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Enrich Commodities India Pvt.Ltd

Published on 6/11/2019 10:35:10 AM

Technical outlook

Nifty daily chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways in trend after a gap up formation inside the channel. The market is expected to continue on bearish momentum, testing all the way up to 11700 level in upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 11980 then it might turn bullish once again. The upside rally could test up to 12100 level. Key resistance holds at 12100.

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Enrich Commodities India Pvt.Ltd

Published on 6/11/2019 10:34:48 AM

Nifty

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11934 -27.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.20%, while the BSE Sensex 30 index fell 0.13%.

The biggest gainers of the session on the Nifty 50 were Bharti Infratel Ltd, which rose 3.40% or 7.30 points to trade at 222.15 at the close. Yes Bank Ltd added 3.25% or 2.15 points to end at 68.30 and Bajaj Finance Ltd was up 2.79% or 114.80 points to 4227.80 in late trade.

Biggest losers included Zee Entertainment Enterprises Ltd., which lost 3.36% or 9.95 points to trade at 286.15 in late trade. IndusInd Bank Ltd. declined 2.38% or 32.20 points to end at 1320.10 and UltraTech Cement Ltd shed 2.15% or 91.30 points to 4147.40.

The breadth, indicating the overall health of the market, 1415 fell and 956 advanced, while 153 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.09% to 70.720.

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HDFC Securities

Published on 6/11/2019 10:33:06 AM

NSE Bats for capital Market - HDFC Securities

The NSE used its silver jubilee celebrations to request the visiting FM to make Indian capital markets more competitive.

In fact, India is one of the few jurisdictions which charges capital gains in the form of Long Term Capital Gains (LTCG) on trading in Indian markets, this is in addition to Securities Transaction Tax (STT). This taxation on marginal rate adds to increase compliance costs.

A reduction or re-calibration would facilitate an increase in India's weightage in global indices, which then would attract more foreign capital.

The FM didn’t respond but used the opportunity to speak on the need to attend to the real estate sector. A healthy real estate sector is the biggest creator of jobs.

Coming back to our markets, the Nifty did well to rise in the morning trade but closed lower by 24 points at 11,917 after touching 11,862 on the lower side. It is to the credit of Nifty that it has not closed below its 5 day exponential moving average (EMA) since October 11 this year. This is healthy. The 5 Day EMA is currently placed at 11,876.

The market breadth, however, turned negative after 6sessions of back to back positive breadth.

We have said earlier that 11,840 is a sound support at 12,000 a huge resistance.

Titan is likely to be under pressure in the morning trade as the quarterly numbers came in lower than expected. To rub further salt in the wounds of the investors, the company cut its guidance for the second half. Investors should brace for a fall.

Tech Mahindra reported a better a set of quarterly numbers and announced a small acquisition.

The Bajaj Duo of Bajaj Finance and Bajaj Finserve continue to do well. Expect the real estate stocks to do well as the Nifty consolidates.

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

Geojit Financial Services Ltd.

Published on 6/11/2019 10:30:59 AM

Nifty Outlook: Range bound move to continue

Monthly contracts do see activity in the far OTM calls, but for now the dominance of shorts in the calls, is suggestive of a neutral stance, when compared with the positive bias seen in the last few days. We had also noted that call activity was largely limited to ITMs and ATMs. Put-Call open interest concentration puts 11800-12000 as the likely range.

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SEBI Registration number is INH200000345

Geojit Financial Services Ltd.

Published on 6/11/2019 10:30:41 AM

F&O OUTLOOK

Review

Nifty futures closed lower by 0.19% at 11956 on Tuesday. Open interest changed was up by 4.2 lakh shares indicating shorts built up in the markets. Premium stood flat at 38.8 points against previous day's 38.4 points. Nifty Put-Call ratio declined from Monday's 1.44 to 1.34 yesterday amid heavy sell-off of Nifty puts in ATM and OTM strikes. Nifty volatility index, VIX slipped marginally to 15.9175 versus last day's closing of 15.925

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Geojit Financial Services Ltd.

Published on 6/11/2019 10:22:31 AM

Nifty Outlook:

Nifty saw profit booking, even though it closed off the high and low of the day. Failure to hold above 11860 could push Nifty towards 11800 levels. On the flip side, consistent push above 11980 would opening up 12100-12300 levels.

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SEBI Registration number is INH200000345

GEPL Capital

Published on 6/11/2019 10:20:49 AM

 *GEPL VIEW ON MARKET @ 10.15 AM:*

*NIFTY NOV FUT :* 11895 (-60 i.e -0.51%) 
*HIGH :* 11943.40 *LOW :* 11890.00*ATP :* 11907.87
*DYNAMIC PARAMETER : Index trading below the previous session low 
*SUPPORT ZONE:* 11855 / 11800
*RESISTANCE ZONE:* 11945 / 12000

SEBI Registration number is INH000000081.
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GEPL Capital

Published on 6/11/2019 10:20:25 AM

*BANKNIFTY NOV FUT :

* 30100 (-200 i.e -0.66%) 
*HIGH :* 30269.80 *LOW :* 30061.25 *ATP :* 30124.35
*DYNAMIC PARAMETER : Index broke the previous session low
*SUPPORT ZONE:* 30000/ 29750
*RESISTANCE ZONE:* 30270 / 30360

SEBI Registration number is INH000000081.
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Choice International Ltd

Published on 6/11/2019 10:19:35 AM

Bank Nifty Outlook

* On a daily chart, the Index has opened at 30091.35 and made a intraday high at 30451.90 level and closed with a loss of 113.25 points at 30219.85.

* On a Daily Chart, the index formed spinning top candlestick formation which is reversal pattern however index has strong support of it’s 21 DMA which is placed at 29600 which indicate a bounce back from that level.

* Moreover, the Index has been trading with positive crossover of 21*50 Daily Exponential Moving Averages which shows the positive sign for the time being.

* A daily momentum indicator RSI reading is at 63.15 level with a positive crossover that points out for a positive breath in the Market.

* Based on the above technical structure, we are expecting that the BankNifty may face strong resistance 30500 while downside support comes at 29900 level.

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Choice International Ltd

Published on 6/11/2019 10:19:13 AM

Nifty Outlook

* On a Daily chart, the index has opened on day 11976.30 but did not managed to sustain at higher level and closed with a loss of 24.10 points at 11917.20.

* Moreover, the stock has facing resistance from physiological level i.e. 12000 crossing of which can show fresh buying and can test the life time high of 12103.10.

* Moreover, the Index has been trading with positive crossover of 21*50 Daily Exponential Moving Averages which shows the positive sign for the time being.

* A daily momentum indicator RSI reading is at 69.45 level with a positive crossover that points out for a positive breath in the Market.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance at 12000 while downside support comes at level at 11840.

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