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

| More

Technical & Derivatives Report - 22nd April 2019 - Angel Broking

Posted On: 2019-04-22 11:10:36

Technical & Derivatives Report by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"During the last week our markets started off well after US markets witnessed a strong upsurge on preceding Friday. The entire Asian basket too had a great run early in the morning on Monday; but we saw most of these bourses later on giving up their gains. Despite this, we managed to hold our ground and had a gradual up move throughout the remaining part to conclude firmly well inside the positive territory. This was followed by yet another gap up opening, which led to fresh record highs surpassing August 28, 2018 peak of 11760.20 and recent high of 11761. Last trading day of the truncated week began with a strong bump up at the opening; but it turned out to be a formality as we saw gradual profit taking throughout the remaining part to eventually conclude below the 11800 mark.

With last week's up move, the Nifty has managed to clock highest ever weekly closing and the way it's shaped up, we will not be surprised to see many such achievements in days to come. Yes, the kind of profit booking we saw on Thursday, especially in banking index, it does not augur well. But, we would still like to continue with the broader trend, which is strongly bullish. In between, it's natural to see such hiccups; but it certainly does not warrant any kind of trend reversal, at least at this juncture. So rather than pre-empting reversal and adopting a contrarian approach, we would follow stock specific approach for a while.

As far as levels are concerned, Tuesday's gap area of 11731.55 - 11704.60 would now be seen as immediate support. After this, 11549 can now be termed as a sacrosanct level for momentum traders. Only a move below this would apply brakes on this optimism for a while, till then continue with a buy on decline strategy. On the flipside, 11800 - 11857 are the levels to watch out for. But if above mentioned supports are held, then we will not be surprised to see index hastening beyond these hurdles to climb the 12k mountain. At this juncture, one needs to be extremely stock specific by following a proper exit strategy."


Source: Equity Bulls

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





Other Headlines:

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

Crude oil spoils the party, crucial support at 11549: Angel Broking

11500-11700 is the range for expiry week: Angel Broking

INDIA VIX at 3 year high: Angel Broking

Nifty set to head higher after two days of consolidation - Angel Broking

Epic Research remains bullish because of RIL results post market

Technical & Derivatives Report - 18th April 2019: Angel Broking

Nifty clocked fresh record highs, traders eyeing 12000 now: Angel Broking

Nifty finally enters uncharted territory, reaches new milestone of 11800: Angel Broking

Technical & Derivatives Report - April 16, 2019 - Angel Broking

Market still under a consolidation range - April 16, 2019 - Market Strategy - Share India Securities Ltd

Index out of small consolidation band, eyeing new highs now: Angel Broking

Index futures attracting fresh longs: Angel Broking

Q4 results, IP data will drive market in coming week : CapitalAim

Market consolidates further, still better to be with the trend: Angel Broking

Market Strategies for Friday April 12, 2019 - Share India Securities Ltd

Appreciation in Rupee and inflows from FII adding positive sentiments to the market: Epic Research

Heavyweights led to some correction, 11549 becomes a key support: Angel Broking

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

Call writers surrendered their arms: Angel Broking

Nifty and Sensex may test the levels of 12300 and 40700 respectively in 2019: Epic Research

Nifty bullish stance with an upside range of 11800-12200 - CapitalAim

Strong bout of profit taking, fortunately key supports defended: Angel Broking

INDIA VIX spikes over 9% to close above 20: Angel Broking

Head start for the new financial year, fresh record highs soon: Angel Broking

Forex Reserve and CPI may impact market in short term - CapitalAim

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

25 Bps Repo Rate Cut Is A Growth Infusing Decision By RBI: ASSOCHAM

Market Outlook - Friday April 5,2019 - Share India Securities Ltd

The rate cut will likely to attract much liquidity for the economy: Epic Research

RBI's rate cut by 25 basis points, keeps CRR unchanged - TradingBells

RBI cuts repo rates by 25 bps as anticipated: Angel Broking

First Bi-monthly Monetary Policy Statement, 2019-20

RBI Monetary Policy Review - Acuité Ratings and Research







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

disclaimer copyright © 2005 - 2019