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

| More

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

Posted On: 2020-08-07 23:36:27


Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"We inaugurated the week on Monday on a flat note; however, right from the word go, markets looked a bit depressed and as a result, we witnessed sustained selling throughout the day. Eventually, the Nifty marked the weakest session in the recent past. However, the '200-SMA' level of 10870 acted as a sheet anchor for the bulls and despite the strong selling momentum there, Nifty managed to hold this sacrosanct support. The optimist traders somehow managed to sail through this difficult session and hence, with the help of positivity across the globe, our markets too started rebounding sharply. Post the smart recovery on Tuesday, the index consolidated by maintaining its positive posture to conclude the action-packed week tab above the 11200 mark.

In our opinion, the way markets are placed, the coming week would be quite crucial and hence, one should be keeping a close eye on few key levels. Although the market has managed to recover well, it would be a daunting task surpassing the sturdy wall of 11300-11350. Till the time it is not conquered successfully, we advocate some caution. Let's understand, technically, why this should be considered an important junction. Firstly, the 78.6% retracement of the entire fall from 12430.50 to 7511.10 comes around it. Secondly, the 100% 'Price Extension' of the first up leg (7511.10 - 9889.05) from 8806.75 precisely coincides around 11300-11350. And now we are standing at the pullback level of the 'Parabolic SAR' which has been following the entire uptrend, has finally given some sign of weakness (due to Monday's negative close) for the first time in the entire up move. Considering all these observations, we advise traders to stay light and should ideally take some money off the table.

Markets were on recovery mode first and then remained in a slender range of 150 points for three sessions. Looking at the benchmark index, it might appear a boring week (especially the second half); but if we meticulously observe the price action in the broader markets, we would rate it as one of the finest weeks for individual stocks in the last few weeks. Finally, on Friday, the NIFTY MIDCAP 50 index posted a smart rally to surpass its recent hurdles. Hence, traders are advised to stay focused on individual stocks in the forthcoming week; but the aggressive positions should be avoided till the time important levels are not surpassed connivingly."


Source: Equity Bulls

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





Other Headlines:

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

Daily Market Commentary - Sep 29, 2020 - Bonanza Portfolio

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

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

Market wrap-up - 28th September, 2020 - Angel Broking

Daily Market Commentary - Sep 28, 2020 - Bonanza Portfolio

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

Rupee - 28th September, 2020 - Angel Broking

Some respite at 200-SMA, but still not out of the woods yet: Angel Broking

Market Outlook - F&O - Sep 25, 2020 - ICICI Securities

Market Outlook - Technical - Sep 25, 2020 - ICICI Securities

Market Outlook - Index to consolidate (11300-10800) amid stock specific action...

Technical View - Sep 25, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Wrap - Sep 25, 2020 - Angel Broking

Daily Market Commentary - Sep 25, 2020 - Bonanza Portfolio

Weekly Markets Outlook - Sep 25, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Mid-day market comment - Sep 25, 2020 - Angel Broking

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







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

disclaimer copyright © 2005 - 2019