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

| More

Nifty can remain rangebound with 12000 on the upside to 11700 - 11600 on the downside - Epic Research

Posted On: 2019-06-21 20:58:49

Mr. Mustafa Nadeem, CEO, Epic Research

Nifty ends down for a third consecutive week and after almost a month below 11800. Since then we have seen Nifty oscillating in the range of 11800 - 12000 while a break from the range is seen this week. The volatility index was also seen up today almost 5% which indicated a certain amount of fear in the undertone of the market. Nifty has been sustaining now on the edge of 11620 - 11650 in later trading sessions with a few reversal patterns as there lies a massive gap of almost 200 points.

Directionally, the market is seen in a trending state for the last few weeks which is now diminishing over time. There is also a tug of war between the bulls and bears. The volatility is further hurting the directional players with wild swings. RSI (14) has been revolving around 50 as the market tries to find itself on which side of the line it can extend.

Derivatives data points to a broader range of 11500 - 12000 while intermediate numbers are at 11700 - 11900. We believe in next week with expiry we are bounded in this range and see the further extension in the volatility. Previous expiry rollover numbers were pretty much promising as they were above their 6 months high though it would be crucial to see the rally we have seen from 11100 - 11200 can hold on.

In the coming week, We will be having some important events such as Fiscal deficit numbers being released along with infrastructure output. Prices will still be trying to discount the Budget that is due in the First week of July. Price action would be played around expectations of the same. It would be important to see if the government efforts to further boost the private investment and improve the economic activities coupled with its focus on rural distress. The RBI has already taken a stance of accommodative while reducing the rates.

We believe Nifty can remain rangebound with 12000 on the upside to 11700 - 11600 on the downside. A close below 11600 would bring in bears aggressively that can take the market to lower levels of 11400 - 11350 while Closing above 12000 can further boost the positive sentiment and a short covering rally can be seen. Lately, global cues have been positive though Crude has been hurting the overall sentiment. The US - Iran Standoff we believe global markets can take a hit in the short term and that is what sending important commodities such as Crude, Gold, and Copper northwards. This can hurt, specifically Crude and Gold, the fiscal deficit numbers.

DCM SHRIRAM - Stock outperformed well with good volumes and closed in green. It also gave breakout of the falling channel on the hourly chart. We recommend buying above 540 for the target of 550 with the stop loss of 530.

KAJARIACER - Stock was negative throughout the day and closed near to days low. It has the strong support of 200 EMA on the daily chart. We recommend buying around 555 for the target of 560 with the stop loss of 550.

SIEMENS - Stock was negative and closed near to days low. The RSI and CCI are also showing downside in the stock on the daily chart. We recommend selling below 1229 for the target of 1214 with the stop loss of 1240.


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

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

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