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Next Week, Stocks of Banking & Finance, Pharma and Auto Sectors could be Expected to Show Bearish Movements - CapitalAim

Posted On: 2019-06-21 20:59:27

Mr. Romesh Tiwari, Head of Research, CapitalAim

The Benchmark Nifty50 Index this week remained range bound on a weak note and traded between 20-day & 50-day moving average on the daily chart. This week nifty neither breached the resistance of 11860 levels nor did it breach the support of 11600 levels on the daily chart.

On Friday market, Benchmark Nifty50 remained weak for the entire day and closed at 11724.10 levels. The index sustained within the levels of 11825 to 11700 for the day below 20-day moving average on the daily chart but closed with a negative bias with a loss of 118.20 points or 1.00% on daily basis. The Nifty index is sustaining below 20-day moving average on the daily chart which is around the resistance of 11860 levels while it is also sustaining above 50-day moving average on the same chart. It is looking weak on daily charts as it is consolidating downward below the resistance of trend line drawn from the high of 4-June 2019 and RSI is also looking weak which is now placed at 48.01 levels. But since the index is range bound so, one should be very cautious for the next week and take any position only once either the Nifty sustains above 11970 levels or below 11600 levels on the daily chart. For the next week, stocks of banking & finance, pharma and auto sectors could be expected to show bearish movements.

There is an expectation that, the next week U.S. and Chinese president could meet in Japan during G-20 meeting to discuss ways to resolve trade war but recent tensions between Iran and the U.S. denting the market sentiments. On the domestic front, Govt. of India is expected to raise the deficit target in the budget, which is to be presented in the first week of the next month as a big shortfall in net tax collections is the main factor for such expectation and this further indicating to the slowdown of the economy. But the actual conditions would be clear only once the budget is presented and till then the market may remain sideways, however; international events could help it break the range to either of the sides.

Next week, in the Indian market, there would be no important data. On the international front, there would be OPEC Meetings and data of CB Consumer Confidence on Tuesday, Core Durable Goods Orders on Wednesday, Final GDP on Thursday and there would be G20 Meetings on Friday & Saturday.

Stock Recommendations:

Jubilant Food (Fut) : SELL| Below: Rs 1240| Target: Rs 1202| Stop loss: Rs 1278|

Jubilant Food is overall in a bearish trend on the daily chart from 6 June 2019. This week it breached the immediate support at 1258 levels and closed below it. The 20, 50 & 120 day moving averages on daily charts, has almost converged downward and MACD has shown bearish crossover. RSI is also looking weak on the same chart and now placed at 39.46 levels.

HDFC Ltd (Fut) : SELL| Below: Rs 2130| Target: Rs 2065| Stop loss: Rs 2194|

HDFC Ltd has corrected from the higher levels since 6 June 2019 on the daily charts and now sustaining below the 20-day moving average below 2200 levels. Also, MACD is showing a sell signal along with the RSI on the daily charts, which is correcting from the over-bought zone and now showing sell signal being placed at 50.17 levels.

ConCor: BUY| above: Rs 556 | Target: Rs 573 | Stop loss: Rs 539|

Container Corporation is overall in a bullish trend since 15 May 2019 and now, it has shown the breakout of the bullish pennant pattern and also breaks out of the resistance levels around 553 on the daily chart. RSI on daily charts looking strong which is now placed at 67.34 levels while MACD on the same chart, has shown upward crossover.


Source: Equity Bulls

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Technical & Derivatives Report 19th August 2019: Angel Broking

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Post RBI Policy Reaction from Mr. Romesh Tiwari of CapitalAim

Nifty close above previous high after thirteen sessions: Angel Broking

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Rollover Report for July-August 2019: Angel Broking

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Technical & Derivatives Report 25th July 2019: Angel Broking

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11300 - A make or break level in the near term: Angel Broking

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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

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Some respite on the global front, promising signs ahead of the budget: Angel Broking

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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

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

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11630 - 11610 are the levels to watch out for: Angel Broking

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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







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