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

| More

Index defends key support, remain optimist for near term: Angel Broking

Posted On: 2019-10-11 17:02:49

Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):

"This week started with a continuation of the previous week's negative momentum and the index approached its support zone of 11100 on Monday. As mentioned in our last week's update, this was the last ray of hope for our market and hence this support gained traders attention. Post the mid-week holiday, the markets witnessed a sharp surge in Wednesday's session and with some volatility in last couple of sessions, it managed to end the week tad above the 11300 mark.

During the early week, we had our fingers crossed around the 11100 mark and were hopeful of a bounce back from this support. This was mainly because this level had a confluence of supports. Firstly, it was the recent breakout level which was seen on the day of our FM announcing the corporate tax rate cut. This coincided with the 50 DMA as well as the 200 SMA on the hourly chart. The index has bounced back higher from this level and thus, it now becomes a sacrosanct for the near term. In last couple of sessions, the indices (especially Bank Nifty) has traded with higher volatility but has managed to end the week well above its support. Hence, we are optimistic on the markets from the near term perspective and advise traders to look for buying opportunities from a short term perspective. This positive view will remain intact till the index trades above the swing low of 11090 and hence, this level could be referred as a stop loss on the long positions. On the higher side, 11400 is the immediate resistance for Nifty, but we expect it to be taken out soon and could then see a trended move in the broader markets to resume the uptrend. Above 11400, the Nifty could rally towards 11560-11630 which will be immediate target range to watch for.

Amongst the sectorial indices, the daily range for the Bank Nifty has widened drastically and has become extremely challenging for traders to place their bets. The key support for Bank Nifty is seen around 27500-27000. As far as this support is intact, one can remain hopeful for some good moves in upward direction. On the Nifty Metal index we have witnessed a bullish engulfing pattern on the daily chart which is a bullish reversal pattern. Sooner or later, we expect we sense some buying to emerge in stocks within this space too."


Source: Equity Bulls

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





Other Headlines:

Daily market commentary - 24th January 2020 - BONANZA PORTFOLIO LTD

Daily market commentary - 23rd January 2020 - BONANZA PORTFOLIO LTD

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







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

disclaimer copyright © 2005 - 2019