Amazon Great Indian Festival 2020 - Electronics
Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Amazon Great Indian Festival 2020 - Electronics
Market Commentary

| More

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

Posted On: 2020-09-17 04:25:18


After showing minor upside breakout of the key overhead resistance of 11580-11600 levels on Wednesday, Nifty slipped into weakness on Thursday and closed the day lower by 88 points. A small negative candle was formed with long upper shadow Technically, this pattern indicate a false upside breakout attempt of 11600 resistance.

The formation of Thursday's pattern could signal an emergence of profit booking from the highs, but we are not anticipating any sharp reversal from the highs, as of now. There is an absence of long bear candle formation at the highs and this downward correction is likely to end soon.

After the formation of bearish engulfing type pattern as per daily and weekly chart (31st Aug), the market has spent more time in a broader range movement and gradual upside. Hence, this action could raise doubt over the sharp negative implication of that engulfing pattern. However, the high of that pattern around 11800 is going to be a stiff resistance for the market, after 11600 levels.

Any decline from here, Nifty could find support at 20 day EMA around 11430, but we have seen mild upside bounce from this moving average recently. Nifty also failed to continue with bullish positive sequence of higher tops and bottoms recently, which could be a cause of concern for bulls at the highs.

The short term trend of Nifty seems to have turned into profit booking mode. Unless immediate resistance of 11600 is not broken on the upside we could see broader range movement of ups and downs in the market. Initial support is placed at 11430-11400 levels and a move below this area could drag Nifty down to lower 11200-11180 levels in the near term.


Source: Equity Bulls

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

Amazon Great Indian Festival 2020 - Mobiles





Other Headlines:

Daily Markets - Oct 30, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Rollover Report for October 2020 - November 2020: Angel Broking

Daily Market Wrap-Up - Oct 30, 2020 - Angel Broking

Technical View - Oct 30, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

October series concludes above 11600: Angel Broking

Daily Markets - Oct 29, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Oct 29, 2020 - Bonanza Portfolio

Daily Market Wrap-Up - October 29, 2020 - Angel Broking

Rupee - Oct 29, 2020 - Reliance Securities

Technical View - Oct 29, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Technical View - Oct 28, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Make or break levels around 11700 - 11660: Angel Broking

Daily Market Commentary - Oct 28, 2020 - Bonanza Portfolio

Daily Markets - Oct 28, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Market Wrap-Up - Oct 28, 2020 - Angel Broking

Rupee - Oct 28, 2020 - Reliance Securities

Daily Markets - Oct 27, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Oct 27, 2020 - Bonanza Portfolio

11700 becomes the sheet anchor for the bulls: Angel Broking

Technical View - Oct 27, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - Oct 26, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Global uncertainty shakes our markets again: Angel Broking

Daily Market Commentary - Oct 26, 2020 - Bonanza Portfolio

Technical View - Oct 26, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Rupee - Oct 26, 2020 - Reliance Securities

Market Wrap-Up - October 23, 2020 - Angel Broking

Daily Markets - Oct 23, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Rupee - Oct 23, 2020 - Reliance Securities

Some tentativeness around 12000, but odds in favor of bulls: Angel Broking

Technical View - Oct 23, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Weekly options expiry ends tad below 11900: Angel Broking

Daily Markets - Oct 22, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Commentary - Oct 22, 2020 - Bonanza Portfolio

Rupee - Oct 22, 2020 - Reliance Securities

Technical View - Oct 22, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - Oct 21, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Massive volatility haunts traders: Angel Broking

Market Wrap Up - Oct 21, 2020 - Angel Broking

Daily Market Commentary - Oct 21, 2020 - Bonanza Portfolio

Indian Rupee - Oct 21, 2020 - Reliance Securities

Technical View - Oct 21, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Daily Markets - Oct 20, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Wrap-Up - Oct 20, 2020 - Angel Broking

Daily Market Commentary - Oct 20, 2020 - Bonanza Portfolio

Rupee - Oct 20, 2020 - Reliance Securities

Technical View - Oct 20, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty back to safer zone as closes above 11850: Angel Broking

Daily Markets - Oct 19, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Daily Market Wrap-Up - Oct 19, 2020 - Angel Broking

Technical View - Oct 19, 2020 - Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities







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

disclaimer copyright © 2005 - 2019