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

| More

11600 defended successfully, remain hopeful of a strong rally: Angel Broking

Posted On: 2019-06-21 21:00:02


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

"The global set up has been excellent throughout the week, in fact, US markets hastened towards all-time highs after recent underperformance. However, we failed to capitalise on this positive development as some of the domestic wounds still continues to hurt us badly. Barring Thursday's session, there was no respite in our markets. Fortunately, despite various attempts to breach 11600, our benchmark managed to defend key levels and went on to confirm a weekly close tad above the 11700 mark.

During the early part of the week, index slipped below recent swing low of 11769, which triggered sharp selloff to retest sub-11700 levels. Despite a strong selling pressure, the Nifty managed to hold key support zone 11630 - 11591. These levels were critical supports because 11591 is the higher end of the 'Upward Gap Area' created post the exit poll numbers. And 11630 being the 161% Fibonacci retracement levels of the small up move from 11769.50 to 12000.35. This level coincided with the 'Potential Reversal Zone' as per the 'Bullish Wolfe Wave' structure, which is clearly visible on hourly chart. Despite a strong selling pressure on many occasions, we witnessed massive buying emerging in the zone of 11650 - 11630 and with Thursday's colossal move, the said pattern has been validated. Yes, Friday's decline was a bit unexpected for us; but we still remain hopeful and expect the index to breakout from the key hurdle of 11843.50. This would unfold the fresh upward leg of the rally to test 12000 first and then possibly fresh record highs soon. This optimistic approach remains valid as long as we are trading above the sheet anchor support of 11630 - 11591.

Clearly, the banking index outperformed our benchmark in the week gone by and there were few other notable movers too on the sectoral front. But, the way 'Midcap' index is shaped up, it clearly grabs our attention. The weekly chart looks extremely promising and soon we will not be surprised to see a strong rally unfolding in this universe. But still traders are advised 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 rebounds."


Source: Equity Bulls

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





Other Headlines:

Weekly View for Markets - Vinod Nair - Geojit

View on GDP numbers for Q4FY20 - Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank

Technical Observation - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 29, 2020 - Bonanza Portfolio

Technical View - May 28, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 28, 2020 - Bonanza Portfolio

Market Daily - May 28, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Market View - May 28, 2020 - Vinod Nair, Head of Research at Geojit Financial Services

Technical Observation - May 27, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty climbs 3% with participation from broader markets: Angel Broking

Daily Market Commentary - May 27, 2020 - Bonanza Portfolio

Daily Markets Quote - May 27, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Derivative Insights - May 27, 2020 - Geojit

FX Monitor - May 27, 2020 - Geojit

Daily Markets Quote - May 26, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - May 26, 2020 - Bonanza Portfolio

Technical Observation - May 26, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Index consolidates while broader markets outperform: Angel Broking

Market View - May 26, 2020 - Vinod Nair, Head of Research at Geojit Financial Services

Daily Market Commentary - May 22, 2020 - Bonanza Portfolio

Technical Observation - May 22, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty holds 9000 despite some hiccups: Angel Broking

Nifty reclaims 9100 amid consolidation: Angel Broking

Technical Observation - May 21, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 21, 2020 - Bonanza Portfolio

Daily Markets - May 21, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

9000 reclaimed, expect further recovery: Angel Broking

Technical Observation - May 20, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - May 20, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - May 20, 2020 - Bonanza Portfolio

Derivative Insights - May 20, 2020 - Geojit

FX Monitor - May 20, 2020 - Geojit

Technical Observation - May 19, 2020 - HDFC Securities

Daily Market Wrap Up - May 19, 2020 - Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

Markets Daily - May 19, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - May 19, 2020 - Bonanza Portfolio

Derivative Insights - May 19, 2020 - Geojit

FX Monitor - May 19, 2020 - Geojit

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

Technical Observation - May 18, 2020 - HDFC Securities

Daily Market Commentary - May 18, 2020 - Bonanza Portfolio

Daily Market Update - May 18, 2020 - HDFC Securities

FX Monitor - May 18, 2020 - Geojit

Derivative Insights - May 18, 2020 - Geojit

Stimulus fails to excite, 9000 a key support to watch: Angel Broking

Weekly Market View - May 15, 2020 - Vinod Nair, Head of Research at Geojit Financial Services

Technical Observation - May 15, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - May 15, 2020 - Bonanza Portfolio

Derivative Insights - May 15, 2020 - Geojit

FX Monitor - May 15, 2020 - Geojit







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

disclaimer copyright © 2005 - 2019