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

| More

Nifty ends higher despite some intra-week reality checks: Angel Broking

Posted On: 2020-07-24 22:35:38


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

"The stage was set previous Friday when our markets had a late surge to surpass the recent hurdle of 10850 on a closing basis. Hence, with global markets showing some favorable cues, we had a cheerful start for the week gone by on Monday at 11000, marking the highest level since March 06, 2020. This momentum extended on the following day as we witnessed yet another gap up opening to extend this lead. However, post this, markets had some reality checks in between to remain in a slender range throughout the remaining part to conclude the week tad below 11200 mark. The banking index was one of the major charioteers in this extended move, barring Friday, when banking space has undergone some selling pressure to pare down a decent portion of their weekly gains.

In continuation of our previous weekly commentary, our desired levels of 11200 has now been met. But since, there are multiple technical observations that coincide around it, markets will have a daunting task in front of them now. Since, we are extremely overbought, we are in two minds whether to go with the theoretical characteristic of this term 'overbought' or the practical one. Because, theoretically, the current placement (78% retracement of the post COVID fall which coincides with 100% 'price extension' of recent swings from March bottom) of market is just ideal to see some genuine correction; but practically as we all know, market has the tendency to surprise us all the time. Hence, rather anticipating things from here on, we would rather let the market give us further indication. As we step into the monthly expiry week, our eyes would be on a few crucial levels. On the upside, 11250 is the level to watch out for; whereas, 11050 has now become a key support. As an optimist, one should remain hopeful as long as we are trading above this swing low (11050) and expect the market to give breakout in upward direction to extend the move towards 11350 - 11400. However, a breach of lower end should be treated as a short-term pause to see some decent profit booking.

We continue to advise traders to remain light and keep booking profits wherever it's necessary. Also, if our markets have to see any upward move, the banking space plays a vital role in this. Hence, one needs to see whether BANKNIFTY manages to convincingly go beyond 23000-23200 or not in the forthcoming week."


Source: Equity Bulls

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





Other Headlines:

Market Outlook - Technical - Sep 18, 2020 - Dharmesh Shah, Head - Technical, ICICI direct

Derivatives Weekly View (September 18): Nifty likely to consolidate around 11500 in expiry week - ICICI Securities

Daily Markets - Sep 18, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Technical View - Sep 18, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Global weakness leads to some profit taking: Angel Broking

Daily Markets - Sep 17, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Wrap Up - Sep 17, 2020 - Angel Broking

Daily Market Commentary - Sep 17, 2020 - Bonanza Portfolio

Technical View - Sep 17, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Wrap-up - 16th September, 2020 - Angel Broking

Daily Market Commentary - Sep 16, 2020 - Bonanza Portfolio

Technical View - Sep 16, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty reclaims 11500, courtesy to late surge in banking stocks: Angel Broking

Daily Markets - Sep 15, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Sep 15, 2020 - Bonanza Portfolio

Market Wrap-up - Sep 15, 2020 - Angel Broking

Technical View - Sep 15, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - 15th September, 2020 - Angel Broking

Morning Newsletter - September 15 - YES Securities

Daily Markets - Sep 14, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Stellar move in broader market, benchmark erased gains: Angel Broking

Market Wrap-Up - Sep 14, 2020 - Angel Broking

Daily Market Commentary - Sep 14, 2020 - Bonanza Portfolio

Technical View - Sep 14, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Mid-market performance - 14th September, 2020 - Angel Broking

Some respite after last week's hiccup: Angel Broking

Market Outlook - F&O - Sep 11, 2020 - Raj Deepak Singh, Head - F&O, ICICI direct

Market Outlook - Technical - Sep 11, 2020 - Dharmesh Shah, Head - Technical, ICICI direct

Market Wrap Up - September 11, 2020 - Angel Broking

Technical View - Sep 11, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Market Commentary - Sep 11, 2020 - Bonanza Portfolio

Monsoon And Rural Economy & Stock Recommendations - Sep 2020 - Angel Broking

Nifty claims 11450 on weekly expiry: Angel Broking

Daily Markets - Sep 10, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Market Wrap - Sep 10, 2020 - Angel Broking

Daily Market Commentary - Sep 10, 2020 - Bonanza Portfolio

Technical View - Sep 10, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Mid-Market Quote - September 10, 2020 - Angel Broking

Nifty rebounds from key support; Reliance comes for rescue: Angel Broking

Banking index looks short heavy: Angel Broking

Market Wrap-up - Tuesday, 9th September - Angel Broking

Daily Markets -Sep 9, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Mid-Market Update - 9th September - Angel Broking

INDIAVIX surged 1.4% due to tail end fall: Angel Broking

Nifty ends lower due to tail end fall: Angel Broking

Daily Market Commentary - Sep 8, 2020 - Bonanza Portfolio

Market Wrap - Sep 8, 2020 - Angel Broking

Daily Markets - Sep 8, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Rupee - Sep 7, 2020 - Mr. Vaqarjaved Khan - Research Analyst, Angel Broking Ltd







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

disclaimer copyright © 2005 - 2019