LKP Securities

Published on 25/09/2020 5:58:19 PM

Market Closing Bell

Indian benchmarks display spirited performance on Friday

Snapping their six-session losing run, Indian equity benchmarks displayed spirited performance on Friday by clocking handsome gains of over two percent in the session, due to across-the-board buying even as the risks and worries over Covid-19 and economy remained. Key gauges traded on positive note since the beginning, as traders took encouragement with report that the government has extended the suspension of insolvency proceedings for any COVID-19 related default by a period of three months, effective from September 25. The Insolvency & Bankruptcy Code (IBC) was suspended for a period of six months with effect from March 25, 2020, by the government earlier, to protect those experiencing financial distress on account of the pandemic. However, Indian equities climbed off the opening highs in late morning deals as domestic rating agency India Ratings and Research (Ind-Ra) has maintained a negative outlook on non-banking financial companies (NBFCs) and housing finance companies (HFCs) for the second half of 2020-21 (2HFY21) amid Coronavirus disease (COVID-19) related business disruptions.

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Angel Broking Pvt Ltd

Published on 25/09/2020 5:16:56 PM

Below Is the Views On Markets witnessed a sharp rebound in today’s session By Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd

“Markets witnessed a sharp rebound in today’s session on the back of positive global cues, and technical buying coming in at lower levels. Nifty 50, the benchmark index, jumped 2.26% to close @ 11050. Advances outnumbered declined by over 6:1, while at the same time, 47 stocks out of Nifty 50 closed in the green. Amongst the Top 3 Nifty gainers were Bharti Infratel, Bajaj Finserv and Indusind whereas the only Nifty losers today were BPCL, UPL and HDFC Life. Today’s pullback hints at bulls still retaining an upper hand but for Nifty to see any meaningful upside, sustaining above 11200 is very crucial. Immediate support is seen around the 11750-11800 zone.”

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HDFC Securities

Published on 25/09/2020 5:08:44 PM

Below is the Views On Technical Quote On Today`s Market Performance by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing sharp fall on Thursday, Nifty witnessed hefty gains on Friday and closed the day higher by 244 points. A long bull candle was formed, that placed beside the long range bear candle of previous session. Technically, this indicate a strong comeback of bulls from the lows.

The larger upmove as per the positive sequence of higher tops and bottoms has been broken recently and Nifty shifted into a downward corrective action by the way of lower tops and bottoms in the last couple of weeks. Hence, last Thursday's low of 10790 could be considered as a new lower bottom of the sequence and Friday's upmove could be a considered as a part of new lower top. Hence, further upside can't be ruled out by early next week before showing another round of weakness from the highs.

Nifty has formed a long bear candle on the weekly chart with minor lower shadow. The formation of bearish engulfing pattern of early Sept and present formation of long bear candle could show the emergence of selling pressure from the highs. Hence, the near term downtrend status remains intact and any further upside bounce from here could be a sell on rise opportunity in the market.

Conclusion: Friday's sharp upside bounce could be a cheering factor for bulls to make a comeback, but the near term down trend status of the market remains intact. Any upside bounce up to 11350-11400 could be a sell on rise opportunity in the market and the expected decline from the highs could retest the lower 10800 levels in the near term. Immediate support is placed at 10900.

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HDFC Securities

Published on 25/09/2020 5:07:13 PM

Below is the Views On Weekly Markets Outlook By Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Domestic shares tumbled across the board on Monday as dismal global cues and rising COVID-19 cases triggered profit selling. Investors sentiment was dented as rising coronavirus cases led to the possibility of fresh lockdowns in some European countries, which could further slowdown the pace of global economic recovery. Firmness in the U.S. dollar also put pressure on domestic shares. Friday witnessed a smart recovery from the losses of Thursday. The Nifty closed the week lower by 3.95% and Sensex fell by 3.8%. Markets ended lower on 4 out of the 5 trading days.

Broader markets underperformed the benchmark indices with BSE Midcap and Smallcap indices declining by 4.7% and 5.3% respectively. Market breadth was in favour of the losers with 3 shares falling for every 2 gaining shares.

Average cash market turnover on NSE was in line with previous week despite being an F&O expiry week as declining markets led to lower participation among investors. Among the sectoral indices Telecom index fell over 10%, followed by Media down by ~9.3%. Metal and PSU Bank index were down ~8%. There was no sector among the gainers with the IT index falling the least by ~1%.

Nifty ended the week with losses of almost 4%. The broad upmove and healthy advance decline ratio are encouraging signs for the upmove to sustain for the next few sessions.  Traders could come back on the long side, though with some caution. On upmoves it can face resistance in the 11130-11180 band

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LKP Securities

Published on 25/09/2020 1:17:44 PM

Market Midday Review

Equity parameters continue to trade in high spirit

Indian equity parameters continued to trade in high spirit in afternoon session as investor sentiments improved amid positive leads from Asian markets. All sectoral indices were trading firm and Telecom was the top gainer on BSE, up by around 5% followed by TECK and IT indices, trading up over 3% each. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices trading up by over 1.50%. The mood on the street remained cheerful with report that the government has extended the suspension of insolvency proceedings for any COVID-19 related default by a period of three months, effective from September 25. Traders also took solace with International Monetary Fund’s (IMF) statement that Prime Minister Narendra Modi’s ‘Aatmanirbhar Bharat’ is an important initiative. The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks.

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Swastika Investmart Ltd

Published on 25/09/2020 12:02:14 PM

Banknifty (Spot):

Banknifty is underperforming and there is no strong immediate strong support level but 20000-19500 is a critical support zone, below this; we could see a vertical fall towards 18000 level. In the upside 21000-21500 is an immediate supply zone while 20600-20650 will be immediate intraday resistance.

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Swastika Investmart Ltd

Published on 25/09/2020 12:02:01 PM

Technical Outlook:

Nifty (Spot):

The market is in strong selling momentum where Nifty is sitting near its critical support of its 200-DMA of 10761 where we can expect a pullback while rising 100-DMA will be the next important support which is currently placed at 10625 level. If Nifty slips below its 100-DMA then we can expect a move towards the 10000-9900 zone. In the upside 11080 will act as a strong hurdle while 10875-10900 will act as an immediate intraday hurdle.

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GEPL Capital

Published on 25/09/2020 12:00:55 PM

Key Highlights:

* Nifty October Futures ended 327.25 points down @ 10836.20 with a premium of 30.65 points.

* Nifty futures open interest increased by 23.75 lakh shares with October series total open interest stands at 0.80 crore shares.

* Nifty 12500 call has highest OI, whereas 10500 put holds the highest OI and Banknifty 22000 call has highest OI and 20500 put has highest OI.

* Nifty 11000 call saw addition of 7.67 lakh shares in OI, whereas 10600 put saw addition of 6.83 lakh shares In OI.

* India VIX ended 12.01% up @ 23.51 against the previous close of 20.99

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GEPL Capital

Published on 25/09/2020 12:00:37 PM

Key Highlights:

The Nifty continues its downward move for the 5th consecutive day, however major support placed @ 10775 mark….

NIFTY SPOT: 11805.55 (-2.93%)

DYNAMIC PARAMETER: Nifty maintained Lower Top Lower Bottom formation.

TRADING ZONE:

Resistance: 10900 (Intraday Resistnce) / 11015 (Day High)

Support: 10775 (200 Day SMA) / 10700 (Key Support)

BROADER MARKET: OUTPERFORMED MIDCAP 16039 (-2.51%), SMALLCAP 5512 (-2.57%)

AdvanceDecline: 319 / 1503

VIEW: Bearish till below 11302 (3 Day High)

BANKNIFTY SPOT: 20456.85 (-3.41%)

DYNAMIC PARAMETER: Index maintained Lower Top Lower Bottom pattern.

TRADING ZONE:

Resistance: 20750 (Intraday Resistance) / 20955 (Day High)

Support: 20405 (Day Low) / 20200 (Day Low)

VIEW: Bearish till below 21473 (3 Day High)

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Angel Broking Pvt Ltd

Published on 25/09/2020 11:36:32 AM

Nifty Bank Outlook - (20457)

Looking at yesterday's gap down opening, market seem to have deceived traders on Wednesday by giving a smart recovery in the last hour to defend the 21000 mark on a closing basis for BANKNIFTY. Post the weak opening, index kept grinding lower and in the latter half, it just nosedived to conclude yet another day with a sharp cut over three percent.

Although, BANKNIFTY reclaimed 21000 on Wednesday, we continued with our bearish stance and expected it to be breached soon. In fact, it didn't take much time as we witnessed a gap down opening below this crucial point. At the mid session, there was some hint of a bounce back, but it turned out to be a feeble one. The selling augmented to breach important supports one by one. With yesterday's fall, 20700-21000 has become a sturdy wall and any rebound towards it, is likely to get sold into. On the lower side, soon we expect banking index to slide towards 20200-20000. We continue to remain bearish but we would like to highlight that the market is deeply oversold now and hence, it would not be easy to create short positions at current levels. Momentum traders are advised to stay light and should avoid aggressive bets in either directions as we expect some wild swings to take place on both sides during the day.

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