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Market will watch closely FII's and DII's data - Debabrata Bhattacharjee, CapitalAim

Posted On: 2019-03-23 09:55:26

The benchmark index march high with the help of Bank Nifty as it is trading at all-time high mark crossing 30000 psychological marks on Friday's trading, while Nifty 50 index is just behind 180 approx. points to it's an all-time high. The Benchmark trades high Wednesday, following gains in Infosys, HDFC twins, and L&T amid uninterrupted capital flow by foreign funds.

FII's are the main driving force behind the Rally in Benchmark from February low of 10585 through 11572 on March 22. A market was closed on Thursday on account of Holi, so on the next day Index began with a gap up at 11522 hit the session's high 11572 however, after emergences of profit booking Nifty 50 Quickly get demolish and settle at around 11456.

On Fridays market, Benchmark Nifty correct almost 64.15 points or 0.55% at 11456. Nifty50 hit a new high on Friday's opening trade of 11572 from February low of 10585. A cautious approach is the best strategy to trade in Index at this juncture. One should closely watch the FII's and DII's data on a daily basis. Going ahead 11572 is the decisive level on Nifty50 and if Nifty fell below 11400 we look this as an intermediate top on Nifty.

One should listen ECB President's Dragi speaks on Wednesday. Import Export Data of US on the same day. While GDP data of Q4 on Thursday of US. We can see small correction can last for a few more days post which, market expect another rise. We could be looking at some sort of a buying climax for Indian and international markets in coming few weeks.

Stock Future recommendations :

TATAMTRDVR: SELL| Below : Rs 86.90| Target: Rs 84.70| Stop loss: Rs 89.50|

TATAMTRDVR is technically structural weak. Getting Upper channel resistance along with Moving Average resistance. Breaking the Triangle formation of two weeks.

RELCAPITAL : SELL| Below : Rs 175.50| Target: Rs 170.50| Stop loss: Rs 180.50|

RELICANCE CAPITAL is forming a double top formation and getting resistance on top of channel line. RSI on the other front is weakening from upper levels.

REPCOHOME: SELL| Below : Rs 445| Target: Rs 432| Stop loss: Rs 460|

REPCOHOME is forming Rounding top formation simultaneously getting resistance with upper channel line. On daily Chart Relative Strength got weak from upper zone.

Source: Equity Bulls

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