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

Posted On: 2019-03-16 09:51:58

Mr. Debabrata Bhattacharjee, Head of Research, CapitalAim

The benchmark index, which had been stuck in a consolidation trading range for the past 15 weeks, has finally seen a price breakout to hit a new high of 2019, suggesting that benchmark is set to climb. Bank Nifty Index also surge and hit an all-time high on a breakout of past 9 weeks. Major gains come from Bank Nifty in the Index, banking stocks pull the sentiment to higher. Heavyweights HDFC Bank, ICICI Bank, Kotak Bank, and Axis Bank are the puller of this northward rally. As the Credit demand grows and asset quality improves, banks are expected to lead the journey for the broader indices. Insolvency and Bankruptcy Code Improves the credit growth, the government's mega recapitalization of PSU banks turns the scenario of banking in India from negativity to positive.

On Fridays, Benchmark Nifty surge almost 83.60 points or 0.74% at 11426. Nifty50 hit a new high of 2019 on Friday's trading and near about its all-time high of 11700. A cautious approach is the best strategy to trade in Index at this juncture. We would advise investors to take breathe and have to watch further action in Index or sustainability of Nifty50 because of it's trading at around all-time high. There is a range of 11200-11450 where once we can wait for further action. The RSI indicator which is a gauge of 14-day continued to be in the overbought zone, keeping in this mind one could be cautious.

We also look for Current Account no. which is expected to release on Monday. On the International Front one can keep an eye on Fed's Interest rate decision on Wednesday along with Current account. Overhang on Brexit issues and OPEC's supply cut are likely to hit the domestic market in specific segment. Therefore, we advise to continue maintain a strict trailing stop loss on long position, and book profit at higher level on weakness. However market is looking positive ahead of the 2019 general elections.

Stock Future recommendations :

JUBLIANT: BUY| Above : Rs 1360| Target: Rs 1450| Stop loss: Rs 1310|

Jubliant food works is forming a triangle type pattern on weekly charts and hence breakout from that. This will leak towards 1450+ level in near future. 1425 is the immediate target in Jubilant in a shorter time frame.

INFIBEAN : BUY| Above : Rs 46.60| Target: Rs 49| Stop loss: Rs 44.30|

INFIBEAN is backed by e-comm. Segment is majorly focused sector in today's economy. Infibean is consolidating at the bottom from past 17 weeks. One can keep an eye on this particular stock.

TATAMTRDVR: SELL| Below : Rs 88.00| Target: Rs 85.50| Stop loss: Rs 91.00|

Tata motor's Balance-sheet also hit this stock in the past week. RSI of 14 day's is well below it's oversold zone it rally to downward continue

Source: Equity Bulls

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Other Headlines:

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Market Strategies for Wednesday May 8, 2019 from Share India Securities Ltd

No major movement in the truncated week, 11700 defended successfully: Angel Broking

Sectors like Energy & PSU Bank will be in limelight for the coming week market: Epic Research

Q4 earnings, Election vibes, Oil and global markets that will steer market next week - CapitalAim

11650-11700 to act as a sheet anchor: Angel Broking

Nifty Rollover highest since September 2016: Angel Broking

11549 becomes a sheet anchor: Angel Broking

Crude Oil & Final Phases of Elections in the coming month will add the volatility in market: Epic Research

The VIX and elevated crude oil prices will add bullish sentiments to the market: Epic Research

Banking once again becomes the culprit, all eyes on 11549: Angel Broking

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Crude oil spoils the party, crucial support at 11549: Angel Broking

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Technical & Derivatives Report - 22nd April 2019 - Angel Broking

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

Epic Research remains bullish because of RIL results post market

Technical & Derivatives Report - 18th April 2019: Angel Broking

Nifty clocked fresh record highs, traders eyeing 12000 now: Angel Broking

Nifty finally enters uncharted territory, reaches new milestone of 11800: Angel Broking

Technical & Derivatives Report - April 16, 2019 - Angel Broking

Market still under a consolidation range - April 16, 2019 - Market Strategy - Share India Securities Ltd

Index out of small consolidation band, eyeing new highs now: Angel Broking

Index futures attracting fresh longs: Angel Broking

Q4 results, IP data will drive market in coming week : CapitalAim

Market consolidates further, still better to be with the trend: Angel Broking

Market Strategies for Friday April 12, 2019 - Share India Securities Ltd

Appreciation in Rupee and inflows from FII adding positive sentiments to the market: Epic Research

Heavyweights led to some correction, 11549 becomes a key support: Angel Broking

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Call writers surrendered their arms: Angel Broking

Nifty and Sensex may test the levels of 12300 and 40700 respectively in 2019: Epic Research

Nifty bullish stance with an upside range of 11800-12200 - CapitalAim

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Head start for the new financial year, fresh record highs soon: Angel Broking

Forex Reserve and CPI may impact market in short term - CapitalAim

Crude oil, Currency movement, Manufacturing & Industrial numbers are most likely to drive the coming week market: Epic Research

25 Bps Repo Rate Cut Is A Growth Infusing Decision By RBI: ASSOCHAM

Market Outlook - Friday April 5,2019 - Share India Securities Ltd

The rate cut will likely to attract much liquidity for the economy: Epic Research

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RBI cuts repo rates by 25 bps as anticipated: Angel Broking

First Bi-monthly Monetary Policy Statement, 2019-20

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