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

| More

Nifty close above previous high after thirteen sessions: Angel Broking

Posted On: 2019-08-06 18:51:30

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

"Similar to recent pattern, our markets opened lower which was clearly a reaction to the relentless fall in global markets due to the escalation of US-China trade war. However, once again, we saw a v-shaped recovery which extended in the latter half to close above previous day's high for the first time after thirteen sessions. This may be a coincidence but looks like this Fibonacci number (13) has played its part to a great extent. It is rare to see of late but we have finally managed to clock decent gains of nearly eight tenths of a percent.

Today morning, when we were about to open, there was massive recovery seen in global markets just ahead of that. And hence, we did not even wander for a minute around day's low. This may be the reason of today's recovery but if we refer to our previous article, few technical indicators were clearly hinting towards the possibility of this scenario. As mentioned, the 'Bullish Hammer' pattern formed yesterday has now been confirmed on a daily chart. We were expecting a relief move towards 11000 - 11100 and Nifty has reached the first level today itself. Going ahead, once we surpasses today's high of 11018.55, we could see extension of today's bounce towards 11100 - 11150 levels and considering the broad based rally today, the probability is quite high. On the flipside, 10886 - 10813 would now be seen as immediate supports.

Today the entire 'Auto' and 'Auto Ancillary' space was on a roll and the 'Midcap' index was clearly outperforming all other indices. Hence, one should keep focusing on such potential candidates who are poised for some relief move."


Source: Equity Bulls

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





Other Headlines:

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

View on RBI's monetary policy announcement - Mani Rangarajan

Post RBI Policy Reaction from Mr. Romesh Tiwari of CapitalAim

Some recovery after testing sub-10800 levels, avoid fresh shorts: Angel Broking

Next Week Pharma, FMCG and Steel Sectors will be on Focus: CapitalAim

Sharp intraday correction in Nifty, but manages to close in the support range: Angel Broking

Midcaps show signs of some pullback: Angel Broking

Nifty at 200 DMA; 11108-11140 key support range: Angel Broking

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

Next week, the stocks of the pharma sector could show positive moves: CapitalAim

Rollover Report for July-August 2019: Angel Broking

Low Rollovers for the July series: Angel Broking

Still no respite, July series ends at two-month low: Angel Broking

Technical & Derivatives Report 25th July 2019: Angel Broking

FII has been largely negative post unfriendly budget - Mr Mustafa Nadeem, CEO, Epic Research

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

Nifty above its crucial long term support of 200 days EMA: Mr Mustafa Nadeem, CEO, Epic Research

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

Nifty reclaims 11900, focus shifts on the broader market: Angel Broking

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

Stronger hands reluctant rolling-over shorts: Angel Broking

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

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

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

Nifty can remain rangebound with 12000 on the upside to 11700 - 11600 on the downside - Epic Research

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

Fed rates compromise between monetary policy and Trump: Angel Broking

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

Nifty is now all set for the Budget : Mustafa Nadeem, Epic Research

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

V-shaped recovery from 20-DMA, except rally beyond 12000: Angel Broking







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

disclaimer copyright © 2005 - 2019