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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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ICICI Securities

Published on 9/07/2020 11:29:39 AM

Technical Outlook

Equity benchmarks snapped their past five sessions winning streak tracking subdued global cues. Nifty settled the session at 10706, down 94 points or 0.9%. In the coming session, volatility would be elevated owing to weekly derivative expiry. We believe, holding above past three session’s identical low around 10675 would keep pullback option open. Hence, any dip towards 10640–10662 should be used to create long position for target of 10763. Going ahead, breach of past three sessions identical low around 10680 would lead to extension of breather, else continuance of stock specific action, hence, stick to quality as we enter the Q1FY21 result season. Meanwhile, key resistance of 10900 would continue to act as immediate hurdle as it is confluence of 200 days SMA, at 10887 coincided with the negative gap seen during mid-March (10827–10752). On the downside support remains at 10500 as it is 61.8% retracement of ongoing up move (10195 – 10811), at 10430.

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ICICI Securities

Published on 9/07/2020 11:29:04 AM

Bank Nifty: Positive bias to continue to prevail above 21000

* The Bank Nifty managed to close the June series on a positive note and ended marginally below the monthly highs. Private and PSU banks saw covering, providing a boost to the index. The rupee appreciated sharply from 75.6 levels to 74.95 levels. We feel it will consolidate near these levels. This will provide the required boost to the banking and financials space

* The index started the July series with a discount of almost 100 points whereas the rollover was in line with the expectation. As the series progressed, the discount in the Bank Nifty narrowed marginally, pointing towards short covering

* Huge Put OI additions are seen in 21000 strike Put, which remains the key support area for upsides to continue. Looking at the writing positions in Call, we feel the index could move towards 23000 in coming days

* The price ratio of Bank Nifty/Nifty fell marginally on the back of outperformance in the Nifty, which rallied towards 10600 whereas the Bank Nifty remained flat near 22000. However, we feel the ratio will consolidate near 2.08 levels

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ICICI Securities

Published on 9/07/2020 11:28:51 AM

Nifty: Consolidation expected above 10350 for target of 10750

* The Nifty witnessed good move above the June expiry level of 10280. The index is expected to consolidate above these levels, which may lead to a good move in specific stocks

* The noticeable Put base is currently at the 10300 strike, which also indicates towards noticeable support at these levels. The reducing volatility suggests the option writing trend, which may increase in the coming days. On the higher side, the Call positions are at the 10700 strike

* The non-banking index heavyweights have remained in focus. We believe private banking stocks may perform in patches and may not witness a sharp upward trend. Instead, a gradual move may be on the cards in these stocks

* The volatility index has started a move below 30 levels. This is good for the stability in the market. Sharp swings may not be seen in the index and it should broadly remain above 10300. Also, June and July have remained relatively low volatile months, which is seen even this year so far

* FII flows have remained absent while their outflows have been neutralised by DII inflows. The buying pattern of domestic institutions is encouraging, which suggests the stock specific moves may continue

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ICICI Securities

Published on 9/07/2020 10:51:06 AM

Global Bonds

* The Nifty snapped its five-day winning streak and ended with a loss of around 94 points. In the last one hour, intense selling was seen in industry heavyweights, which led the index to drift lower to 10700. If the Nifty is unable to hold 10600, which holds significant OI , then more downside can be seen in coming days.

* Despite starting the day on a positive note, Call writers of 23000 strike dominated the second half of the day and dragged the Bank Nifty lower. From the option front, aggressive additions were seen in 23000 strike. These levels should be strong resistance on the upsides.

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GEPL Capital

Published on 9/07/2020 10:29:46 AM

BANKNIFTY: 22824.90 (240.35 i.e 1.06%)
HIGH: 22853 LOW: 22689
DYNAMIC PARAMETER: Index trading in the previous session range.
SUPPORT ZONE: 22479 (24th June high) / 22040 (3 Day Low)
RESISTANCE ZONE: 23080 (3 day high) / 23300 (Intraday Resistance)
VIEW: BANKNIFTY is BULLISH till sustains above 20450 upside space till 23080 followed by 23300

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GEPL Capital

Published on 9/07/2020 10:29:34 AM

NIFTY: 10767.95 (62.20 i.e 0.58%) 
HIGH:*10781.30 *LOW: 10733
DYNAMIC PARAMETER: Index trading in a range for the 4th session.
SUPPORT ZONE: 10676.55 (Previous session low)  / 10562 (3rd July  Low)
RESISTANCE ZONE: 10847 (previous session high) / 11036.25 (gap area)
VIEW: NIFTY is BULLISH till sustains above 10670 upside space till 10850 followed by 11035

SEBI Registration number is INH000000081.
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Geojit Financial Services Ltd.

Published on 9/07/2020 10:28:33 AM

F&O OUTLOOK

Nifty outlook

Weekly contract saw the highest volume and OI build at 10800, despite the late hour collapse, while Puts found the maximum OI build at 10550 and most liquidity at 10700 strikes. Meanwhile, monthly contract found the largest call short build up along 11200, while PE long build up was seen at 10700. Puts were the most active at 10500, but there was no evidence of further PE strikes being prominent enough to suggest bears taking full control, but 10000 strike continues to remain among the top 3 liquid strikes. This suggest that while bears continue to hurt the bulls every now and then, it is too early to say that bulls are prepared to leave the stage entirely.

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Geojit Financial Services Ltd.

Published on 9/07/2020 10:23:03 AM

Nifty Outlook:

The approach of 200SMA did discourage the bulls, leading to a collapse in the closing hour. While this has deflated the ongoing momentum, the ongoing moves are still capable of drawing bullish continuation patterns, The oscillators look less wound up now, and appear neutral enough to allow for moves either way. While favoured view continues to expect the 200SMA at 10880 to be dismantled and aim for 11200, a push below 10650 could tilt the bias severely in favour of bears aiming 10500-10200, with a high likelihood of 10000 remaining intact.

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HDFC Securities

Published on 9/07/2020 10:19:23 AM

Nifty has started giving trend reversal indication   -  HDFC Securities  

F&O HIGHLIGHTS

REMAIN BULLISH WITH TRAILING SL OF 10680 LEVELS

* The market corrected on Wednesday, snapping a five-day rising streak. Mixed global cues triggered profit booking in domestic shares. IT stocks tumbled while metal shares bucked trend. The Nifty opened higher at 10,818.65 on Wednesday, but soon pared gain in early trade. The index hovered around the flat line for most part of the session. Strong selloff in the last hour of trade dragged the benchmark index briefly below 10,700 mark.

* Profit booking was seen in Nifty Futures’ where Open Interest fell by 3.70% with Nifty falling by 0.65%. Nifty Future discount narrowed to 9.45 points from 33 points.

* On the other hand, in the Bank Nifty Futures where we have seen 7.10% rise in the Open Interest with Bank Nifty rising marginally by 0.01%

* Nifty Open Interest Put Call ratio fell to 1.37 levels from 1.63 levels. Amongst the Nifty Weekly Options(09-July) , Put writing is seen at 10600-10700 levels, Indicating Nifty is likely to find strong support around 10600 levels. On the higher side an immediate resistance is seen around 10800 levels where Calls have been written.

* To Sum It Up, profit booking seen in the Nifty Futures’, with Put writing at 10600-10700 levels Indicates that one should continue to remain optimistic for the markets with the stop loss of 10680 level.

* Therefore our advice is to accumulate long positions with the trailing stop loss of 10680 levels. On the higher side an Immediate resistance is seen around 10780-10820 levels where we have seen call writing.

* In the Bank Nifty our advice is to go long on declines with stop loss of 22400 levels. On the higher side, resistance Is seen in the vicinity of 22700-23000 levels

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