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Kedia Commodities

Published on 9/07/2019 8:43:13 AM

KEDIA: EQUITY DAILY LEVELS     

NIFTY FUT     
R: 11944 - 12067 - 12135
S: 11753 - 11685 - 11562

BANK NIFTY FUT     
R: 31703 - 31902 - 32077
S: 31329 - 31154 - 30955

LKP Securities

Published on 9/07/2019 8:37:49 AM

Index given a gap down opening on Monday session on weak global cues and showed strong sell off since morning and closed a day at 11559 with loss of 253 points. Technically speaking Nifty has given a double top breakdown below 11625 zone on daily chart, now trading below 11625 zone we may see some more panic in index. Strong support for index is coming near 11500-11426 zone and immediate strong hurdle is coming near 11620-11690 zone. support for nifty bank is coming near 30500-30200 zone and resistance is coming near 30850-31100 zone.

Angel Broking Pvt Ltd

Published on 8/07/2019 10:40:37 AM

Nifty Bank Outlook - (31476)

On the Budget Day, Bank Nifty Index showed tremendous resilience and didn't participate in the broader market correction. The Banking Index eventually ended flat with negligible gain at 31476

Technically not much has changed and the banking Index continues to hover around the all-time high of 31780 levels. The stocks within the sector however showed outperformance which is a positive sign. For the coming sessions, we would recommend continuing with the stock-specific approach within the sector which are giving better trading opportunities. As far as levels are concerned, levels to watch on the upside will be 31660 - 31800 whereas on the flip side, support is placed around 31320 - 31200 levels

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Please refer disclaimer at http://www.angelsecurities.in/disclaimer.aspx

Angel Broking Pvt Ltd

Published on 8/07/2019 10:40:20 AM

Sensex (39513) / Nifty (11811)

During the last week our markets started on a positive note following the favorable developments with respect to US-China trade war. Post this; our markets had to deal with our domestic factors as we were inching closer to the Union Budget. All four sessions ahead of the event traded in a narrow range but overall bias remained positive. On Friday, the Finance Minister presented the actual Budget post which we witnessed a massive sell off in the market to pare down all weekly gains. 

Since last many months, the benchmark index has been showing tremendous outperformance but the broader market continues to remain in a slumber. Ahead of the Union budget, there were some hopes built in and people were expecting some triggers that will boost the traders’ confidence back into the mid and small cap pockets. However the kind of reaction we saw on Friday, clearly suggested disappointment and hence had an adverse reaction once the budget commentary concluded. With this, the water has been poured on all expectations and market participants again have to wait for some other ray of hope. As far as levels are concerned, we closed precisely at the key psychological level of 11800 after which next support zone lies around 11700-11630.

Honestly at this juncture, it’s hard to give any possible direction for this week. We need to see how market reacts in the first half. Till the time, 11630-11591 are not violated, the broader structure does not get distorted. But in case if it happens, then get ready for some sharper cuts in the market. On the higher side, 11900-12000 remains to be a sturdy wall. On Friday, the banking space showed resilience and didn’t participate at all in the correction, which is the only positive takeaway. If market has to regain strength, the banking needs to take a charge. Also the IT and Midcaps witnessed complete sell off and hence, we need to see whether the correction is overdone or yet to extend further. At present, traders are advised to stay light and it’s better to adopt a confirmatory approach for a while.

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Please refer disclaimer at http://www.angelsecurities.in/disclaimer.aspx

Religare Securities Limited

Published on 8/07/2019 10:24:41 AM

Nifty Outlook

Markets ended sharply lower on the Union Budget day and that engulfed gains of last five sessions. The pace of decline was gradual in the first half as participants were in the cautious mood however it slipped strongly in latter half. Perhaps the ambitious fiscal deficit target didn’t go well with the markets as it would difficult to meet that target, considering the challenging scenario.

We might see the overhang of the Union budget on Monday as well and thus suggest keeping extra caution. The sharp plunge in the index indicates more pain ahead and decline below 11,800 in Nifty would trigger further fall.

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Please refer disclaimer at http://old.religareonline.com/research/Disclaimer/Disclaimer_RSL.html

HDFC Securities

Published on 8/07/2019 10:08:28 AM

Sectoral Index Report – Banking & IT - HDFC Securities

Daily Chart Nifty IT Index:

* In the last week session, Index corrected in the last 3 sessions by making lower top lower bottom formation and also by breaching upward sloping trend line, which is a bearish indication.

* Traders could expect the continuation of the downtrend incoming session, if Index breach below 15,550 level i.e 61.80% retracement level with its earlier bottom. This down move could continue towards 15150 i.e 50% retracement level of the previous move.

* Momentum oscillators like RSI have made a negative divergence, which is a bearish indication.

* If in the coming session, Index faces the resistance at 15,600 then Index may move sideways from the current level or correct further towards 15000 level.

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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

HDFC Securities

Published on 8/07/2019 10:08:01 AM

Sectoral Index Report – Banking & IT - HDFC Securities

Daily Chart Bank Nifty Index:

* During the week session, the Index was making higher top higher bottom formation with lower volumes.

* Overall setup in the index is looking weak if in the coming session, the index faces the resistance near 31,750 level or breach below 31,250 level then Index could correct up to 31,000 followed by 30,250 level.

* If Index trades above 31,750 level then traders may see the continuation of the up trend towards 32,500 level.

* A momentum oscillator like RSI & MACD is in the comfortable zone i.e neither overbought nor oversold.

* Incoming, session traders may see the minor correction in the Index up to 31,250 level. If Index also breached that level then traders may see 30,250 level in very few sessions.

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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

Choice International Ltd

Published on 8/07/2019 9:52:11 AM

Bank Nifty Outlook

* The benchmark BankNifty Index ended with negative note on Friday, closing day at 31475.80 the day with a net loss of 62 points (-0.20%).

* On a daily chart, BankNifty signed off the day with an indecisive formation called Doji, after moving in an extremely narrow range, suggesting that market is in for a consolidation phase.

* Moreover, the Index has been trading with an Upward Rising Trend line which indicates a bounce back movement in the counter.

* A momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price.

* Based on the ongoing structure, the Index may face a resistance at 31,750 level while downside support comes at 31,240 level.

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Please refer disclaimer at http://www.choiceindia.com/disclaimer.aspx

Choice International Ltd

Published on 8/07/2019 9:51:48 AM

Nifty Outlook

* Nifty started trading on a positive note at 11964.75 and hit an intraday high of 11,981.75, but failed to hold at high level and slipped out. The index hit day's low of 11,797.90, after recovering to close 135.60 points lower at 11,811.20.

* On a daily chart, the Index has been from big bearish candle with above average volume activity which point out bearishness in the Index.

* On an hourly chart, the Index has given breakdown of its lower band of “Rising Wedge Formation” which indicate downside movement in the Nifty50.

* A daily momentum indicator RSI reading is at 50.04 level with a negative crossover which points out for a negative breath in the Index.

* Based on the ongoing structure, the Index may face a resistance at 11,960 level while downside support comes at 11,730 level.

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Please refer disclaimer at http://www.choiceindia.com/disclaimer.aspx

Enrich Commodities India Pvt.Ltd

Published on 8/07/2019 9:31:24 AM

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 11780. The downside rally could be testing all the way up to 11650-11500 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 12000 level. Key resistance holds at 12000.

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