass the sturdy wall of 11600 – 11630. Going ahead, it would be important for the Nifty to overcome this hurdle in order to regain some strength. If this happens, then we would see a decent bounce back towards 11700 – 11760. This scenario looks practical considering the sharp bounce back in the broader market. On the downside, 11550 followed by 11519 would be seen as crucial supports in the forthcoming session. We need to understand that the recent downtrend is yet to reverse and hence, traders are advised not to take aggressive positions in anticipation of this. Since, we had a good broad based rally yesterday; traders are advised to keep focusing on individual stocks. Clearly, the entire ‘Auto’ pack was on a roll after a long underperformance. Few key names from this pocket have turned upwards from their crucial multi-year lows. Apart from this, ‘Metal’ stocks were also buzzing throughout the day and hence, traders are advised to focus on such thematic ideas which may provide better trading opportunities

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