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

Posted On: 2019-05-19 23:36:34

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

"Last weeks' price action was clearly divided into two parts, first half was the rub off effect of previous week's turmoil due to US - China trade war and the second half was the hope rally ahead of the exit polls result. On Friday, we witnessed a complete gush towards the fag end, which pushed index significantly higher to reclaim the 11400 mark on a closing basis by recouping over a percent from the previous week's damage.

We are now stepping into a crucial week and since the election verdict is one of the most watched as well as influenced event for our market, people should gear themselves up for wild swings. Since last couple of week, global uncertainty has been weighing down heavily on our markets; but now, till the time this event gets over, we may probably be decoupled from the global peers for a while. As we all know, such events are difficult to predict and since they can have a massive impact on near term movement, one needs take several scenarios into a consideration.

Now, let's dig into a bit of technical. The Nifty has managed to reverse from the 61.8% retracement of the recent up move and due to this, on weekly chart, '20-EMA' has been successfully defended on a closing basis. Going ahead, 11600 - 11800 these are the levels to watch out for in the upward direction and on the lower side, 11286 - 11050. The major trend will get confirmed only after Nifty giving a decisive breakout from the broader range of 11800 - 11050. But if we just have to guess on one possible direction, looking at current chart structure, we would remain hopeful as long as 'Multi-Month Trend Line' support of 11050 - 10900 remain unbroken on a sustainable basis. Below this, no brainer, we may see sharp declines and on the other hand, a move beyond the higher end would resume the broader degree up trend. Going by our recent articles, traders need to remain a bit light on positions and one should rather look to accumulate marquee propositions in a staggered manner. We would like to highlight one notable observation, the 'midcap index' which has not participated in last one and half a year, seems to be in a final stage of its price-wise as well time wise correction. So in case of favorable outcome, we expect midcap stocks to attract traders' attention."


Source: Equity Bulls

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Other Headlines:

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

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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

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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

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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

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







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