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

| More

Technical View - Nov 19, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Posted On: 2020-11-19 06:46:15


Sharp profit booking has emerged in the Nifty from the new all time highs of 12963 on Thursday and the market tumbled by around 166 points. After opening on a negative note, the Nifty displayed a fine upside recovery from the intraday lows in the early part of the session.

A intraday gradual upside move has registered a new all time high of 12963 in the mid part and the market started to weaken from the highs. The downside momentum got intensified in the afternoon to later part of the session and Nifty closed near the low. The market breadth was slightly negative and broad market indices like mid and small cap segments have showed resilience and restricted their losses. This is positive indication.

A small negative candle was formed with upper shadow, which indicates a an emergence of profit booking from the new highs. The upper shadow, that formed after a reasonable period of time on the daily chart could indicate a possibility of further weakness in the near term.

The significant trend line resistance (connected from top to top as per weekly and monthly timeframe chart) of 12800 came into play. After holding above this area for the last few sessions, bulls have eventually gave up their defense and closed lower. Now this long term trend line could be considered as a false upside breakout and could open some more downward correction.

Conclusion: The bear's seems to have entered in the market and the Nifty showed reversal from the new highs. Though, the quantum of decline is not alarming any significant change in trend of recent uptrend of the market, but one may expect some more downward correction in the short term. The next crucial lower supports to be watched around 12650-12600. A sustainable move above 13K mark could only open the upside targets of around 13500-13600 levels.


Source: Equity Bulls

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





Other Headlines:

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

Rupee - Dec 4, 2020 - Reliance Securities

Daily Market Commentary - Dec 4, 2020 - Bonanza Portfolio

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

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

Nifty witnessed a lackluster weekly expiry: Angel Broking

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

Rupee - Dec 3, 2020 - Reliance Securities

Daily Market Commentary - Dec 3, 2020 - Bonanza Portfolio

Daily Markets - Dec 2, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Rupee - Dec 2, 2020 - Reliance Securities

Late surge in few heavyweights helps Nifty defend 13000 convincingly: Angel Broking

Technical View - Dec 2, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - Dec 2, 2020 - Bonanza Portfolio

Currency Update - December 02, 2020 - Reliance Securities

Nifty reclaims 13100, highest close ever: Angel Broking

Daily Markets - Dec 1, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Rupee - Dec 1, 2020 - Reliance Securities

Technical View - Dec 1, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Currency Update - Indian Rupee - Dec 1, 2020 - Reliance Securities

Nifty consolidates around 13000, but broader market outshines: Angel Broking

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

Rupee - Nov 27, 2020 - Reliance Securities

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

Rollover Analysis (November 27): Nifty may continue to consolidate amid high volatility...

November series ends on a positive note at 13000: Angel Broking

Market Wrap - Nov 26, 2020 - Angel Broking

Technical View - Nov 26, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - Nov 26, 2020 - Reliance Securities

Daily Market Commentary - Nov 26, 2020 - Bonanza Portfolio

Daily Markets - Nov 26, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Markets - Nov 25, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Some decent profit booking after a relentless run: Angel Broking

Market Wrap Up - Nov 25, 2020 - Angel Broking

Daily Market Commentary - Nov 25, 2020 - Bonanza Portfolio

Rupee - Nov 25, 2020 - Reliance Securities

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

13000 finally a reality, banking propels the move: Angel Broking

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

Daily Market Commentary - Nov 24, 2020 - Bonanza Portfolio

Market Commentary - Nov 24, 2020 - Angel Broking

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

13000 just a number now, hope to be the reality soon: Angel Broking

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

Market Wrap-Up - Nov 23, 2020 - Angel Broking

Daily Market Commentary - Nov 23, 2020 - Bonanza Portfolio

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

Technical View - Nov 20, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - Nov 20, 2020 - Reliance Securities

Daily Market Commentary - Nov 20, 2020 - Bonanza Portfolio



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

disclaimer copyright © 2005 - 2019