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KIFS Trade Capital

Published on 16/07/2019 10:49:12 AM

Bank Nifty

On yesterday’s trading session PSU dragged the indices down and underperformed the key benchmark index. The benchmark index saw a major selling pressure irrespective of government’s initiative taken for banking sector. In last trading session we observed PSU banks managed to outperform while private banks were underperformers. On daily price chart bank nifty was consolidated in tight range of 30200 to 31700 oscillating in a symmetrical triangle pattern, breakout on either side will decide a trend for upcoming week.

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KIFS Trade Capital

Published on 16/07/2019 10:48:39 AM

Nifty

Following global market cues Indian market opened on the positive note. Sector specific IT was the outperformed after the IT leader INFY reported the good quarterly numbers, whereas PSU were the laggards in the market. In recent scenario benchmark index Nifty is trading in the range of 11660 and 11450 on the lower side. Trader are advice to rather going for directional view on the indices one should look for stock specific action. Last week nifty took resistance in the proximity of 38.2% Fibonacci retracement near 11660 the would act as a strong resistance. And if bear are manage to take out the 11450 mark we may see the further escalation towards 11300.

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Angel Broking Pvt Ltd

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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Choice International Ltd

Published on 16/07/2019 10:39:22 AM

Bank Nifty Outlook

* Bank Nifty failed to hold above 30,600 and the index closed 155.50 points lower at 30,445.95. It formed a bearish candle on the daily scale and negated the formation of higher highs after three trading sessions.

* On a daily chart, the index has formed Symmetrical Tringle formation and also taken support of its lower band of formation which suggests a good opportunity to make long position in the counter.

* On an hourly chart ,the Index is trading below its 21 and 50 days Simple moving averages which show negative movement for the time being.

* A daily momentum indicator RSI reading is at 47.45 level with an Upward Rising Trend line which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 30900 while downside support comes at 30500 level.

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Arihant Capital Markets Ltd

Published on 16/07/2019 10:38:52 AM

Equity

Nifty opened higher traded in a narrow range with positive bias to close in green. On the daily chart we are observing that prices have taken support at upward sloping trendline (Shown above in the graph). The value of the said trendline is at 11500. Hence, a pull- back rally from current level cannot be ruled out.

Outlook: In coming trading session Nifty can be bought in the range of 11567 to 11555 with a stop loss of 11500 for a target of 11620 – 11652 levels.

SEBI Registration No.- INH000002764
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Choice International Ltd

Published on 16/07/2019 10:38:49 AM

Nifty Outlook

* During Yesterday treading session, Index opened at 11614.75 after that the index traded in range bound movement B/W 11532-11581, however during 2nd half of the trading session, bullish movement seen in Index and finally settled at 11588.35.

* On a daily chart, the Index has taken support of its 100 Days Exponential Moving Average which indicate up side movement in the Index.

* On an hourly chart, the Nifty has trading inside its Rising wedge formation and also taken support of its lower band of this formation which indicate positivity in the Index.

* A daily momentum indicator RSI reading is at 41.65 level with a positive crossover, apart from this, the RSI is trending with its Upward Rising Trend line which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11650 while downside support comes at 11520 level.

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GEPL Capital

Published on 16/07/2019 10:30:34 AM

 *BANKNIFTY JUL FUT :

* 30580 (+125 i.e -0.37%) 
*HIGH :* 30645 *LOW :* 30428 *ATP :* 30550
*DYNAMIC PARAMETER :* INDEX forming Inside day bar. 
*SUPPORT ZONE:* 30420 / 30300 
 *RESISTANCE ZONE:* 30700 / 30850  
 

SEBI Registration number is INH000000081.
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GEPL Capital

Published on 16/07/2019 10:29:07 AM

*GEPL VIEW ON MARKET @ 10.15 AM:*

*NIFTY JUL FUT :

* 11625 (+47 i.e +0.40%) 
*HIGH :* 11642 *LOW :* 11570 *ATP :* 11616
*DYNAMIC PARAMETER :* INDEX near the key resistance of 11665. 
*SUPPORT ZONE:* 11570 / 11515  
*RESISTANCE ZONE:* 11665 / 11770

SEBI Registration number is INH000000081.
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Religare Securities Limited

Published on 16/07/2019 10:26:52 AM

Nifty Outlook

Nifty settled marginally higher amid volatility, extending its consolidation phase after the recent slide. It opened with an uptick in early trade, thanks to strong up move in Infosys post results however mixed macro-economic data and pressure in the banking space gradually pushed the index lower. Rebound in select index majors in the latter half helped the benchmark to settle with modest gains.

With no major event ahead, we feel earnings, progress of monsoon and global cues would dictate the trend ahead. We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Stocks, on the other hand, may continue to witness volatile swings across the board thus we suggest keeping extra caution in stock selection and trade management. On sectoral front, banking and FMCG could lead the fall.

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