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

| More

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

Posted On: 2019-10-17 17:49:26

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

"Today morning, we had a flat opening despite most of the Asian bourses trading in a positive terrain. We consolidated throughout the first half before we could breakout from intraday hurdles as we stepped into a second half. The way broader market was buzzing, it looked like as if it is sensing some positive development. This anticipation turned into a reality once we saw favourable updates with respect to 'BREXIT deal' just at the stroke of the penultimate hour. This resulted into a complete gush in the market especially in few 'BREXIT' sensitive stocks, that flew in a flash as if there is no tomorrow. Eventually the benchmark index Nifty managed to close almost at the highest point of the by adding over a percent gains to the bull's kitty.

Last few days have been lethargic in terms of index movement but if we look at it meticulously, the overall breadth has improved drastically and the way institutional buyers finally started participating, it seems to be forming some platform for the near future. Although the recent movement has not been so swift, with today's strong move, we are almost back to recent highs. And to provide some credence to this development, the recent underperformer banking index, seems to have come out of its slumber today. Technically speaking, the Nifty is now placed at a crucial junction, which may probably set the tone for next few weeks or few months. On the daily chart, we can see prices approaching the psychological barrier of 11600 which coincides with very important neckline of 'Inverse Head and Shoulder' pattern. We have been upbeat in recent declines also and the way we are shaped up now, we will not be surprised to see a gap up opening tomorrow beyond 11600. This will trigger immense positivity in the market to extend this rally towards 11800 first and then a continuation towards 12000 also cannot be ruled out. On the flipside, 11480 would now be seen as immediate support base for the day.

We had a good broad based rally today and more importantly some of the event sensitive stocks had shown bottoming formation. Traders can certainly keep a watch on Tata Motors, Tata Steel, Tata Elxsi, Motherson Sumi and also other counters from the Auto and Metal spaces which may have a rub off effect of the same."


Source: Equity Bulls

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





Other Headlines:

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

Technical & Derivatives Report 17th September 2019: Angel Broking

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

Daily market commentary - 15th October 2019 - BONANZA PORTFOLIO

Daily market commentary - October 14, 2019 - BONANZA PORTFOLIO LTD

Stay light to avoid wild swings in the market, 11400 to watch out for: Angel Broking

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

Daily market commentary - 11th October 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Daily market commentary - 10th October 2019 - Bonanza Portfolio

Near term outlook positive till Nifty holds support of 11100: Angel Broking

Index resumes positive momentum from its support: Angel Broking

Nifty up 1.7% - Mr Jaipal Shetty, Fundamental Analyst, BONANZA Portfolio Ltd

Daily Market Commentary - 07th October 2019 Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Key highlights and out take on the monetary policy: Angel Broking

Market commentary - 04th October 2019 - Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

Quote from Mr. Amit Gupta, Co-Founder and CEO TradingBells

Quote on RBI policy from Mr. Mustafa Nadeem, CEO, Epic Research

Views on RBI Policy - Avnish Jain Head - Fixed Income Canara Robeco Asset Management Company

RBI MPC - Karan Mehrishi, Lead Economist at Acuité Ratings and Research

Technical & Derivatives Report 4th October 2019: Angel Broking

Technical & Derivatives Report 3rd October 2019: Angel Broking

Technical & Derivatives Report 30th September 2019: Angel Broking

Rollover Report for September-October 2019: Angel Broking

Index resumes momentum after some consolidation: Angel Broking

Fiscal deficit may still be limited to 3.5-3.6% - Acuité Ratings & Research

Technical & Derivatives Report 25th September 2019: Angel Broking

Rupee breaches 72 mark amid economic slowdown: Angel Broking







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

disclaimer copyright © 2005 - 2019