Published on 9/07/2020 9:09:52 AM
DAILY MARKET UPDATE REPORT 09-07-2020
Nifty opened higher faced resistance near 200-daySMA (10885) and selling pressure in the latter half of the session dragged nifty to close in red. On the daily chart, we are observing a bear candle near 200-daysSMA this suggests weakness. In coming trading session if prices traded below 10650 level then it may test 10580 – 10500 levels. On the upside, 10885 the 200-day SMA remains major resistance.
Looking at the current price action we are of the opinion that 200-daysSMA (10885) is immediate resistance. Hence a consolidation or correction from current level cannot be ruled out. Hence cautiously positive approach at current level should be adopted as stock specific move is likely to continue.
Tags: Daily
SEBI Registration No.- INH000002764
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Published on 6/07/2020 9:11:13 AM
DAILY MARKET UPDATE REPORT 08-05-2020
Nifty opened up with a gap and traded in a narrow range throughout the day to close in green. On the daily chart, we are observing three consecutive narrow range body formations with higher highs. This suggests indecisiveness prevailing at current level. In coming trading session if prices traded above 10640 then it may test 10750 - 10850 levels. On the downside, 10450 - 10350 levels may act as support for the day.
The undertone in the market is positive. However, the narrow range body formation with higher high gives small indication that a consolidation or minor correction cannot be ruled out. Hence cautiously positive approach at current level should be adopted as stock specific move is likely to continue.
Tags: Daily
SEBI Registration No.- INH000002764
Please refer disclaimer at http://arihantcapital.com/
Published on 3/07/2020 9:03:17 AM
DAILY MARKET UPDATE REPORT 03-07-2020
Nifty opened up with a gap and traded in a narrow range throughout the day to close in green. On the daily chart, we are observing an upward gap area in the range of 10447 to 10485. Normally, upward gap area does act as support for the prices. In coming trading session if prices traded above 10600 then it may test 10750 - 10850 levels. On the downside, 10350 - 10200 levels may act as support for the day.
We maintain our view that10200 – 10070 is strong demand zone and as long as Nifty holds the mentioned demand zone, we are likely to witness upside momentum. Hence cautiously positive approach at current level should be adopted as stock specific move is likely to continue.
Tags: Daily
SEBI Registration No.- INH000002764
Please refer disclaimer at http://arihantcapital.com/
Published on 2/07/2020 8:46:33 AM
DAILY MARKET UPDATE REPORT 02-07-2020
Nifty opened on a subdued note but witnessed upside momentum in the latter half of the session which led the Nifty to close in green. On the daily chart, we are observing a sideways movement which gives no clear direction of the trend. However the undertone in the market is positive. In coming trading session if prices traded above 10450 then it may test 10550 - 10630 levels. On the downside, 10300 - 10200 levels may act as support for the day.
We still maintain our view that 10200 – 10070 is strong demand zone and as long as Nifty holds the mentioned demand zone, we are likely to witness upside momentum. Hence cautiously positive approach at current level should be adopted as stock specific move is likely to continue.
Tags: Daily
SEBI Registration No.- INH000002764
Please refer disclaimer at http://arihantcapital.com/
Published on 1/07/2020 9:19:10 AM
DAILY MARKET UPDATE REPORT 01-07-2020
Nifty opened higher but was unable to sustain the opening gains which dragged down nifty to close marginally in red. On the daily chart, we are observing three consecutive “Doji” candlestick patterns which suggest indecisiveness prevailing at current level. In coming trading session if prices traded above 10410 then it may test 10500 - 10550 levels. On the downside, 10200 - 10100 levels may act as support for the day.
We maintain our view that10200 – 10070 is strong demand zone and as long as Nifty holds the mentioned demand zone, we are likely to witness upside momentum. Hence cautiously positive approach at current level should be adopted as stock specific move is likely to continue.
Tags: Daily
SEBI Registration No.- INH000002764
Please refer disclaimer at http://arihantcapital.com/
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