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

| More

Terrible day of trade, courtesy Zee and Maruti: Angel Broking

Posted On: 2019-01-26 08:46:54

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

"Despite SGX Nifty suggesting a gap up opening, we had a subdued start in our market. However, Nifty eventually joined hands with its global peers and surged beyond the 10900 mark within a blink of an eye. This was followed by some consolidation throughout the first half; however, all of a sudden the selling aggravated post the midsession which continued almost till the closing point. In the process, Nifty went on to correct more than 150 points from the day's high and nearly six tenths of a percent from the previous close.

It was certainly one of the terrible days for our market in last few weeks. Looking at the benchmark index, one would not get the right picture. But if we meticulously observe some of the index constituents, like, 'Zee' who had the biggest fall in last five years, became the spoilsport today. Apart from this, Automobile giant 'Maruti' continues with its disaster run, corrected more than 7% after posting dreadful set of numbers. There were few others stocks also had similar sort of correction today and hence, eventually Nifty succumbed to this pressure to sneak below the 10800 mark. Technically speaking, we are still hovering around the pullback zone of 'Falling Trend Line'; but the way some of the stocks corrected today, certainly does not bode well for the bulls. As far as levels are concerned, 10750 followed by 10692 would be seen as a crucial support zone. A sustainable move below this would result into a sharp correction to test sub-10600 levels in days to come.

On the flipside, today's high of 10931 has now become a key hurdle for the bulls. If index has to regain any strength ahead of the Union Budget, this level needs to be surpassed convincingly to unfold the next leg of the rally. Till then it's advisable to stay light and avoid taking undue risks."


Source: Equity Bulls

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





Other Headlines:

A Colourful Bank Nifty this Holi: Angel Broking

Long Short Ratio surged to 63% from 50%: Angel Broking

Market looks a bit tired but the undertone still remains bullish: Angel Broking

Rising IndiaVix hints it's time for some profit booking: Angel Broking

Equity markets sentiment remains bullish : Epic Research

Brexit issues and OPEC's supply cut are likely to hit the domestic market - CapitalAim

Bank Nifty at all-time high: Angel Broking

Low hanging fruit is gone now, be very selective in stocks: Angel Broking

Midcaps reinforce pre-election rally: Angel Broking

Nifty at 11300; courtesy to Bank Nifty which clocks record high: Angel Broking

Coming week market will watch CPI, WPI data - Debabrata Bhattacharjee, Head of Research - CapitalAim

Fundamentals, Economic data, and Domestic Cues will play a major role in coming week market: Epic Research

Nifty set to head higher after two days of consolidation: Angel Broking

Some consolidation on the weekly expiry day: Angel Broking

Geopolitical tensions eased off, market gives a Thumbs up: Angel Broking

Index consolidated but PSBs and midcap Pharma had blown up moves: Angel Broking

Scattered options data hints rise in volatility: Angel Broking

Metal, Power, Telecom may see some profit booking and weakness in March series: Epic Research

Nifty benchmark is looking in a range bound coming week : CapitalAim

The GST meet, GDP numbers and other imp. numbers will drive the coming week market: Epic Research

Some respite in the market, Metals and midcaps poised for extended moves: Angel Broking

Nifty reclaimed 10800 amid broader market participation: Angel Broking

Nifty formed a sizable bear candle on the daily chart - CapitalAim

Market continue to look depressed, 10583 a crucial support: Angel Broking

Crude oil, USD INR and global markets will drive the coming week market: Epic Research

Next week Market will look forward for trade deal between China & US - CapitalAim

Comments on monetary policy - Mr. Tushar Jain, MD & Founder, High Spirit Commercial Ventures Pvt. Ltd

Comments on monetary policy - Mr. Sanjay D. Palve, CEO, Religare Finvest Ltd. And MD, Religare Housing Development Finance Corporation Ltd.

Comments on monetary policy - JHS Svendgaard Laboratories - Mr Nikhil Nada - MD

Reaction on Monetary Policy - Mr. Amar Ambani, President & Head of Research, YES Securities

Views of Mr. Umesh Revankar, MD and CEO - Shriram Transport Finance Ltd on Monetary Policy

Comments on monetary policy - Solar Industries - Mr Nilesh Panpaliya, CFO, Solar Industries India Limited

Comments on monetary policy - MIRC ELECTORNICS - ONIDA - Vijay Mansukhani - MD

Views of Mr. George Alexander Muthoot, MD - Muthoot Finance Limited on Monetary Policy

Large no. of data coming next week will play major role in driving the markets: Epic Research

RBI gives a dovish boost ahead of elections: Angel Broking

Finally 11000 conquered, now 11400 in sight: Angel Broking

Finally Nifty beyond 11000: Angel Broking

Only handful of heavyweights held Nifty higher: Angel Broking

Banking became the charioteer in today's late upsurge: Angel Broking

Action packed day ended with some hope of revival: Angel Broking

Stronger hands rolled-over positive bets in Stock Futures: Angel Broking

Traders preferred exiting their shorts ahead of budget: Angel Broking

Stocks rallied as if there is no tomorrow ahead of the budget: Angel Broking

10600 becomes the sacrosanct level: Angel Broking

Yet another day of sell off before heading to the Union Budget: Angel Broking

GDP numbers, Q3 results and Budget will decide the direction for the market: Epic Research

ITC becomes the spoilsport post its earnings: Angel Broking

Good day for benchmark, courtesy to big boy Reliance: Angel Broking

Market View by Mr. Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund - January 21, 2019







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

disclaimer copyright © 2005 - 2019