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

| More

Despite strong profit taking, markets managed to close in the green: Angel Broking

Posted On: 2019-04-01 17:15:51


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

"The inaugural day of the new financial year kick started with a bang, taking cues from the cheerful mood across the globe. Subsequently, index extended this early morning lead in the first half to hasten beyond the 11700 mark. However, all of a sudden, strong profit booking across the globe weighed down heavily on our market and as a result, the Nifty nosedived in the penultimate hour to pare down major portion of early morning gains. Despite all this, index managed to close in the green by adding nearly four tenths of a percent to Friday's close.

This is one of the key dimensions of any financial market. The moment everything looks hunky dory, market tends to surprise us on most of the occasions. And something similar to this, we witnessed towards the fag of session. Now, with today's volatility, the daily chart depicts a 'Doji' candle, which is an indication of uncertainty. Today, instead of uncertainty, we would rather interpret as a profit booking after recent relentless run. Hence, we still maintain our positive stance on the market and advice against going short. In between, such hiccups are normal and it's advisable not to get carried away by such sharp declines.

Now, as far as levels are concerned, today's low would be seen as a key support for the coming session. A sustainable move below this would extend this profit booking towards 11600 - 11580 levels. On the flipside, we still believe that index is going to see fresh record highs soon. Today, banking index clearly underperformed, but it's evident at such elevated levels. Also, the midcap index which has been buzzing since few days has faced resistance around key Fibonacci ratio. So some consolidation may be on cards; but it would probably be very short lived. Meanwhile, one should keep focusing on individual stocks that are showing strength and are likely to provide better trading opportunities."


Source: Equity Bulls

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





Other Headlines:

Grand opening of a new month, 10000 in sight now: Angel Broking

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

Daily Market COmmentary - June 1, 2020 - Bonanza Portfolio

Daily Markets Update - June 1, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Mid-Market Review - India Stock Markets - Angel Broking

Weekly View for Markets - Vinod Nair - Geojit

View on GDP numbers for Q4FY20 - Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank

Technical Observation - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 29, 2020 - Bonanza Portfolio

Technical View - May 28, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 28, 2020 - Bonanza Portfolio

Market Daily - May 28, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Market View - May 28, 2020 - Vinod Nair, Head of Research at Geojit Financial Services

Technical Observation - May 27, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty climbs 3% with participation from broader markets: Angel Broking

Daily Market Commentary - May 27, 2020 - Bonanza Portfolio

Daily Markets Quote - May 27, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Derivative Insights - May 27, 2020 - Geojit

FX Monitor - May 27, 2020 - Geojit

Daily Markets Quote - May 26, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - May 26, 2020 - Bonanza Portfolio

Technical Observation - May 26, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Index consolidates while broader markets outperform: Angel Broking

Market View - May 26, 2020 - Vinod Nair, Head of Research at Geojit Financial Services

Daily Market Commentary - May 22, 2020 - Bonanza Portfolio

Technical Observation - May 22, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty holds 9000 despite some hiccups: Angel Broking

Nifty reclaims 9100 amid consolidation: Angel Broking

Technical Observation - May 21, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 21, 2020 - Bonanza Portfolio

Daily Markets - May 21, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

9000 reclaimed, expect further recovery: Angel Broking

Technical Observation - May 20, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - May 20, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - May 20, 2020 - Bonanza Portfolio

Derivative Insights - May 20, 2020 - Geojit

FX Monitor - May 20, 2020 - Geojit

Technical Observation - May 19, 2020 - HDFC Securities

Daily Market Wrap Up - May 19, 2020 - Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

Markets Daily - May 19, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - May 19, 2020 - Bonanza Portfolio

Derivative Insights - May 19, 2020 - Geojit

FX Monitor - May 19, 2020 - Geojit

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

Technical Observation - May 18, 2020 - HDFC Securities

Daily Market Commentary - May 18, 2020 - Bonanza Portfolio

Daily Market Update - May 18, 2020 - HDFC Securities

FX Monitor - May 18, 2020 - Geojit

Derivative Insights - May 18, 2020 - Geojit

Stimulus fails to excite, 9000 a key support to watch: Angel Broking







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

disclaimer copyright © 2005 - 2019