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

| More

The masterstroke from FM, market takes a giant leap from lows: Angel Broking

Posted On: 2019-09-20 17:35:03

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

"The entire week market looked depressed and the way it was grinding towards the recent lows, traders' / investors' were almost losing all hopes from the market. The FM tried lot many things in last few weeks to boost the sentiments; but seems she had saved her masterstroke for the right time. Today finally she delivered which could lift the sentiments and that has clearly been proven by such a mesmerizing reaction from the market. The buying commenced the moment FM initiated her speech and it went to a different level for next couple of hours. Finally this became the historical day for our markets as we clocked biggest ever intraday gains to take a giant leap from 10700.

Now the point is what's next? Firstly, one has to understand that the low hanging fruit is already gone after this colossal rally. But this is not the end of it; there are further legs to unfold from hereon. With reference to our previous articles, we did some 'Time Retracement' analysis taking into a consideration few historical evidences. For 'Nifty Midcap' index, the September month was the 21st month from January 2018 peak. And on last couple of occasions (historically), the downtrend got arrested after 21st and 34th month. As per the Fibonacci series, both 21 and 34 are part of it and hence hold some significance. In addition, for Nifty, last week was the 21st week as per the 'Time Retracement' and thus, we were hoping for some respite. Considering this week's correction, our final hope was the recent low of 10637.15. Fortunately it remained defended and with today's developments, the market seemed to have validated our hypothesis on 'Time Retracement'. Now, we have finally managed to thrash the recent sturdy wall of 11200 with some authority. Although, we are considerably higher in a single day, traders should continue to remain on the long side and soon we expect Nifty to head towards 11450 - 11550 or may be beyond.

As far as supports are concerned, 11150 followed by 11000 would now be seen as a sheet anchor. Any decline (if any) should be construed as a buying opportunity. Today, almost all sectors (especially the beaten down) soared as if there is no tomorrow. One needs to identify apt candidates who are likely to extend this lead. The FM has finally delivered and market has finally turned cheerful to bring back wider smiles on the faces of market participants."


Source: Equity Bulls

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





Other Headlines:

Daily market commentary - 21st January 2020 - BONANZA PORTFOLIO LTD

Some reality check at record highs, but the broader trend still remains up: Angel Broking

Index remains choppy but midcaps continue its stellar run: Angel Broking

Daily market commentary - 15th January 2020 - BONANZA PORTFOLIO LTD

Market regains strength after early hiccup, midcaps continue to outshine: Angel Broking

Market trim losses post gap down opening: Angel Broking

Daily market commentary by - January 7, 2020 - BONANZA PORTFOLIO LTD

Market corrects sharply amidst global tensions: Angel Broking

Daily market commentary - 31st December 2019 - BONANZA PORTFOLIO LTD

Mid & small cap offers attractive risk-reward trade-off for 2020

Daily market commentary - 30th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 27th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 26th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 24th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 23rd December 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 20th December 2019 - BONANZA PORTFOLIO LTD

Daily market commentary - 19th December 2019 - BONANZA PORTFOLIO LTD

Santa rally continues for the bulls: Angel Broking

Nifty breaks out to new all-time record close of 12221.65

Daily market commentary - 18th December 2019 - Mr Jitendra Upadhyay, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 17th December 2019 - Mr Jitendra Upadhyay, Fundamental Analyst, BONANZA PORTFOLIO LTD

New record highs for the index, broader markets rally: Angel Broking

Merely a breather before fresh highs: Angel Broking

Last hour rally brings some relief for traders: Angel Broking

12010 - 11930 becomes a sacrosanct support zone: Angel Broking

Suman Chowdhury, President - Ratings at Acuité Ratings and Research on Q2 FY20 GDP

FIIs 'Long Short Ratio' surged to 61%: Angel Broking

Daily market commentary - 29th November 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 28th November 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Index at new highs, stocks witnesses buying interest: Angel Broking

Market Wrap - Mr. Santosh Meena, Senior Analyst, TradingBells

Index is all set for new highs: Angel Broking

Index eyeing record highs now, Pharma seems to be the flavor now: Angel Broking

12000 or beyond not too far now: Angel Broking

Index consolidating but 'Pharma' continues to buzz: Angel Broking

No signs of trend reversal, avoid taking any contra bets: Angel Broking

Daily market commentary - November 1, 2019 - BONANZA PORTFOLIO LTD

Indecision continues but no worry as banking on the cusp of a breakout: Angel Broking

Some indecision or a profit booking, still no reason to worry for: Angel Broking

March towards 12k continues, PSU stocks are on a roll: Angel Broking

Daily market commentary - 30th October 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Kharif crop shortfall despite good monsoon to push up near term food inflation

Head start for the new SAMVAT, 12000 on cards now: Angel Broking

Technical & Derivatives Report - October 29, 2019: Angel Broking

Daily market commentary - October 18, 2019 - BONANZA PORTFOLIO LTD

Markets will be closed on October 21, 2019 for Maharashtra State Assembly Elections

Daily market commentary - October 17, 2019 - BONANZA PORTFOLIO LTD

Global uncertainty easing off one after another, bodes well for the bulls: Angel Broking

Technical & Derivatives Report 17th September 2019: Angel Broking

Daily market commentary - October 16, 2019 - BONANZA PORTFOLIO LTD







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

disclaimer copyright © 2005 - 2019