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

| More

Recovery results into Island reversal pattern, expect rally to extend: Angel Broking

Posted On: 2020-02-19 21:05:03


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

"Yesterday's tail end recovery was very crucial for our markets. We managed to defend key levels in the process which was followed by a massive bump up at the opening. We shaved off some portion of early gains in first couple of hours; but once again strong buying emerged at lower levels which accelerated towards the closing point of the day. Due to this smart recovery, we eventually managed to reclaim the 12100 mark convincingly by adding more than a percent to the bulls' kitty.

As per technical observations, yesterday all major indices formed a 'Bullish Hammer' pattern on daily chart and for Nifty it was placed at the 50% retracement of the recent up move. Now we have moved one step forward as we can see the yesterday's 'Hammer' pattern along with Monday's and Today's candle, combinedly gives a birth to a 'Bullish Island Reversal' pattern. This configuration occurs when the previous gap is precisely filled by yet another gap but in the opposite direction and has extremely bullish implication. Hence, going forward, as long as we do not enter into today's gap area of 12042.10 - 12030.75, the said pattern remains intact and is likely to provide some impetus to the next leg of the rally. In the forthcoming session, once Nifty surpasses 12160, we may see Nifty retesting of 12220 - 12250 levels. On the downside, the immediate support is at 12086 - 12042.

We continue with our positive stance and advise traders not to create contradictory bets against the major direction. The Midcap index too has a similar structure and hence, we are likely to witness the similar buzz in the broader market as we were seeing in the previous weeks."


Source: Equity Bulls

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





Other Headlines:

Shorts in financials leads to underperformance: Angel Broking

Relief rally fizzles out, pharma becomes the safe haven space: Angel Broking

Angel Broking on RBI Announcement : RBI reducing Market timings

Daily Market Commentary - April 3, 2020 - Bonanza Portfolio

Technical Observation - April 1, 2020 - HDFC securities

Daily Market Commentary - April 1, 2020 - Bonanza Portfolio

Defensive sector stocks witness buying interest: Angel Broking

Daily market commentary - March 31, 2020 - Bonanza Portfolio

Markets falls due to selling in Banking stocks: Angel Broking

Daily market commentary - March 30, 2020 - Bonanza Portfolio

Technical Observation - March 30, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Some respite after recent turmoil, 8000 becomes key support: Angel Broking

Rollover Report for March-April 2020 - Angel Broking

Daily market commentary - 27th March 2020 - Bonanza Portfolio

Relief move extends for the third day: Angel Broking

Technical Observation - March 26, 2020 Nagaraj Shetti - Technical Analyst, HDFC securities

Daily market commentary - 26th March 2020 - Bonanza Portfolio

Some relief after recent pain, still avoid aggressive bets: Angel Broking

Daily market commentary - March 25, 2020 - Bonanza Portfolio

Some relief in global markets, 8000 to watch out in Nifty: Angel Broking

Daily market commentary - March 24, 2020 - Bonanza Portfolio

Technical Observation - March 24, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Daily Market Wrap Up - 23rd March 2020 - Angel Broking

Daily market commentary - March 23, 2020 - Bonanza Portfolio

Technical Observation - March 23, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Some recovery from demonetisation lows: Angel Broking

Daily market commentary - March 20, 2020 - Bonanza Portfolio

Technical Observation - March 20, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Daily market commentary - March 19, 2020 - Bonanza Portfolio

Technical Observation - March 19, 2020 - Nagaraj Shetti, Technical Analyst at HDFC Securities

Market has taught everyone, we should never underestimate the 'Uncertainty': Angel Broking

Technical Observation - March 18, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Daily market commentary - March 18, 2020 - Bonanza Portfolio Ltd

Daily Market Commentary - March 17, 2020 - Bonanza Portfolio

Technical Observation - March 17, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Comments on RBI announcement - Suman Chowdhury, President - Ratings at Acuité Ratings & Research

Technical Observation - March 16, 2020 - Nagaraj Shetti - Technical Analyst, HDFC securities

Expectation from RBI Governor Press Conference today - Acuité Ratings & Research

Daily market commentary - March 13, 2020 - Bonanza Portfolio

CPI & IIP - Karan Mehrishi, Lead Economist at Acuité Ratings & Research Limited

View on IIP and CPI data by Upasna Bhardwaj, Economist, Kotak Mahindra Bank

Market Wrap - Wednesday, 11th March 2020 - Angel Broking

Daily market commentary - March 11, 2020 - Bonanza Portfolio

Technical Observation - March 11, 2020 - Nagaraj Shetti, Technical Analyst, HDFC secuities

Daily market commentary - 09th March 2020 - Bonanza Portfolio Ltd

Reaction from Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd on today's market move

Decline in Global Oil Prices - Suman Chowdhury, President Ratings - Acuité Ratings & Research Limited

Markets so far today - March 6, 2020 - Deepak Jasani - Head Retail Research, HDFC Securities

Global uncertainty continues, we are back to crucial level of 11000: Angel Broking

Daily market commentary - March 6, 2020 - Bonanza Portfolio







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

disclaimer copyright © 2005 - 2019