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

| More

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

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





Other Headlines:

Index eyeing record highs now, Pharma seems to be the flavor now: Angel Broking

12000 or beyond not too far now: Angel Broking

Index consolidating but 'Pharma' continues to buzz: Angel Broking

No signs of trend reversal, avoid taking any contra bets: Angel Broking

Daily market commentary - November 1, 2019 - BONANZA PORTFOLIO LTD

Indecision continues but no worry as banking on the cusp of a breakout: Angel Broking

Some indecision or a profit booking, still no reason to worry for: Angel Broking

March towards 12k continues, PSU stocks are on a roll: Angel Broking

Daily market commentary - 30th October 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Kharif crop shortfall despite good monsoon to push up near term food inflation

Head start for the new SAMVAT, 12000 on cards now: Angel Broking

Technical & Derivatives Report - October 29, 2019: Angel Broking

Daily market commentary - October 18, 2019 - BONANZA PORTFOLIO LTD

Markets will be closed on October 21, 2019 for Maharashtra State Assembly Elections

Daily market commentary - October 17, 2019 - BONANZA PORTFOLIO LTD

Global uncertainty easing off one after another, bodes well for the bulls: Angel Broking

Technical & Derivatives Report 17th September 2019: Angel Broking

Daily market commentary - October 16, 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 15th October 2019 - BONANZA PORTFOLIO

Daily market commentary - October 14, 2019 - BONANZA PORTFOLIO LTD

Stay light to avoid wild swings in the market, 11400 to watch out for: Angel Broking

Index defends key support, remain optimist for near term: Angel Broking

Daily market commentary - 11th October 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 10th October 2019 - Bonanza Portfolio

Near term outlook positive till Nifty holds support of 11100: Angel Broking

Index resumes positive momentum from its support: Angel Broking

Nifty up 1.7% - Mr Jaipal Shetty, Fundamental Analyst, BONANZA Portfolio Ltd

Daily Market Commentary - 07th October 2019 Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Key highlights and out take on the monetary policy: Angel Broking

Market commentary - 04th October 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Quote from Mr. Amit Gupta, Co-Founder and CEO TradingBells

Quote on RBI policy from Mr. Mustafa Nadeem, CEO, Epic Research

Views on RBI Policy - Avnish Jain Head - Fixed Income Canara Robeco Asset Management Company

RBI MPC - Karan Mehrishi, Lead Economist at Acuité Ratings and Research

Technical & Derivatives Report 4th October 2019: Angel Broking

Technical & Derivatives Report 3rd October 2019: Angel Broking

Technical & Derivatives Report 30th September 2019: Angel Broking

Rollover Report for September-October 2019: Angel Broking

Index resumes momentum after some consolidation: Angel Broking

Fiscal deficit may still be limited to 3.5-3.6% - Acuité Ratings & Research

Technical & Derivatives Report 25th September 2019: Angel Broking

Rupee breaches 72 mark amid economic slowdown: Angel Broking

Nifty rallies 1000 points in couple of sessions: Angel Broking

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







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

disclaimer copyright © 2005 - 2019