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

| More

This is a time for caution rather than being aggressive: Mr Mustafa Nadeem, CEO, Epic Research

Posted On: 2019-07-27 13:02:03


Nifty ended down for a fourth consecutive week and it's a first since the start of 2019. The selling pressure intensified due to multiple domestic factors and negative global cues. Technically RSI has almost touched the oversold level of 30 this week indicating the sell-off was too deep. Nifty also was able to retain the support area which is placed at the levels of 11200.

RSI has been showing divergence for a while and this correction seems to have been due. Now we are at a very important support zone which is coupled with 200 days SMA placed at 11135. The cool off in prices was also witnessed in the second half of the week with the market recovering to close above the previous two day's close.

Fundamental arent supporting at this point in time. While earnings were in much better shape in the previous quarter; this quarter has seen numbers much lower and with a recent dismal performance from Auto, FMCG we believe the sentiments may remain negative. The HUL has seen growth slowing to almost 7 quarters low. The auto companies are already in a bad shape and we believe this may continue for this quarter as well until demand picks up in its season. The topline for many companies have not been good and only financials are able to report better number but with increased provisioning and reduced NIMs.

FII /FPI has been negative since the Budget and we have seen them pulling out 12K Cr till this date. All eyes will now be on coming RBI meet in August.

Global cues have also been negative in terms of earnings as most companies who have reported to date saw a decline in earnings and further reducing EPS making it a second straight quarterly drop.

We believe this is a time for caution rather than being aggressive and going out with a shopping bag. It is now only select few stocks that need to be handpicked at this point of time. While Index may consolidate between 11200 - 11450 in the short term.

YESBANK - Stock formed a flag pattern on the hourly chart and closed near to days high with high volumes. We recommend buying above 97 for the target of 99 with the stop loss of 95.

BAJFINANCE - Stock took the support of the 200 EMA on the daily chart and closed in green with good volumes. It also formed a flag pattern on the hourly chart. We recommend buying above 3275 for the target of 3325 with the stop loss of 3250.

ZEEL - stock outperformed well with good volumes and closed near to days high. It formed a flag pattern on the hourly chart. We recommend buying above 406 for the target of 410 with the stop loss of 402.


Source: Equity Bulls

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





Other Headlines:

Daily Markets - August 5, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - August 5, 2020 - Bonanza Portfolio

Market remains volatile ahead of RBI Policy, midcaps to outperform: Angel Broking

Technical View - August 5, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty resumes momentum led by heavyweights: Angel Broking

Daily Markets - August 4, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - August 4, 2020 - Bonanza Portfolio

Technical View - August 4, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - August 3, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Banking drag indices lower at start of the week: Angel Broking

Technical View - August 3, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Derivatives Strategy - Sell Bank Nifty 6 August 20600 Put at Rs. 115-135 - ICICI Securities

Nifty snaps six-week winning streak, still 11000 defended successfully: Angel Broking

Rollover Report for July - Aug 2020 - Angel Broking

Daily Market Commentary - July 31, 2020 - Bonanza Portfolio

Technical View - July 31, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - July 29, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Market wobbles at 4-month high, Reliance sees profit booking: Angel Broking

Daily Market Commentary - July 29, 2020 - Bonanza Portfolio

Technical View - July 29, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - July 28, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Nifty reclaims 11300 after four months: Angel Broking

Daily Market Commentary - July 28, 2020 - Bonanza Portfolio

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

Daily Market Commentary - July 27, 2020 - Bonanza Portfolio

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

Harmony missing between key tradable indices: Angel Broking

Technical View - July 27, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - July 24, 2020 - Bonanza Portfolio

Technical View - July 24, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Derivatives Weekly View - July 24, 2020 - Nifty to target 11400 with support at 11050

Market Outlook - Technical - July 24, 2020 - Dharmesh Shah, Head - Technical, ICICI direct

Market outlook - Broader market to outperform the benchmark - ICICI Securities

Nifty ends higher despite some intra-week reality checks: Angel Broking

Banking space to dictate the direction: Angel Broking

Daily Markets - July 23, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Technical View - July 23, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - July 23, 2020 - Bonanza Portfolio

Nifty approaches its crucial hurdle: Angel Broking

Daily Markets - July 22, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Daily Market Commentary - July 22, 2020 - Bonanza Portfolio

Technical View - July 22, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

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

Daily Market Commentary - July 21, 2020 - Bonanza Portfolio

Technical View - July 21, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

11000 taken out, IT and Financials lead: Angel Broking

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

Daily Market Commentary - July 20, 2020 - Bonanza Portfolio

Technical View - July 20, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Market for next week: Positive momentum to continue, Nifty eyeing 11400 - ICICI Secruities







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

disclaimer copyright © 2005 - 2019