MENU

ICICI Securities

Published on 20/01/2021 12:49:56 PM

Bank Nifty: 32424

Technical Outlook

* The Bank Nifty snapped a three session decline and closed sharply higher by almost 2 % on Tuesday amid strong global cues . The up move was broad based as all the 12 index constituents closed in the green . Nifty bank index closed at 32424 , up by 613 points or 1 .93 %

* The daily price action formed a strong bull candle with a higher high -low . The index recouped its entire previous session decline and closed near the high of the session signalling positive bias . A follow through strength above Tuesday’s high (32465 ) will indicates extension of the current up move

* Going forward, we expect the index to hold above Monday’s low (31650 ) and extend the current up move towards our earmarked target of 33000 levels in the coming weeks as it is the measuring implication of the recent range breakout (31000 - 29000 ) .

* We believe subsequent up move from here on would be in zig - zag formation wherein intermittent episodes of profit booking at higher levels cannot be ruled out after a 13 % rally (28976 -32718 ) in just four weeks which has hauled weekly stochastic oscillator in overbought territory (currently placed at 91 ) . However, temporary breather should not be seen as negative, instead it should be capitalised as an incremental buying opportunity

* The upper band of the recent range breakout placed around 31000 -30900 levels is likely to act as major support in the short term . It also confluence with the following technical observations : a) 38 . 2 % retracement of the current up move (28976 -32718 ) placed at 31270 levels b)The rising 34 days EMA which has acted as a strong support since October is also placed around 30900 levels

* In the coming session, the index is likely to open on a soft note amid muted global cues . The index is expected to maintain higher high -low and trade with positive bias . Hence use intraday dips towards 32210 -32270 in Bank Nifty January future for long position for target of 32480 , maintain a stoploss of 32110 Among the oscillators the daily stochastic is seen forming a base near the neutral reading of 50 thus supports the positive bias

Click Here - https://bit.ly/3ix8Sey

Please refer disclaimer at https://www.icicisecurities.com/AboutUs/?ReportID=10445

ICICI Securities

Published on 20/01/2021 12:49:45 PM

NSE (Nifty): 14521

Technical Outlook

* Equity benchmarks snapped two sessions decline and concluded Tuesday’s session on a positive note backed by buoyant Asian cues. The Nifty ended the session at 14521, up 240 points or 1.7%. Market breadth turned positive with A/D ratio of 3:1. Sectorally, all major indices ended in green led metal, financial, and auto

* The Nifty opened the session with a positive gap (14281-14372) and flared northward throughout the session as buying demand emerged from Monday’s panic low (placed around 14200). As a result, daily price action formed a sizable bull candle carrying higher high-low, indicating strong buying demand

* Going ahead, we reiterate our positive stance and expect Nifty to head towards 14900 by the end of January. The Nifty is witnessing faster pace of retracement, as it has retraced ~80% of past three sessions decline (14653-14222) in just a single session, indicating rejuvenation of upward momentum. Hence, any dip from here on ahead of key major event of Union Budget should be capitalised as incremental buying opportunity. On the sectoral front, we expect IT, consumption, auto and infra to lead the next leg of rally. Our target of 14900 is based on a)138.2% extension of May-September rally (8806- 11794), projected from September low of 10790, placed at 14919 b)Long term resistance trend line, drawn adjoining November 2010 March 2015 highs of 6334-9119, placed around 15000

* Key point to highlight since September low (10790) is that, the Nifty has not corrected for more than 2-3 sessions in a row. In current scenario as well index maintained the rhythm of note correcting for two sessions, highlighting inherent strength that augurs well for next leg of up move.

* We expect, broader market indices to endure its relative outperformance wherein small cap index would outshine. Key point to highlight is that the Nifty midcap index has surged to new life-time highs, whereas small cap index is still ~25% away from all time high of 9657. Thus, we expect small caps to witness catch up activity

* The elevated buying demand highlights robust price structure that makes us confident to revise support base upward at 14200 as it is 23.6% retracement of current up move (13131-14653) at 14294 coincided with 20 EMA at 14167 and Monday panic low of 14222 In the coming session, Nifty future is likely to open on a soft note tracking muted global cues. However, we expect index to trade with a positive bias while maintaining higher-low formation. Hence, use intraday dip towards 14460-14485 for creating long position for target of 14571

Click Here - https://bit.ly/3ix8Sey

Please refer disclaimer at https://www.icicisecurities.com/AboutUs/?ReportID=10445

ICICI Securities

Published on 20/01/2021 12:48:45 PM

Technical Outlook

Equity benchmarks snapped two sessions decline and concluded Tuesday’s session on a positive note backed by buoyant Asian cues. The Nifty ended the session at 14521, up 240 points or 1.7%. In the coming session, Nifty future is likely to open on a soft note tracking muted global cues. However, we expect index to trade with a positive bias while maintaining higher-low formation. Hence, use intraday dip towards 14460-14485 for creating long position for target of 14571 Going ahead, we reiterate our positive stance and expect Nifty to head towards 14900 by the end of January.

The Nifty is witnessing faster pace of retracement, as it has retraced ~80% of past three session’s decline (14653-14222) in just a single session, indicating rejuvenation of upward momentum. Hence, any dip from here on ahead of key major event of Union Budget should be capitalised as incremental buying opportunity. The elevated buying demand highlights robust price structure that makes us confident to revise support base upward at 14200.

Click Here - https://bit.ly/2XYC9Ff

Please refer disclaimer at https://www.icicisecurities.com/AboutUs/?ReportID=10445

Jainam Share Consultants Pvt Ltd

Published on 20/01/2021 12:17:43 PM

Nifty OI Analysis :
Tug of war at 14600 PE writers added 26K lots and 14600 CE writers added 20K lots. Intraday range 14400-14650. If sustains below 14560 than we can see more downside till 14480. Higher side if sustain above 14600, than we can see 14650-14700. PCR is bullish.

Banknifty OI Analysis :
Tug of war at 32500 PE writers added 29K lots and 32500 CE writers reduced from 39K to 28K lots. Intraday Range 32300-32700. If market sustain above 32500 than we can see upside till 32700-32800. Lower side if market sustain below 32500 we can see 32200- 32000. PCR is bullish.

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

Disclaimer. This is not a buy / sell recommendation. Posted for education purpose only. Please consult your financial advisor before taking the trade. Profit / loss is your own responsibility for your trade

Jainam Share Consultants Pvt Ltd

Published on 20/01/2021 11:23:59 AM

Nifty OI Analysis :
As expected market touched 14600. 14600 PE writers added 24K lots and 14600 CE writers added 19K lots. Intraday range 14400-14600. If sustains below 14550 than we can see more downside till 14480. Higher side if sustain above 14600, than we can see 14650-14700. PCR is bullish.

Banknifty OI Analysis :
Tug of war at 32500 PE writers added 24K lots and 32500 CE writers added 39K lots. Intraday Range 32300-32700. If market sustain above 32500 than we can see upside till 32700-32800. Lower side if market sustain below 32500 we can see 32200- 32000. PCR is bullish.

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

Disclaimer. This is not a buy / sell recommendation. Posted for education purpose only. Please consult your financial advisor before taking the trade. Profit / loss is your own responsibility for your trade

GEPL Capital

Published on 20/01/2021 11:05:26 AM

BANKNIFTY: 32462.05 (37.20 ie 0.11%)
HIGH: 32506 LOW: 32322.90
DYNAMIC PARAMETER: Bank Nifty trading near the upper range of the previous session
SUPPORT ZONE: 32322.90 (Daily low) / 32140 (Multiple touch point level)
RESISTANCE ZONE: 32544 (4 Day high) / 32718 (5 Day high)
VIEW: BANKNIFTY Bullish till above 31000

SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer

GEPL Capital

Published on 20/01/2021 11:05:11 AM

NIFTY: 14578.15 (57.00 i.e 0.39%)
HIGH: 14591 LOW: 14517.55
DYNAMIC PARAMETER: Nifty forming a higher high higher low pattern.
SUPPORT ZONE: 14517 (Daily low) / 14424 (Multiple touch point level)
RESISTANCE ZONE: 14617 (15th Jan high) / 14653 (Life time high)
ACTION: BUY NIFTY JAN FUT LTP 14590 T1 14635 T2 14675 SL 14554

SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer

Religare Broking Limited

Published on 20/01/2021 11:00:49 AM

Nifty Outlook

The bulls were back in action as the markets gained nearly two percent and settled around the day’s high as well. After two days of slide, the benchmark opened higher, in response to an optimistic statement from US Secretary of Treasury, Janet Yellen, about a big fiscal push in the US.

The momentum further gained strength as the session progressed, with healthy buying across sectors. Consequently, the Nifty ended at 14,521 levels; up by 1.7%. The broader markets too posted decent gains in the range of 1.6-2.3%. Amongst the sectors, all the indices ended in positive with realty, metals and capital goods were the top gainers.

Going ahead, earnings and global cues would remain on the participants’ radar. Besides, we’re also seeing noticeable buzz across the sectors in the run-up to Budget. We feel it would be prudent for the markets to spend some time around the current levels.

Meanwhile, there’ll be no shortage of trading and investment opportunities, thanks to the prevailing earnings season and the upcoming budget. Amid all, we suggest not to go overboard and stick to the quality names and accumulate them on dips.

Click Here - https://bit.ly/3p0Io7j

Please refer disclaimer at https://www.religareonline.com/disclaimer   SEBI Registration number is INZ000174330

Angel Broking Pvt Ltd

Published on 20/01/2021 11:00:03 AM

Nifty Bank Outlook - (32425)

After two days of decent correction, markets surprised with a gap up opening on the back of cheerful mood across the globe.

BANKNIFTY too started off higher and then continued with its higher highs higher lows throughout the remaining part of the day to recoup all of its previous day’s losses. Honestly speaking, although there was a possibility of some bounce yesterday, it exceeded our expectations by a fair margin. We need to understand also the overall trend has been extremely strong and the mega event ‘Union Budget’ is around the corner, the corrections are likely to be short lived and will not be severe.

But having said that from hereon whether it will continue its upward move to cross the record highs or not, we are unsure about it. Till the time BANKNIFTY does not surpass 32700-33000, the possibility of another leg of profit booking cannot be ruled out. On the downside, 32000 - 31800 will be seen as key supports.

Click Here - https://bit.ly/3ivx68T

Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf 
SEBI Registration number is INH000000164

Angel Broking Pvt Ltd

Published on 20/01/2021 10:59:52 AM

Sensex (49399) / Nifty (14521)

The Asian markets were trading with a positive bias and this led to a gap up opening in Nifty around 14370. The minor dip in the first half an hour got bought into and then it was no looking back for the index. It crept higher throughout the day and ended the session above 14500.

Post the previous sessions correction, it initially seemed that the pullback move would again see some profit booking and the volatility would continue in yesterday’s session as well. However, the index breached its intraday resistances one after another and posted decent gains at close. Most of the sectors participated in the upmove yesterday while the broader markets gained back momentum.

Frankly speaking, yesterday’s move was certainly a bit unexpected by us; but certainly the bulls have made a smart comeback supported by the global optimism. Going ahead, 14450 and 14320 would now be seen as immediate supports whereas 14600-14620 would be the immediate range to watch. Traders are advised to focus on stock specific moves and look for themes which are providing good opportunities during the day.

Click Here - https://bit.ly/3ivx68T

Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf 
SEBI Registration number is INH000000164

Disclaimer: ADVICE (IF ANY) OR DATA OR INFORMATION OR CONTENT RECEIVED VIA THIS WEB SITE SHOULD NOT BE RELIED UPON FOR PERSONAL, MEDICAL, LEGAL OR FINANCIAL DECISIONS AND YOU SHOULD CONSULT AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE TAILORED TO YOUR SITUATION. INVESTMENTGURUINDIA.COM OR BDINFO MEDIA PVT. LTD. MAKES NO REPRESENTATIONS ABOUT THE SUITABILITY, RELIABILITY, TIMELINESS, AND ACCURACY OF THE INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS CONTAINED ON THIS WEB SITE FOR ANY PURPOSE. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. INVESTMENTGURUINDIA.COM OR BDINFO MEDIA HEREBY DISCLAIMS ALL WARRANTIES AND CONDITIONS WITH REGARD TO THIS INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS, INCLUDING ALL IMPLIED WARRANTIES AND CONTINGEMENT. IN NO EVENT SHALL INVESTMENTGURUINDIA.COM OR BDINFO MEDIA BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THIS WEB SITE, WITH THE DELAY OR INABILITY TO USE THIS WEB SITE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICES, OR FOR ANY INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS OBTAINED THROUGH THIS WEB SITE, OR OTHERWISE ARISING OUT OF THE USE OF THIS WEB SITE, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF INVESTMENTGURUINDIA.COM OR BDINFO MEDIA HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THIS WEB SITE, OR WITH ANY OF THESE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THIS WEB SITE. MUTUAL FUND INVESTMENTS IS SUBJECT TO MARKET RISK. PLEASE READ THE COMPLETE OFFER DOCUMENT, PRODUCT BROCHURE BEFORE MAKING INVESTMENTS. BEFORE INVESTING IN INSURANCE PLEASE READ THE COMPLETE PRODUCT DETAILS AND TAKE REGISTERED EXPERT ADVICE TO UNDERSTAND THE FINER POINTS & DETAILS OF THE PRODUCTS.To Read Complete Disclaimer Click Here