ICICI Securities

Published on 25/05/2022 10:09:07 AM

Technical Outlook

Equity benchmarks concluded the choppy session on a subdued note tracking muted global cues. The Nifty ended the session at 16125, down 90 points or 0.5%. In the coming session, index is likely to open on a positive note tracking positive Asian cues. We expect index to trade with a positive bias while sustaining above Tuesday’s low of 16035. Hence, use intraday dip towards 16074-16108 for creating long position for the target of 16194

The index has been confined within the broader range of 16400-15700 over past eight sessions wherein stock specific action has been observed amid ongoing global volatility. Going ahead, we believe healthy retracement of last leg of up move would help index to form a higher base in the vicinity of 15800-16000 and gradually surpass the immediate hurdle of 16400 levels and pave the way towards 16800 in coming weeks. However, bouts of volatility would play a pivotal role amid ongoing global uncertainty that would make move towards 16800 in a nonlinear manner.

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Monarch Networth Capital Limited

Published on 25/05/2022 10:05:16 AM

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16000 - 15900 level and resistance at 16300 - 16400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33900 - 33600 level and resistance at 34700 - 35000 level.

* KOTAKBANK has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.

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SEBI Registration Number is INZ000043833

Monarch Networth Capital Limited

Published on 25/05/2022 10:04:26 AM

TECHNICAL OUTLOOK

* Benchmark index traded volatile for the day before closing with 0.55% cut at 16125 level. Banking index slightly outperformed the benchmark index as it closed with 0.12% gain at 34290 level

* India VIX closed with 9.57% gain at 25.64 level

* Among Sectors, BANKING index outperformed the benchmark index as it closed with 0.12% gain while MEDIA and IT index were the laggards as they closed with 2.57% and 1.88% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.65% and 1.26% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) closed lower while US markets (DJIA) recovered from lows to close with minor gain yesterday. Asian Markets are largely trading positive today.

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SEBI Registration Number is INZ000043833

Axis Securities

Published on 25/05/2022 9:28:45 AM

Bank Nifty

Banknifty opened on a flat note and remained in a small range throughout the day. Banknifty closed at 34290 with a gain of 43 points.

On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. Since the past couple of weeks, the index continues to consolidate in a broad trading range (34800- 33000) representing a sideways trend. The chart pattern suggests that if Banknifty crosses and sustains above 34500 level it would witness buying which would lead the index towards 34800-35000 levels. However if the index breaks below 34200 level it would witness selling which would take the index towards 34000- 33800. Banknifty is trading below 20, 50, 100 and 200 day SMA indicating negative bias in the short to medium term. Banknifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.

The daily strength indicator RSI has turned positive from oversold and is above its reference line indicating sustained strength.

The trend deciding level for the day is 34330. If BANK NIFTY trades above this level then we may witness a further rally up to 34545-34800-35015 levels. However, if BANK NIFTY trades below 34330 levels then we may see some profit booking initiating in the market, which may correct up to 34075-33860-33605 levels.

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SEBI Registration number is INZ000161633

Axis Securities

Published on 25/05/2022 9:28:31 AM

Nifty

Nifty opened on a flat note however profit booking for most part of the session led the index downwards to end in red. Nifty closed at 16125 with a loss of 90 points.

On the daily chart the index has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. Since past 10-12 sessions, the index continues to consolidate in a broad trading range (16500-15700) representing a sideways trend. The chart pattern suggests that if Nifty crosses and sustains above 16200 level it would witness buying which would lead the index towards 16300-16400 levels. However if the index breaks below 16100 level it would witness selling which would take the index towards 16000-15800. Nifty is trading below its 20, 50, 100, and 200-day SMA which indicates negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.

The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias.

The trend deciding level for the day is 16155. If NIFTY trades above this level then we may witness a further rally up to 16230-16340-16415 levels. However, if NIFTY trades below 16155 levels then we may see some profit booking initiating in the market, which may correct up to 16050-15970-15865 levels.

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Axis Securities

Published on 25/05/2022 9:20:44 AM

HIGHLIGHTS:

Nifty futures closed at 16105 on a negative note with 10.6% decrease in the open interest indicating Long Unwinding.

Nifty Futures closed at a discount of 21 points compared to the previous day discount of 31 points.

BankNifty closed at 34226 on positive note with 16.80% decrease in open interest indicating Short Covering.

BankNifty Futures closed at a discount of 64 points compared to the previous day discount of 56 points.

FII's were Sellers in Index Futures to the tune of 644 crores and were Sellers in Index Options to the tune of 512 crores, Buyers in the Stock Futures to the tune of 1778 crores. Net Buyers in the derivative segment to the tune of 571 crores

India VIX index is at 25.64 v/s 23.39. Nifty ATM call option IV is currently 20.85 whereas Nifty ATM Put option IV is quoting at 23.43.

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SEBI Registration number is INZ000161633

GEPL Capital

Published on 25/05/2022 9:19:20 AM

NIFTY forms Lower Top Lower Bottom formation on the daily charts

NIFTY SPOT: 16125.15 (-0.55%)

TRADING ZONE:

Resistance: 16263 (Day High) / 16415 (5 Day High)

Support: 16000 (Gap Support) / 15800 (Key Support)

BROADER MARKET: UNDERPERFORMED

MIDCAP 150: 10354.25 (-0.62%), SMALLCAP 250: 8488.6 (-1.23%)

Advance-Decline: 549 / 1528

VIEW: Bearish till below 16651 (Gap Resistance)

BANKNIFTY SPOT: 34290.15 (0.12%)

TRADING ZONE:

Resistance: 34586 (Day High)/ 34820 (5 Day High)

Support: 34115 (Day Low) / 33630 (Gap Support)

VIEW: Bearish till below 35133 (Gap Resistance)

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SEBI Registration number is INH000000081.

Jainam Share Consultants Pvt Ltd

Published on 25/05/2022 9:18:27 AM

Nifty

Nifty opened on a flat note and witnessed sideways movement in initial half. However last hour profit booking pulled index lower to end in red. Nifty closed at 16125 with a loss of 90 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 16075 level it would witness selling which would lead the index towards 16000-15900 levels. However if index crosses above 16265 level it would witness pullback rally which would take the index towards 16400-16500

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

Nirmal Bang Securities Pvt Ltd

Published on 25/05/2022 9:02:35 AM

Outlook on Nifty:

Index is likely to open on a flat note today and is likely to remain range bound during the day.

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SEBI Registration number is INH000001766