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

| More

Global cues have been positive as DJIA and other European indices were trading positively: Epic Research

Posted On: 2019-03-23 09:54:15

Mr. Mustafa Nadeem, CEO, Epic Research

Nifty forms a shooting star after four consecutive weeks of upward momentum indicating some indecision at higher levels. It had been one of the best rallies Nifty posted since last September but a Shooting star now makes it suspicious going forward as the strength of bulls seems to be fading while profit booking is seen in the area of 11500 - 11600.

A shooting star, a Long shadow on the upside with small body below the belt, is seen as a sign of indecision in bulls and bears and is an outcome of the same. The importance of the formation increases after a sustained upward move and that too when it's on the weekly chart makes it very critical.

Global cues have been positive as DJIA and other European indices were trading positively. Specifically, DJIA rallied post dovish comments by Fed in its meet as they held on to no change in rates this week. European indices did see some profit booking at higher levels.

Crude is another factory that can be seen as a culprit to this profit booking as it rose to $69 mark while USDINR also saw some rebound from lower levels. Crude rose amid supply-side concerns with recent sanctions on Iran and Venezuela. USDINR further added some pressure as it was sustaining the lower levels of $69.

Though recently we have seen some good coupling between Indian equity markets and western indices. This is seen after a few weeks as Nifty was able to sustain at much better levels as compared to world indices.

Technically Nifty has sustained the 50 MA on weekly chart which is at the much better position with 100 Days MA below it. Usually, these are long term supports and we do see a sustained move after these levels are tested. That is what we have seen here. We think this is a price wise correction which is due and is of course needed to lighten up and push out the weak money. Point of inflection for Nifty is seen at 11320 - 11280. The Trend is up and intact. Hence dips to these levels will be utilized by bulls. We also have expiry next week and writers will jump in to eat the premiums. So we are looking at some consolidations in the market in a small range. It will be important to see the rollover numbers of the index and blue-chip stocks that are leading the rally. Any divergence over there shall act as a warning signal.

We maintain buy on dips as a strategy.


Source: Equity Bulls

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





Other Headlines:

Tail end recovery leads to formation of reversal pattern: Angel Broking

Daily market commentary - 27th February, 2020 - BONANZA PORTFOLIO LTD

Higher volatility keeps traders on toes: Angel Broking

Daily market commentary - 26th February 2020, BONANZA PORTFOLIO LTD

Market fails to capitalize on positive opening: Angel Broking

It was the day of Consolidation; SBI may continue to outperform ahead of IPO SBI card - TradingBells

Daily market commentary - 25th February 2020 - BONANZA PORTFOLIO LTD

Last week optimism gone for a toss, 11800 - 11750 to watch out for: Angel Broking

Technical & Derivatives Report 24th February 2020: Angel Broking

Daily Market Commentary - 20th February 2020 - BONANZA PORTFOLIO LTD

Next week bull trend will resume for fresh all-time high - TradingBells

Recovery results into Island reversal pattern, expect rally to extend: Angel Broking

Index enters consolidation phase, 11990 key supports: Angel Broking

Daily market commentary - February 17, 2020 - Bonanza Portfolio Ltd

Market Commentary - February 4, 2020 - BONANZA PORTFOLIO LTD

Daily market commentary - 27th January 2020 - BONANZA PORTFOLIO LTD

Technical & Derivatives Report 27th January 2020: Angel Broking

Daily market commentary - 24th January 2020 - BONANZA PORTFOLIO LTD

Daily market commentary - 23rd January 2020 - BONANZA PORTFOLIO LTD

Daily market commentary - 21st January 2020 - BONANZA PORTFOLIO LTD

Some reality check at record highs, but the broader trend still remains up: Angel Broking

Index remains choppy but midcaps continue its stellar run: Angel Broking

Daily market commentary - 15th January 2020 - BONANZA PORTFOLIO LTD

Market regains strength after early hiccup, midcaps continue to outshine: Angel Broking

Market trim losses post gap down opening: Angel Broking

Daily market commentary by - January 7, 2020 - BONANZA PORTFOLIO LTD

Market corrects sharply amidst global tensions: Angel Broking

Daily market commentary - 31st December 2019 - BONANZA PORTFOLIO LTD

Mid & small cap offers attractive risk-reward trade-off for 2020

Daily market commentary - 30th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 27th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 26th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 24th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 23rd December 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 20th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 19th December 2019 - BONANZA PORTFOLIO LTD

Santa rally continues for the bulls: Angel Broking

Nifty breaks out to new all-time record close of 12221.65

Daily market commentary - 18th December 2019 - Mr Jitendra Upadhyay, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 17th December 2019 - Mr Jitendra Upadhyay, Fundamental Analyst, BONANZA PORTFOLIO LTD

New record highs for the index, broader markets rally: Angel Broking

Merely a breather before fresh highs: Angel Broking

Last hour rally brings some relief for traders: Angel Broking

12010 - 11930 becomes a sacrosanct support zone: Angel Broking

Suman Chowdhury, President - Ratings at Acuité Ratings and Research on Q2 FY20 GDP

FIIs 'Long Short Ratio' surged to 61%: Angel Broking

Daily market commentary - 29th November 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 28th November 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Index at new highs, stocks witnesses buying interest: Angel Broking

Market Wrap - Mr. Santosh Meena, Senior Analyst, TradingBells







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

disclaimer copyright © 2005 - 2019