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Angel Broking Pvt Ltd

Published on 9/07/2020 11:33:18 AM

Nifty Bank Outlook - (22585)

Yesterday, the banking index opened on a flat to positive note, in line with benchmark index. Without wasting much of a time, the banking conglomerates resumed their Tuesday’s positivity to gradually moved beyond the 23000 mark. Everything looked hunky dory but all of a sudden the Bank Nifty took a nosedive at the stroke of the penultimate hour and within no time, we were considerably off highs. Eventually the index ended the session with a nominal loss. Yesterday’s movement was very much on expected lines as we saw Bank Nifty surpassing the barrier of 22500 during Tuesday’s session. In fact, yesterday’s profit booking also precisely started from the higher end of the ‘Bearish Wolfe Wave’ pattern. But honestly speaking, we anticipated it to happen today, which unfortunately happened in last hour. We have been advocating booking profits in the ongoing rally since last 3-4 days, but despite yesterday’s sharp down move, we would avoid taking a complete bearish stance. Rather we would wait for further developments to assess the situation. The daily candle resembles a ‘Shooting Star’, which is generally considered a trend reversal pattern. But as highlighted above, we would wait for follow through selling to confirm it as an actual reversal of the trend. Meanwhile, traders are advised to stay light and keep a track of 22500-22300 as supports and 22800-23100 as immediate hurdles.

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Angel Broking Pvt Ltd

Published on 9/07/2020 11:33:07 AM

Sensex (36329) / Nifty (10706)

Post opening on a flat note, Nifty traded in a narrow range for most part of the session yesterday. However, it corrected sharply in the last hour of the trade and ended the day with a loss of about a percent.

In last couple of sessions, the Nifty has traded in a narrow range while the Bank Nifty has shown relative outperformance. As highlighted in our earlier report, post the recent sharp run up, Nifty has now approached the resistance zone of 10800-11000 which coincides with the ‘200 DMA’. In the last hour yesterday, the index witnessed a strong bout of profit booking and the BankNifty index too gave up all the day’s gains from its resistance zone. Near the important resistances, such bouts of profit booking are much expected and hence, we have been advising recently to avoid aggressive positions. The coming session would be crucial where 10630-10700 would be the support and if this gets breached, then we could some extension of profit booking towards 10500. On the flipside, 10850-11000 continues to be the resistance zone.

In the first half yesterday, there were many stocks which continued to provide good trading opportunities. Such opportunities may now not be easy to spot and thus traders are advised to be vigilant on the index movement today and avoid aggressive positions. However, having said that, we would also like to mention that as of now there are no signs of a trend reversal and next 2-3 sessions would be important to determine the near term trend.

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

Angel Broking Pvt Ltd

Published on 8/07/2020 5:14:03 PM

Below is the Views On Daily Market Wrap Up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking)

“Post opening on a flat note, Nifty traded in a narrow range for most part of the session today. However, it corrected sharply in the last hour of the trade and ended the day with a loss of about a percent.

In last couple of sessions, the Nifty has traded in a narrow range while the Bank Nifty has shown relative outperformance. As highlighted in our earlier report, post the recent sharp run up, Nifty has now approached the resistance zone of 10800-11000 which coincides with the ‘200 DMA’. In the last hour today, the index witnessed a strong bout of profit booking and the BankNifty index too gave up all the day’s gains from its resistance zone. Near the important resistances, such bouts of profit booking are much expected and hence, we have been advising recently to avoid aggressive positions. The coming session would be crucial where 10630-10700 would be the support and if this gets breached, then we could some extension of profit booking towards 10500. On the flipside, 10850-11000 continues to be the resistance zone.

In the first half today, there were many stocks which continued to provide good trading opportunities. Such opportunities may now not be easy to spot and thus traders are advised to be vigilant on the index movement tomorrow and avoid aggressive positions. However, having said that, we would also like to mention that as of now there are no signs of a trend reversal and next 2-3 sessions would be important to determine the near term trend.”

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

Angel Broking Pvt Ltd

Published on 8/07/2020 11:20:51 AM

Nifty Bank Outlook - (22628)

Yesterday, Bank Nifty started on a positive note however along with the broader markets it slipped during the initial hours. The dip in the banking index was however not much deep as buying in some of the heavyweight private banks pushed bank index higher. Subsequently, strong buying in banking and NBFC conglomerates resulted bank index to outperform and end with gains of 1.93% at 22628.

The bank index has been a clear underperformed in the recent past however yesterday we finally saw outperformance with broad-based buying from the banking space. In our previous commentary, we had mentioned breakout levels at 22500 and by closing above the same the bank nifty has shaped up well for outperformance in the near term and to have a catch-up rally with the benchmark index. Traders are hence advised to keep positive bias on the banking stocks and used intraday dips to enter longs. As far as levels are concerned immediate support is placed around 22500 - 22230 whereas resistance is around 22950 and 23200.

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

Angel Broking Pvt Ltd

Published on 8/07/2020 11:20:07 AM

Sensex (36675) / Nifty (10800)

Yesterday since morning, global markets looked a bit nervous and despite SGX Nifty indicating a gap down opening, we started the session marginally higher. But it was merely a formality as we started correcting in the initial trades, which extended in the following couple of hours to sneak below 10700. Fortunately, the mighty bulls waiting for the decline, just pounced on it and as a result, we witnessed a v-shaped recovery throughout the remaining part of the day to conclude around the 10800 mark.

Yesterday’s activity can easily be divided into two parts. First half where bears had dominated the proceedings and the latter one, which belongs to the mighty bulls. In fact the major driver this time was the financial space. We saw some muted activity since last couple of days in the banking and NBFC conglomerates; but all of a sudden, the entire basket started buzzing and few stocks from this, surged as if there is no tomorrow. And as we all know, when financial space moves, the Nifty does not need any support from elsewhere.

Now, the way Bank Nifty is shaped up, we expect the rally to extend in Nifty as well towards 10850-10925 levels. On the flipside, 10750 followed by 10689 would now be seen as intraday supports. With yesterday’s activity, the momentum traders can shift their stop losses below 10689 now, because a slide below this would result into a strong bout of profit booking. Also, we continue to advocate booking profits (For momentum traders) in the ongoing rally.

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Angel Broking Pvt Ltd

Published on 6/07/2020 11:19:51 AM

Market Update From Angel Broking Ltd

Indian market outperforms in June driven by FPI flows – Post the under performance in the month of May Indian equities rallied sharply in June on the back of positive FPI inflows of Rs.21,832 cr. Nifty was up by 7.4% for the month as compared to the DJIA which was down by 2.1% for the month. As expected the rally was also more broad based and cyclical sectors like Auto, banking, consumer goods also participated in the rally.

Stock selection will be the key to generate alpha going forward - While proactive action by Governments and central banks globally has prevented the situation from deteriorating significantly, it is unlikely that the recovery will be a V shaped one and it may take some time for the global economy to recover to its pre Covid levels. Therefore while we remain positive on the markets from a longer term perspective we feel that investors should be judicious in their stock selection from here on and should focus on companies with high quality business franchises which have strong revenue visibility going forward.

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

Angel Broking Pvt Ltd

Published on 6/07/2020 10:27:07 AM

Nifty Bank Outlook - (21852)

On Friday, Bank Nifty index witnessed a marginal positive opening and then traded within a range for the most part of the session. It underperformed benchmark as it ended with loss of around half a percent at 21852.

In the last few sessions, we have seen a consolidation in the bank Index between two key averages on the daily chart i.e. 20SMA and 89EMA placed around 21200 and 22200 respectively. We sense, the next directional move can only be seen on a breakout from the above levels. Traders are hence advised to watchout for the above levels and trade in the direction of breakout. Till then one can have a stock specific approach which are providing outperforming opportunities.

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

Angel Broking Pvt Ltd

Published on 6/07/2020 10:26:55 AM

Sensex (36021) / Nifty (10607)

During the last week, trading started on a weak note owing to some sluggish cues from the global cues. However, the optimist traders pounced on this opportunity and used decline to create bullish bets. As a result, we eventually managed to surpass the recent hurdle of 10350-10360 during the mid week. This was followed by a continuation of the northward march throughout the remaining part of the week to conclude the week at 4-months highest point.

In the recent past, despite intermediate hiccups we maintained our bullish stance and advocated against going short on the market. The strategy played out well as we have seen all declines getting bought into and in the process, we managed to reclaim the 10600 mark. Now, from hereon, it would be very difficult for traders to carry their positions overnight as we have approached a corridor of uncertainty now. If we look at the daily chart, the Nifty has reached a higher end of the ‘Rising Wedge’ pattern and the major ‘200- SMA’ is placed in the zone of 10800-11000. So at every 100-150 points upmove, the bulls will have to tackle these hurdles. Hence, in our sense, traders who have been enjoying this bullish journey since last three months, should ideally start lightening up their positions. Although the texture has not changed, it’s better to be safe than sorry and hence, one should take one step at a time now.

Technically, the bullish structure remains intact as long as we are trading above 10300-10200 and ideally we could have asked to trail stop losses at these levels. Theoretically it may be correct but practically risk-reward is not favourable following this strategy and hence, we advice staying light and wait for further developments. If we manage to go beyond 11000, we would see next leg of the rally and there we can aggressively start participating again.

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

Angel Broking Pvt Ltd

Published on 3/07/2020 11:40:35 AM

Nifty Bank Outlook - (21953)

Bank Nifty index traded in a narrow range in yesterday's session and ended the day with a marginal loss. The broader markets rallied yesterday and hence, the banking index underperformed the Nifty index. However, from a near term perspective, we continue to be positive as the index has resumed the momentum post a consolidation. Traders are advised to use intraday declines to buy and trade with a positive bias. The intraday supports for the index are placed around 21780 and 21600 whereas resistances are seen around 22235 and 22520.

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

Angel Broking Pvt Ltd

Published on 3/07/2020 11:40:25 AM

Sensex (35844) / Nifty (10552)

Yesterday. our markets kickstarted the day on a positive note owing to favourable cues from the global bourses. The momentum accelerated as the day progressed as we kept surpassing minor intraday hurdles one after another. Yes in between markets had some corrective moves, but overall the index managed to maintain its positive posture. Eventually, the Nifty ended the session at 4-months high by adding more than a percent to the bulls' kitty.

In the last few weeks, despite intermediate hiccups, we maintained our optimistic stance and advocated using all possible declines. Now, we can see the base shifting higher from 10000-10100 to 10300 now. Before this, 10450 - 10360 are likely to be considered as strong supports. On the upside, the momentum can get extended towards 10650 - 10700 levels. However, the short term traders are now advised to keep booking profits as we can see clusters of resistances at every 100-150 points up move.

Meanwhile it would be a prudent strategy to stick to a stock centric approach and follow strict stop losses. Yesterday, it was surprising to see BankNifty underperforming in the second half as we witnessed a good bout of profit booking in few index heavyweights. However, we still believe that the overall structure still remains bullish.

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

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