Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Market Commentary

| More

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

Posted On: 2019-06-02 08:25:39

Mr. Mustafa Nadeem, CEO, Epic Research

The third week of straight gains with Nifty closing at record levels of 11922. Post elections, volatility declining, post profit booking and despite negative global cues Nifty managed to pare the cuts and close above 11922.

As per the derivatives data, Nifty stands still in the range that was seen before the election which was 11500 - 12100. Now presently, we have good writing at 11700 - 11600 which now makes the 11800 very strong support for Index. Secondly Nifty also has its 10 Days SMA at the level of 11835. With that, the market has sustained the 11800 marks during this week and all five days. This indicates the push for upside is placed around 11750 - 11800 in the short term and that needs to be sustained by the bulls.

RSI is moving sideways which suggests the strength in the market is a bit weak and there needs to be enough improvement in breadth coupled with volumes that can take out 11950 - 12000 decisively.

For June Series, 1st weekly Expiry shows a higher concentration of strikes of 11800 - 12200. We expect this to be an initial range for the coming week, and the market may see some momentum building up. It is important for now market sustain levels of 11800 to see upside move to 12150 - 12200.

The week saw expiry with a higher rollover which clearly indicates there is a trend that may be established in June series. The rollover for Nifty at 71% which is above its last 6 month Average while bank Nifty at 83%, also above 6 month average of 72.51%, does indicate that there is some confidence in the market in the coming month. That may be attributed to multiple factors. The decline in crude, Strength in rupee momentarily decisive mandate elections and so on. The important one, for now, post-event, is a decline in volatility.

Monetary policy is expected to come in Next week and a lot of expectations are reflected in the same. With falling crude prices, negative global market and cues, US-China trade war, global slow down fears, etc; RBI is expected to cut rates in its meet. A 25 BPS is expected which can further improve the demand side constraints and boost growth for the GDP. Also, the inflation at lower levels is further an advantage for RBI. The only point of concern right now is near normal monsoon prediction and this could have an impact on food prices in the coming months.

1st Cabinet Meeting is expected to have the predefined agenda of the government that was there in there Manifesto. There is nothing new in that. The 100 days agenda is been set by the government and is already a discounted market.

Finance Ministry is now lead by Smt. Nirmala Sitharaman and there are many hopes now. First is Liquidity followed by banks recapitalization, improvement in demand in the economy. She has been there in the Defence Ministry, Commerce & Industry, MoF, so her exposure to various intricacies of this sector is already in place.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

View on Finance Minister's announcement to keep Corporate tax rate to 22% without exemptions

The masterstroke from FM, market takes a giant leap from lows: Angel Broking

Corporate Tax Reduction - Mr. Jignesh Madhwani, Promoter & Partner, Torin Wealth Management

Corporate Tax slashed for the Companies - Ravi Saxena (MD, Wonderchef)

Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs

Views on FM Smt. Nirmala Sitharaman Press Conference - Acuité Ratings

India cuts corporate tax, FM announces slew of measures to resurrect economy

Technical & Derivatives Report 20th September 2019: Angel Broking

Technical & Derivatives Report 19th September 2019: Angel Broking

Technical & Derivatives Report 18th September 2019: Angel Broking

Indices confirms a reversal, buying opportunity in midcaps: Angel Broking

Technical & Derivatives Report 9th September 2019: Angel Broking

Market overview after FM announcment - TradingBells

Nifty retraces some of the recent gains, seems a good buying opportunity: Angel Broking

V-shaped recovery in three sessions, Nifty gains 500 points from recent low: Angel Broking

Nifty off 400 points from lows before anyone could realize it, expect further recovery: Angel Broking

All the things playing out on a Monday morning - Mr Mustafa Nadeem, CEO, Epic Research

Technical & Derivatives Report 26th August 2019: Angel Broking

Technical & Derivatives Report 23rd August 2019: Angel Broking

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

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

disclaimer copyright © 2005 - 2019