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

| More

Exit poll gap became the savior, rally to extend further: Angel Broking

Posted On: 2019-06-20 21:49:35

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

"Despite SGX Nifty suggesting a positive start, we had a gap down opening to surprise most of the market participants. There was some nervousness seen in the initial trade, but all of a sudden strong buying emerged at lower levels which not only continued but also accelerated as the day progressed. In this course of action, Nifty went on to thrash all intraday hurdles and eventually concluded the weekly expiry well above the 11800 mark by clocking smart rally of more than a percent.

It was a splendid day for our markets and it has certainly brought back wide small in the traders' fraternity. Let's get into a bit of technical now. If we refer to our last couple of articles, we had mentioned about the formation of 'Bullish Wolfe wave' pattern in Nifty on hourly chart. As per the requirement, the 'Potential Reversal Zone' of this pattern was at 11630. Since last three days, index has been rebounding sharply after making lows precisely around this point and today finally this pattern has showed its significance. In addition, the higher end of the upward gap area created post the exit poll numbers was around 11591 and we were of the firm opinion that this gap area will not be violated. Today's colossal rally has validated this contradictory opinion and now we expect this upward trajectory to continue towards 11900 - 12000 in coming days. On the flipside, the intraday support is now seen at 11800 - 11756.

The highlight of today's upsurge was the sharp bounce back in so many laggards who had beaten down brutally in the recent past. In our sense, this relief move is likely to extend but we would still advise traders to be a bit fussy when it comes to stock selection. It's better to stick to quality midcaps that are likely to give decent moves and should ideally avoid such consistent draggers despite giving eye-popping moves."


Source: Equity Bulls

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





Other Headlines:

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

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

Market Cues for the day - June 12th, 2019 - Angel Broking

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







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

disclaimer copyright © 2005 - 2019