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Technical & Derivatives Report 19th September 2019: Angel Broking

Posted On: 2019-09-19 09:47:31


By Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

As hinted by SGX Nifty our markets started on a positive note with more than 50 points gain however the rub-off effect from the previous session pulled Index lower to erase all gains in the first hour itself. Subsequently, Index managed to hold on to the previous session low around 10800 and after a tiring session of consolidation eventually ended with minor gains of 0.21% at 10841.

During the session, the traders were baffled as Index oscillated within a very tight range with no clear direction. On the daily chart, Index traded within the previous session big black body candle and ended with a small black body candle. Yesterday's candle can be termed as a 'Homing Pigeon' which is seen on the support turned resistance trend line. On the weekly options expiry day, 10800 (last two session's low) on the lower side and 10900 (trend line resistance) on the higher side can be the key levels as a move beyond the same can push for a momentum move. A break below 10800 can resume downside towards 10750-10640 whereas above 10900 we may see a push towards 10950-10980 levels. Yesterday, we witnessed stock-specific outperforming opportunities quite similar to last week and hence traders are advised to have a stock-centric approach with proper exit setup."


Source: Equity Bulls

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