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

Posted On: 2019-04-07 18:06:09

Mr. Mustafa Nadeem, CEO, Epic Research.

Nifty marks a new all-time high of 11761 while it struggled to maintain the momentum and closed flat. The weekly charts formed a Jodi which indicates indecision. This is a very powerful reversal formation, especially when spotted near previous all-time highs. A rate cut by RBI also failed to cheer the bulls as rising crude prices kept upside capped.

A déjà is a reversal pattern which underlines indecision in a prevailing trend. This formation is very critical as and when it is formed near all-time highs or lows. Secondly, it has formed after a long time and that too makes it much important as it is a weekly timeframe. We believe it can have a certain implication and distort the momentum of bulls to some extent. Any failure of bulls to push this momentum will result in a low-risk opportunity for bears.

On Domestic front, a rate cut by RBI which was much expected and discounted in price was announced this week. A second rate cut was announced in the last three meets. The market though managed to hold lower levels but profit booking was clearly seen. The Indian rupee was seen having some strength as RBI proposed to further inject the liquidity.

Global markets were largely positive with the US Markets taking the lead. S&P500, DJIA along with European markets were seen in positive momentum. The US core retail numbers were lower than expected but promising services PMI numbers from euro zone along with improvement in Chinese manufacturing numbers boosted the global sentiments.

Amid all this, Crude oil was the commodity that kept Indian equities upside capped. Supply-side concerns kept bulls in charge as we are seeing a fifth positive week for the energy.

We believe the coming week will be dominated by factors such as Crude oil and currency movement. Domestic data such as Manufacturing and Industrial numbers and inflation will also be seen. Below average monsoon forecast has already put some dent in the sentiments.

We remain cautiously bullish and would like to utilize the dips. It is also very important to see if Nifty is able to breach 11760 on upside or retreat to 11500. These are the two numbers that will be seen with importance as that's the range.


Source: Equity Bulls

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Other Headlines:

11600 defended successfully, remain hopeful of a strong rally: Angel Broking

Next Week, Stocks of Banking & Finance, Pharma and Auto Sectors could be Expected to Show Bearish Movements - CapitalAim

Nifty can remain rangebound with 12000 on the upside to 11700 - 11600 on the downside - Epic Research

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

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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

Rollover Report for May-June 2019: Angel Broking

Be prepared for wild swings, hopeful of a favourable outcome: Angel Broking

Election results and exit polls will drive market : Mustafa Nadeem, Epic Research

Still no respite, the last ray of hope now around 200-SMA: Angel Broking

Market Strategies - May 14, 2019 - Market to focus on fresh triggers

IIP and Manufacturing number will provide some breather : Epic Research

Market will focus on Q4 results and final phase of election - CapitalAim

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

Expect 11550 is the crucial support level for Nifty: CapitalAim







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