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Extension of profit booking post the RBI monetary policy, still no reason to worry for: Angel Broking

Posted On: 2019-04-04 17:39:38

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

"Yesterday's weak session was followed by a flat start in our markets, which was very much in line with sluggish global cues. However, right from the initial trade, market looked nervous and hence, we saw index sliding below 11600 at the cusp of the midsession. We witnessed some recovery post the RBI monetary policy. But it was clearly a short lived bounce back as the outcome of RBI cutting the repo rate by 25bps was already been discounted in the prices. Eventually, the penultimate day of the trading week ended tad below 11600 by trimming another four tenths of a percent.

Today's decline was just a natural extension of yesterday's profit booking. So many stocks had entered an extremely overbought territory; so they needed to cool off a bit and this is what we have seen in last couple of days. However, this certainly doesn't change the trend; in fact, it should be considered as a healthy correction to see sustainable rally in the near term. We advise traders not to look for shorting opportunities, rather use dips to buy into some quality propositions. As far as levels are concerned, we see strong support zone in the vicinity of 11550 - 11500 and we expect buying to emerge once index enters this zone. On the higher side, 11630 followed by 11663 would be seen as immediate hurdles. A sustainable move above this would push the index back to its all-time highs, which we expect to be surpassed soon.

Traders are advised to stay positive and try to identify potential candidates who have probably given decent corrections and are now gearing up for the next leg of the rally."


Source: Equity Bulls

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Other Headlines:

Market Wrap-up - Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking)

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Finally some relief in the broader markets: Angel Broking

Finally Nifty surpassed 11850; courtesy to Banking and Metals space: Angel Broking

Once again Nifty rallies from 11650, expect upmove towards 12000: Angel Broking

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Exit poll gap became the savior, rally to extend further: Angel Broking

Fed rates compromise between monetary policy and Trump: Angel Broking

11630 - 11610 are the levels to watch out for: Angel Broking

Nifty is now all set for the Budget : Mustafa Nadeem, Epic Research

Negative News From the Finance Sector can be a trigger for a bigger correction before the budget session: CapitalAim

Index rebounds from its support; expect uptrend to resume: Angel Broking

V-shaped recovery from 20-DMA, except rally beyond 12000: Angel Broking

11850-12050 is an immediate range: Angel Broking

Market Cues for the day - June 12th, 2019 - Angel Broking

11850-11900 to act as demand zone now: Angel Broking

Nifty Can Move Downside If Fails to Sustain Above 12000 levels: CapitalAim

Gradual upmove from the support, broader participation awaited: Angel Broking

Index consolidates in a range, 'IT' counters witness buying momentum: Angel Broking

RBI Circular will have a Positive Effect on NBFC & Banking sectors: CapitalAim

RBI circular for Resolution of Stressed Assets will be a relief to businesses facing temporary financial issues

Index defends its support, but ends well below the 12000 mark: Angel Broking

Market to Trade in a Wide Range for the Next Week - CapitalAim

Nifty concludes above 11850; courtesy to Banking and IT space: Angel Broking

RBI Policy update from Mr. Romesh Tiwari, Head of Research, CapitalAim

Reaction on RBI policy from Mr. Mustafa Nadeem, CEO, Epic Research

Views on RBI Policy - Kumaresh Ramakrishnan, Head - Fixed Income, DHFL Pramerica Mutual Fund

Nifty tanks below 11850 post RBI rate cut, but no major shorts: Angel Broking

Market may see further pressure in Nifty : Epic Research

Sell off post RBI policy, banking stocks drag: Angel Broking

Market Outlook - June 4, 2019 - Angel Broking

12000 conquered convincingly, courtesy to IT and Auto counters: Angel Broking

Long Short Ratio back to 60%: Angel Broking

The market will keenly look forward to the first Cabinet meeting and RBI Monetary Policy - CapitalAim

Next week market will look for RBI monetary policy crude price and global market sentiment: Epic Research







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