Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Amazon Great Indian Festival Celebration Sale - 2019
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:

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

Technical & Derivatives Report 20th September 2019: Angel Broking

Technical & Derivatives Report 19th September 2019: Angel Broking

Technical & Derivatives Report 18th September 2019: Angel Broking

Indices confirms a reversal, buying opportunity in midcaps: Angel Broking

Technical & Derivatives Report 9th September 2019: Angel Broking

Market overview after FM announcment - TradingBells

Nifty retraces some of the recent gains, seems a good buying opportunity: Angel Broking

V-shaped recovery in three sessions, Nifty gains 500 points from recent low: Angel Broking

Nifty off 400 points from lows before anyone could realize it, expect further recovery: Angel Broking

All the things playing out on a Monday morning - Mr Mustafa Nadeem, CEO, Epic Research

Technical & Derivatives Report 26th August 2019: Angel Broking

Technical & Derivatives Report 23rd August 2019: Angel Broking

Selling reemerged at higher levels, still remain hopeful: Angel Broking

Technical & Derivatives Report 19th August 2019: Angel Broking

RBI nudges for growth - Acuité Ratings and Research

Market is waiting for government to provide some relief for FPI surcharge and stimulus for auto sectors - CapitalAim

3rd Bi-Monthly MPC Statement - Suman Chowdhury, President-ratings at Acuité Ratings and Research







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

disclaimer copyright © 2005 - 2019