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Motilal Oswal Financial Services Ltd

Published on 9/07/2020 11:31:07 AM

Bank Nifty Outlook

Bank Nifty opened positive and witnessed strong momentum towards 23000 zones. However, it drifted from higher levels and wiped out all its intraday gains to close on flattish note. It managed to close above 22500 zones but follow up is missing at higher levels. It formed a Shooting star kind of candle on daily scale as sharp selloff seen during the day even after a strong outperformance of last three sessions. Now it has to continue to hold above 22300 zones to witness an up move towards 23000 zones while on the downside key support exists at 22000 levels.

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Motilal Oswal Financial Services Ltd

Published on 9/07/2020 11:30:49 AM

Nifty Outlook

Nifty index opened positive and headed towards 10850 zones in first hour of the session. However, it failed to hold its morning gains and drifted sharply towards previous day’s low of 10689 levels to close the session with the loss of around 100 points. Technically, it formed an Outside Bar on daily scale as its opened higher than previous day’s high but wiped out all its previous day’s recovery. It formed a Bearish candle and close negative after its winning streak of previous five trading sessions. Index has been finding supply pressure near to 10800- 10850 zones from last three sessions while support is intact at 10550 zones. Now, on decline it has to hold key support near to 10550 zones to again witness an up move towards 10850 then 11000 zones. Traders are suggested to remain stock specific with trailing stop loss of 10550 zones for existing long position.

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Motilal Oswal Financial Services Ltd

Published on 7/07/2020 10:22:34 AM

Bank Nifty Outlook

Bank Nifty opened gap up with more than 350 points and extended it move towards 22400 levels. It closed positive with the gains of 1.59% but formed a Bearish candle on daily scale as it consolidated in range of 200 points and closed lower than its opening zones. It managed to close above 22000 zones but multiple hurdles are intact at 22400-22500 zones. Now it has to continue to hold above 21750 zones to witness an up move towards 22500 then 23000 zones while on the downside supports are seen at 21500 then 21250 levels.

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Motilal Oswal Financial Services Ltd

Published on 7/07/2020 10:21:30 AM

Nifty Outlook

Nifty index opened gap up in line with strong global cues and witnessed sustained buying interest for most part of the session to extend its gains towards 10800 levels. Index has gained by around 600 points in past six trading sessions and supports are gradually shifting higher which suggests overall bullish stance on the market. It formed a Bullish candle on daily scale and making higher highs - higher lows from past five trading sessions. Now, it has to continue to hold above 10600 zones to extend its move towards 11000 zones while on the downside support is shifting higher at 10550 then 10450 levels.

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Motilal Oswal Financial Services Ltd

Published on 6/07/2020 3:34:37 PM

NIFTY FMCG (CMP 30,529)

Nifty FMCG index witnessed strong recovery in later half of the June month and formed bullish candle on both weekly and monthly chart. After some hitches, Nifty FMCG index finally managed to close above its crucial multiple hurdle of 29700-30000 mark, which is a positive sign for the index. RSI oscillator is also placed positively on daily and weekly scale. Considering current chart structure, we are expecting the FMCG index to move towards its previous swing high of 31500 and above that 32600 levels. While major support is now shifting higher to 28300 zone.

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Motilal Oswal Financial Services Ltd

Published on 6/07/2020 3:34:27 PM

BANK NIFTY (CMP 21,852)

Bank Nifty index started the June month on positive note and continued its momentum towards 22500 mark. Except couple of days, June month was majorly dominated by bulls and as a result, it outperformed the benchmark index and concluded the month with the gains of more than 10%. It formed a Bullish candle on monthly and quarterly chart with a hold above 50 DEMA on daily scale. It crossed its previous swing high of 21967 and formed a Higher top – Higher bottom sequence on weekly chart, which certainly bodes well for the bulls. Momentum oscillator RSI is also placed positively on both daily and weekly scale and thus showing strength in the index. Going forward, immediate support is placed at 20800 and then major support at 19500 levels; while resistance can be seen around 22500 and then 24000 zone.

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Motilal Oswal Financial Services Ltd

Published on 6/07/2020 3:34:09 PM

MOSt Quantitative Outlook - Monthly

Market showing strength, buy on decline may continue

Nifty started the June month with an upside gap of 150 points and continued its positive momentum towards 10300 mark in the first week. It witnessed a swift profit booking decline of around 800 points in second week of June after a sharp rally of 1500 points in previous 14 sessions. However, bulls took the corrective move as buying opportunity and again pulled the index above 10500 mark. Eventually, Nifty concluded the month a tad above 10300 levels, with the gains of 7.5%. At the same time, index ended the quarter with massive gains of 19.82%, which is biggest quarterly gain in last 11 years.

It had given a narrow range breakout on monthly scale and formed a bullish candle on monthly as well as on quarterly chart with positive price setup. Index has been forming Higher top - Higher bottom on daily and weekly scale, which is a positive sign as per ‘Dow Theory’. It is also sustaining well above its rising support trend line on daily scale by connecting all the recent swing low of 7511, 9004, 9544, 9845, 10250 and 10300 levels with its comfort above 50 DEMA, which also has a positive implication.

Despite so much of selling pressure from FIIs, market didn’t correct much and every decline is being bought thus showing inherent strength for ongoing positive momentum. Market Breadth also remained strongly in favour of advancing counter in most part of the June month, indicating broad based buying and sector participation in the market. At current juncture, index is hovering around its resistance of 200 DEMA and 61.80% retracement level of the entire fall from 12430 to 7511, which is placed at 10500 – 10550 zone. A sustainable move above the same may lead for an up move towards 10800 and then 11200 zones. On the flipside, strodng support for Nifty is placed at 10180 and then 9889 zone. Considering overall chart structure, we are expecting positive momentum to continue in coming days and thus advise traders to continue with buy on decline strategy in the market.

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Motilal Oswal Financial Services Ltd

Published on 6/07/2020 10:28:06 AM

Bank Nifty Outlook

Bank Nifty continued its underperformance for second consecutive session and closed the day on negative note by half a percent. It formed a Bearish candle on daily scale while Inside Bar formation on weekly scale which indicates tug of war between Bulls and Bear near to the key hurdle of 22300-22500 zones. Now it needs to hold above 21500 zones to witness an up move towards recent swing high of 22300 and 22500 zones while on the downside supports are seen at 21250 then 21000 levels.

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Motilal Oswal Financial Services Ltd

Published on 6/07/2020 10:27:54 AM

Nifty Outlook

Nifty index opened positive and continued its formation of higher higher - higher lows for fourth consecutive session. It remained consolidative for most of the session and traded in range of 70 points in between 10562 to 10631 levels. Finally it closed the last day of the week with the gains of around half a percent but formed a small body Bearish candle as it closed lower than its opening levels. It continued the formation of higher lows on weekly scale as well while supports are gradually shifting higher which suggests overall bullish stance on the market. Now, it has to continue to hold above 10500 zones to extend its move towards 10800 zones while on the downside support is seen at 10450 then 10333 levels.

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Motilal Oswal Financial Services Ltd

Published on 3/07/2020 11:01:36 AM

Bank Nifty Outlook

Bank Nifty opened positive and headed towards 22350 zones in first hour of the session. However, it wiped out all its intraday gains and remained consolidative with sustained selling pressure at higher zones. It formed a Bearish candle on daily scale and closed on flattish note by underperforming the Nifty index. Now it needs to hold above 21500 zones to witness an up move towards recent swing high of 22500 then 22750-23000 zones while on the downside supports are seen at 21250 then 21000 levels.

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