Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Market Commentary

| More

Technical View - July 29, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Posted On: 2020-07-29 10:11:18


After showing upside breakout of sideways range at 11240 levels on Tuesday, Nifty slipped into weakness today and closed the day lower by 97 points. A reasonable negative candle was formed with a new swing high formation at 11341.40. Technically, this pattern signal negation of upside breakout attempt of previous session.

Though, Nifty failed to continue with follow through upmove on Tuesday, the underlying uptrend status remains intact. As long as the lower support of 11150-11100 levels holds, there is a possibility of further upside in the market for the short term. At the same time, upper levels of 11350-11400 could act as a key overhead resistance in the near term.

Nifty on the daily chart has been showing strength to sustain the highs and has witnessed minimum downward correction in the last one month. One session declines in the last 3-4 occasions have reversed its trend on the upside in the subsequent sessions. Hence, there is a possibility of upside bounce from the lows in the coming sessions.

Daily 14 period RSI is placed above 60 levels and is gradually turning up signaling strength in the upside momentum. As per its formulation, one may expect upmove to resume further from here or from slightly lows in the next few sessions.

The short term trend of Nifty is slightly negative. But the overall uptrend status of the market remains up and still there is no formation of any reversal pattern at the highs, as per daily chart. There is a possibility of upside bounce (from here or from the lows) and retest of the overhead resistance of 11350 in the next few sessions. On the downside the area of 11100-11060 is likely to offer strong support for the market ahead.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

RBI Monetary Policy - Aug, 2020 - Sudhakar Shanbhag, CIO, Kotak Life Insurance

RBI Monetary Policy - Aug 2020 - Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank

Market Outlook - Technical - August 8, 2020 - ICICI Securitie

Market Outlook - F&O - Derivatives Weekly View (August 7): Positive consolidation to continue above 11000 level...

The Week That Was - Outperformance of the broader market is expect to continue - ICICI Securities

Nifty nearing crucial hurdles, still better to take some money off the table: Angel Broking

Technical View - August 7, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - August 5, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - August 5, 2020 - Bonanza Portfolio

Market remains volatile ahead of RBI Policy, midcaps to outperform: Angel Broking

Technical View - August 5, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty resumes momentum led by heavyweights: Angel Broking

Daily Markets - August 4, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - August 4, 2020 - Bonanza Portfolio

Technical View - August 4, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - August 3, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Banking drag indices lower at start of the week: Angel Broking

Technical View - August 3, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Derivatives Strategy - Sell Bank Nifty 6 August 20600 Put at Rs. 115-135 - ICICI Securities

Nifty snaps six-week winning streak, still 11000 defended successfully: Angel Broking

Rollover Report for July - Aug 2020 - Angel Broking

Daily Market Commentary - July 31, 2020 - Bonanza Portfolio

Technical View - July 31, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - July 29, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Market wobbles at 4-month high, Reliance sees profit booking: Angel Broking

Daily Market Commentary - July 29, 2020 - Bonanza Portfolio

Daily Markets - July 28, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Nifty reclaims 11300 after four months: Angel Broking

Daily Market Commentary - July 28, 2020 - Bonanza Portfolio

Technical View - July 28, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - July 27, 2020 - Bonanza Portfolio

Daily Markets - July 27, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Harmony missing between key tradable indices: Angel Broking

Technical View - July 27, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - July 24, 2020 - Bonanza Portfolio

Technical View - July 24, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Derivatives Weekly View - July 24, 2020 - Nifty to target 11400 with support at 11050

Market Outlook - Technical - July 24, 2020 - Dharmesh Shah, Head - Technical, ICICI direct

Market outlook - Broader market to outperform the benchmark - ICICI Securities

Nifty ends higher despite some intra-week reality checks: Angel Broking

Banking space to dictate the direction: Angel Broking

Daily Markets - July 23, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Technical View - July 23, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - July 23, 2020 - Bonanza Portfolio

Nifty approaches its crucial hurdle: Angel Broking

Daily Markets - July 22, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - July 22, 2020 - Bonanza Portfolio

Technical View - July 22, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - July 21, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - July 21, 2020 - Bonanza Portfolio







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019