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Arihant Capital Markets Ltd

Published on 24/05/2019 11:17:41 AM

Equity

On the Daily Chart, we are observing a Bearish engulfing pattern. The said pattern will get activated once Nifty trades and close below 11614.

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Angel Broking Pvt Ltd

Published on 24/05/2019 9:50:37 AM

Nifty Bank Outlook - (30409)

The Nifty Bank Index too witnessed a gap up opening and rallied higher to surpass 31700 mark in the initial couple of hours of the trade. However, the index then witnessed selling pressure and corrected sharply during the rest of the day to wipe out all the gains and end with a loss of more almost 1300 points from the day’s high.

It was surprising for the traders to witness such a sell-off in spite of the favorable outcome of the event (election results). However, although the index registered a new high in morning, the RSI on the hourly chart formed a lower high and indicated a negative divergence. This resulted in a sell-off during the day of almost 1300 points from the high. Bank Nifty had already rallied significantly from the recent lows of 28525 before the outcome of the results. Yesterday's correction now seems to be retracing the previous up move wherein the retracement supports which could be tested are placed around 30115 and 29715. While we may see some intraday pullback moves, it is likely to resist in the range 30600-30700, Traders are advised to stay light on positions and watch for signs of reversal around the mentioned supports.

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Angel Broking Pvt Ltd

Published on 24/05/2019 9:50:21 AM

Sensex (38811) / Nifty (11657)

Yesterday, since morning, all eyes were on election counting and right from the word go, the BJP led NDA had taken a head start. As a result, we had a massive gap up opening tad above the 11900 mark. As the counting progressed, this early morning lead got extended to go beyond the magical figure of 12000. However, all of a sudden, we saw index taking a complete nosedive after clocking new highs, in fact the profit taking was so immense, we not only wipe off all gains but also went on to sneak well inside the negative territory.

At the end of yesterday’s eventful session, we must accept the fact, it’s very difficult to gauge what exactly market wants to do. The entire nation started celebrating a second term for Mr.Narendra Modi as a prime minister and markets initially giving a thumps up was no surprise. But what happened after this, was really an unexpected reaction (although we expected a possible profit taking towards 11850 – 11800) for most of the market participants. We may try to figure out, why was such unusual reaction from the market; but at the end, we are left with no choice than just accept it. In technical terms, we may also call it as ‘Sell on News’ kind of scenario, since the final outcome was more or less in line with exit polls. Anyways, its history now and we need to focus on how things are going to pan out henceforth. In our sense, 11600 – 11550 would act as a sheet anchor and we will not be surprised to see buying resuming in next few days.

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Enrich Commodities India Pvt.Ltd

Published on 24/05/2019 9:30:16 AM

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 11600. The downside rally could be testing all the way up to 11500-11400 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 11800-11900 level. Key resistance holds at 11900.

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Enrich Commodities India Pvt.Ltd

Published on 24/05/2019 9:28:39 AM

NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11742 +63 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.69%, while the BSE Sensex 30 index declined 0.76%.

The biggest gainers of the session on the Nifty 50 were Adani Port and Special Economic Zone Ltd, which rose 5.84% or 22.55 points to trade at 407.55 at the close. Zee Entertainment Enterprises Ltd. added 5.55% or 19.00 points to end at 360.45 and IndusInd Bank Ltd. was up 5.20% or 79.00 points to 1598.75 in late trade. Biggest losers included Vedanta Ltd, which lost 5.59% or 9.30 points to trade at 157.35 in late trade. Eicher Motors Ltd. declined 4.19% or 889.15 points to end at 20321.15 and ITC Ltd shed 3.80% or 11.40 points to 288.20.

The breadth, indicating the overall health of the market, 1270 fell and 1148 advanced, while 169 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.45% to 69.992.

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Religare Securities Limited

Published on 24/05/2019 9:22:58 AM

Nifty Outlook

Markets were on the roller coaster ride and settled marginally lower in the end. Participants were in celebration mood, citing clear win of NDA in general elections, which helped Nifty to touch a new milestone of 12,000. However, it couldn’t sustain around its record high for long as the win was largely priced in.

Markets are set for consolidation however volatility would remain high in near future. We advise maintaining cautious view and focusing more on trade selection. Now the focus would return to the earnings, crude and US-China trade talks. Nifty has next crucial support at 11,500. Among the sectoral indices, Metal and IT look weak to us while others may witness mixed trend. 

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Choice International Ltd

Published on 24/05/2019 9:20:28 AM

Bank Nifty Outlook

 The benchmark indices opened high on yesterday, ahead of general election results. The Index was up by 0.03% or 8.90 points to 30614.95. The market touched record highs on election results day with BSE Sensex 40,000 levels intraday, thoughboth indices came off their day's high. 

 BankNifty has been trading with a strong Horizontal Trend line support on an hourly chart, which is placed at 30288 level which shows a bounce backmovement in the Index.

On a small time frame, The Index made Long Bearish Candle with above average volume activity which indicate down side movement in the Index.

 A daily momentum indicator RSI reading is at 59.26 with positive crossover which indicate upside movement in the Index.

Based on the above technical structure, we are expecting a strong support comes at 30,292 level while upside resistance comes at 30,950.

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Choice International Ltd

Published on 24/05/2019 9:20:11 AM

Nifty Outlook

During Yesterday treading session, Index sharply opened at 11901.30 and he Index turned volatile with a positive bias after hitting all-time highs. The Nifty50 climbed over 12,000 but not sustain at high level and sharply falls down and close near days low 11657.05.

 Benchmark Index gives breakdown of its Rising Trend line on an hourly chart which indicate downside movement in the Index.

After forming large bear candle as it reversed all its gains however, downside halted at 200 Hours Moving Average which was placed at 11572 level which indicates a bounce back movement in the Index.

 A daily momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price.

 Based on the above technical structure, we are expecting a strong support comes at 11,610 levels while upside resistance comes at 11,950.

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Kedia Commodities

Published on 24/05/2019 9:15:55 AM

Market Update

Ventura Securities Ltd

Published on 24/05/2019 9:04:08 AM

Dow-286, Nasdaq-123, Nikkei-147, SGXNifty 11745(+66). Yday FIIs+1352cr in Cash,-1786cr in FNO. DIIs-594cr in Cash. Tdy AdaniPower, IDBI in ban period in FNO. 

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