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

Posted On: 2019-08-12 10:52:22

Mr. Romesh Tiwari, Head of Research, CapitalAim.

Benchmark Nifty50 opened on a positive note above 11000 levels, but traded sideways for the entire day and closed almost flat on a daily basis above 11000 levels with 78.60 points or 0.71% at 11111.05 levels.

On technical indicators, the MACD has now converged upward on the daily chart and also, the RSI has recovered from the oversold zone on the same chart which is now placed at 42.34 levels. If the Benchmark Nifty50 moves above 11,200 and sustains there, then we may see another round of rally up to 11,500. On the downside, breaking of 10,900 may trigger fresh downward slide which may test 10,700 levels. Nifty is expected to consolidate between 10,900 to 11,250 levels this week.

On the global front, the U.S.-China trade war remains a big concern for the growth of the world economy. This trade war does not seem to resolve soon as the U.S. recently blamed China of manipulating its currency and imposed a tariff on remaining Chinese imports to the U.S. against which China said to retaliate. Along with with this, the continued tension in the Gulf region, putting pressure on the world market. However; if this monsoon, the agricultural situation in India improves then it would provide some support to the Indian economy and the market.

For the next week, the stocks of Auto, Real Estate, Pharma and FMCG sector could move upward. The market is waiting for the government to provide some relief for FPI surcharge and stimulus for auto sectors.

On the international front, there would be CPI & Core CPI data on Tuesday, Core Retail Sales, Philly Fed Manufacturing Index, and Retail Sales data on Thursday.

Stock Recommendations:

DABUR : BUY| Above : Rs 441| Target: Rs 459| Stop loss: Rs 423|

DABUR is sustaining above the 20-day moving average on the daily chart and consolidating upward. MACD has shown upward crossover on the daily chart and RSI on the same chart is looking strong, which is now placed at 68.59 levels. The 50-day moving average has crossed over upward the 120-day moving average on the daily chart.

BERGER PAINTS : BUY| Above : Rs 361| Target: Rs 375| Stop loss: Rs 345|

BERGER PAINTS has shown the upward breakout of a symmetrical triangle on the daily chart formed by trend lines drawn from the high of 29-Aug-2018 and from the low of 23-Oct-2018 on the daily chart. Also, it has breached the resistance levels at 350 levels on the daily chart. MACD on the daily chart showing buy signal and 20-day moving average on the same chart has crossed over upward the 50-day moving average.

KOTAK MAHINDRA BANK : BUY| Above : Rs 1536 | Target: Rs 1598 | Stop loss: Rs 1474|

KOTAK MAHINDRA BANK is now sustaining above 20-day & 50-day moving averages on the daily chart where the 20-day moving average has shown upward crossover of the 50-day moving average. MACD has converged upward on the daily chart and RSI on the same chart, is showing buy signal which is now placed at 56.97 levels.

Source: Equity Bulls

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Other Headlines:

Technical & Derivatives Report 19th August 2019: Angel Broking

RBI nudges for growth - Acuité Ratings and Research

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

Nifty close above previous high after thirteen sessions: Angel Broking

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

11850-12050 is an immediate range: Angel Broking

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