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

| More

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

Posted On: 2020-08-01 22:07:28


After showing sharp weakness from the highs in the last couple of sessions, Nifty shifted into a consolidation on Friday and closed the day on a slightly negative note. A small negative candle was formed on a daily chart with long lower shadow. Technically, this pattern indicates emergence of minor buying from the lower supports.

The immediate support of 11100 has been broken on the downside on Friday, but Nifty failed to pickup downside momentum below that support. This pattern could raise doubt over the downside breakout of the sideways range of the last few sessions.

The broader positive sequence of higher highs and low continued in Nifty as per daily timeframe chart. Today's swing low of formation with in a range movement of the last seven sessions could signal possible formation of new higher low formation on Friday. But, we need clear evidence of upmove to call this as a higher bottom reversal.

Similar type range movement and failed upside and downside breakout action was formed during 7th to 16 July 2020 and eventually Nifty witnessed upside bounce from the lows. Hence, one needs to be careful about the unfolding of such positive pattern in coming sessions. The low of 11000 is going to be crucial support area as of now.

Nifty on the weekly chart formed a small negative candle with minor upper shadow. The formation of such weekly candle pattern at the crucial overhead resistance of 11300-11350 levels could signal lack of selling enthusiasm among participants. This is even after a sharp trended upmove of the last one month and after placing near the key upside resistance. Such market patterns eventually results in an upside breakout of the hurdles.

The short term trend of Nifty is slightly negative amidst a range movement. Important lower supports to be watched for the resumption of downtrend is at 11000 levels. The overall pattern signal a possibility of upside bounce from here or from the lows. Immediate resistance for the next week is placed around 11300-11350.


Source: Equity Bulls

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





Other Headlines:

Market Wrap - Sep 24, 2020 - Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd

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

Negative global cues weigh heavily on the expiry day: Angel Broking

Daily Markets - Sep 24, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 24, 2020 - Bonanza Portfolio

Mid-day market comment - Sep 24, 2020 - Angel Broking

Daily Market Wrap - Sep 23, 2020 - Angel Broking

Market fails to capitalize on the positive opening: Angel Broking

Daily Market Commentary - Sep 23, 2020 - Bonanza Portfolio

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

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

Intraday pullbacks face selling pressure: Angel Broking

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

Daily Market Commentary - Sep 22, 2020 - Bonanza Portfolio

Mid-day market commentary - Angel Broking

Rollover Analysis (September 22): Highest Put base at 11000 remains crucial support in settlement week...

Technical View - Sep 21, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

PCR-OI surged 11% amid broad base meltdown: Angel Broking

Market tumbles on geopolitical concerns: Angel Broking

Daily Market Commentary - Sep 21, 2020 - Bonanza Portfolio

Technical & Derivatives Report - 21st September 2020 - Angel Broking

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

Some tentativeness around 11600 - 11650: Angel Broking

Market Outlook - Technical - Sep 18, 2020 - Dharmesh Shah, Head - Technical, ICICI direct

Derivatives Weekly View (September 18): Nifty likely to consolidate around 11500 in expiry week - ICICI Securities

Daily Markets - Sep 18, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Technical View - Sep 18, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Global weakness leads to some profit taking: Angel Broking

Daily Markets - Sep 17, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Wrap Up - Sep 17, 2020 - Angel Broking

Daily Market Commentary - Sep 17, 2020 - Bonanza Portfolio

Technical View - Sep 17, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Wrap-up - 16th September, 2020 - Angel Broking

Daily Market Commentary - Sep 16, 2020 - Bonanza Portfolio

Technical View - Sep 16, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty reclaims 11500, courtesy to late surge in banking stocks: Angel Broking

Daily Markets - Sep 15, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 15, 2020 - Bonanza Portfolio

Market Wrap-up - Sep 15, 2020 - Angel Broking

Technical View - Sep 15, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - 15th September, 2020 - Angel Broking

Morning Newsletter - September 15 - YES Securities

Daily Markets - Sep 14, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Stellar move in broader market, benchmark erased gains: Angel Broking

Market Wrap-Up - Sep 14, 2020 - Angel Broking

Daily Market Commentary - Sep 14, 2020 - Bonanza Portfolio

Technical View - Sep 14, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Mid-market performance - 14th September, 2020 - Angel Broking

Some respite after last week's hiccup: Angel Broking







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

disclaimer copyright © 2005 - 2019