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

| More

Banking and Auto counters lifted markets higher, optimism to extend further: Angel Broking

Posted On: 2019-04-10 10:36:07

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

"Markets opened flat as there was no major trigger on the global as well as domestic front. During the first half, index did not have any strength to climb higher and hence, we almost went back to yesterday's low. Fortunately, there was sudden buying interest seen at lower levels and hence, markets reversed before it breaks previous day's low. In fact, as we were approaching the fag end of the session; the buying momentum accelerated across the broader market, leading Nifty to close at the highest point of the day by clocking over half a percent gains.

With reference to our previous article, we had highlighted about Nifty finding some support around key technical moving averages on hourly chart and hence, the subsequent session would be quite crucial or we can say, may turn out to be a trend decider for next few days. Very much in-line with this, Nifty went closer to previous day's low of 11549; but successfully managed to defend it. This clearly brought mighty bulls back into the action and as a result, we saw good trended move throughout the second half. This has clearly set the tone for the forthcoming session and we will not be surprised to see a gap up opening tomorrow. The Nifty is now at the cusp of important 'Falling trend Line' resistance of 11675. We would see acceleration after surpassing this level to test 11710 first and then towards all time high of 11761. On the flipside, the immediate support is now placed in the zone of 11638 - 11569 levels.

Today's rally was undoubtedly propelled by the heavyweight banking conglomerates. In addition, the midcap universe too had a smart rally to defend key support levels. Traders are repeatedly advised to stay on the positive side and along with above mentioned sectors, can keep a close eye on 'Auto' counters, that are clearly gearing up for strong moves.


Source: Equity Bulls

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





Other Headlines:

Selling reemerged at higher levels, still remain hopeful: Angel Broking

Technical & Derivatives Report 19th August 2019: Angel Broking

RBI nudges for growth - Acuité Ratings and Research

Market is waiting for government to provide some relief for FPI surcharge and stimulus for auto sectors - CapitalAim

3rd Bi-Monthly MPC Statement - Suman Chowdhury, President-ratings at Acuité Ratings and Research

View on RBI's monetary policy announcement - Mani Rangarajan

Post RBI Policy Reaction from Mr. Romesh Tiwari of CapitalAim

Nifty close above previous high after thirteen sessions: Angel Broking

Some recovery after testing sub-10800 levels, avoid fresh shorts: Angel Broking

Next Week Pharma, FMCG and Steel Sectors will be on Focus: CapitalAim

Sharp intraday correction in Nifty, but manages to close in the support range: Angel Broking

Midcaps show signs of some pullback: Angel Broking

Nifty at 200 DMA; 11108-11140 key support range: Angel Broking

This is a time for caution rather than being aggressive: Mr Mustafa Nadeem, CEO, Epic Research

Next week, the stocks of the pharma sector could show positive moves: CapitalAim

Rollover Report for July-August 2019: Angel Broking

Low Rollovers for the July series: Angel Broking

Still no respite, July series ends at two-month low: Angel Broking

Technical & Derivatives Report 25th July 2019: Angel Broking

FII has been largely negative post unfriendly budget - Mr Mustafa Nadeem, CEO, Epic Research

11300 - A make or break level in the near term: Angel Broking

Nifty above its crucial long term support of 200 days EMA: Mr Mustafa Nadeem, CEO, Epic Research

Marquee names succumbed to the selloff, 11300 becomes a key support now: Angel Broking

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

Options data hints scope of further upside: Angel Broking

Nifty surpasses the hurdle of 11640; buying seen in last hour of the trade: Angel Broking

IT comes to the rescue, broader markets under pressure: Angel Broking

Q1 result will drive the market in coming week : CapitalAim

Some respite on global cues, Auto and Metal stocks on a roll: Angel Broking

Boredom ahead of the event, all eyes on Finance Minister: Angel Broking

The volatility index tanks 4% ahead Union Budget: Angel Broking

Nifty reclaims 11900, focus shifts on the broader market: Angel Broking

Some respite on the global front, promising signs ahead of the budget: Angel Broking

Stronger hands reluctant rolling-over shorts: Angel Broking

Budget will shape the future trend of Equity Market :Epic Research

11750-11800 to act as a supply zone: Angel Broking

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

OTM call writers covered their positions: Angel Broking

Indices consolidate in a range; BankNifty outperforms: Angel Broking

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







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

disclaimer copyright © 2005 - 2019