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Enrich Commodities India Pvt.Ltd

Published on 18/05/2018 10:40:16 AM

Technical outlook

Nifty daily chart has formed “Rising wedge” pattern. The last few sessions ended up bearish in trend as the prices have broken out the channel’s support slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at 10650. The downside rally could test all the way through 10600- 10500 levels in upcoming sessions. Alternatively, if the support holds strong then the market might retest the same and turn bullish once again. The upside rally could test 10800-10900 levels. Key resistance holds at 10900.

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Enrich Commodities India Pvt.Ltd

Published on 18/05/2018 10:39:25 AM

NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10671 -31.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.54%, while the BSE Sensex 30 index declined 0.67%.

The biggest gainers of the session on the Nifty 50 were Bajaj Finance Ltd, which rose 7.71% or 148.00 points to trade at 2066.50 at the close. Bajaj Finserv Ltd added 4.49% or 238.80 points to end at 5569.25 and Coal India Ltd was up 2.98% or 7.85 points to 271.50 in late trade.

Biggest losers included Hindalco Industries Ltd., which lost 3.15% or 7.55 points to trade at 233.05 in late trade. UPL Ltd declined 2.58% or 18.75 points to end at 707.10 and ITC Ltd shed 2.36% or 6.75 points to 278.95.

The breadth, indicating the overall health of the market, 1355 rose and 1189 declined, while 120 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.00 to 67.725.

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Angel Broking Pvt Ltd

Published on 18/05/2018 10:37:38 AM

Nifty Bank Outlook - (26074)

The Nifty Bank index continued its corrective move yesterday and ended the session with a loss of 0.41 percent. Since last couple of days, we have been anticipating a corrective phase in the banking space owing to the formation of a reversal pattern in the index at the key retracement resistance zone. Until we see any positive signs, we continue with our cautious approach from a short-term perspective. The index has closed above the support of 26000 which would be a key level to watch today. A breach below this level could drag the index up to 25810. On the flipside, the intraday resistances for the index are seen around 26285 and 26430.

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Angel Broking Pvt Ltd

Published on 18/05/2018 10:37:18 AM

Sensex (35149) / Nifty (10683)

After two days’ of volatility, our markets opened slightly higher as indicated by the pre-opening session. But, it was no brainer; we witnessed a strong selling pressure at higher levels, which continued for the remaining part of the day. In fact, the tail-end sell off in few heavyweights resulted into a slide below the 10700 mark to conclude the session with more than half a percent loss.

Looks like, the near term tide has once again turned lower after a major political event. The index has now closed below its crucial short term support and hence, going ahead, a possibility of a further slide towards 10635 – 10600 cannot be ruled out. On the higher side, 10725 followed by 10774 would be seen as immediate hurdles. In between, we may some respite in the market; but overall the short term sentiments have dampened now. Traders are repeatedly advised to stay light on positions and avoid taking undue risk. One needs be very careful now as the recent key driver banking index has now started showing ominous signs. Such development in the heavyweight pocket does not bode well for the bulls.

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Choice International Ltd

Published on 18/05/2018 10:35:09 AM

Bank Nifty Outlook

*  The Bank Nifty index opened at 26,233.20 and fell down to an intraday low of 26,012.00, closing the day at 26,073.80 with a loss of 108.35 points or 0.41 percent.

* On an Hourly chart, the Nifty closed above its 100 Hourly Exponential Moving Average which is negative for Bank Nifty.

* The daily momentum indicator RSI(14) reading is 61.08 with a negative crossover, which is holding below its overbought zone.

* Going forward, during the day we expect the index to find resistance at 26300 level, whereas support is likely placed at 25800 level.

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Choice International Ltd

Published on 18/05/2018 10:34:28 AM

Nifty Outlook

* Nifty closed the day on weak note on Thursday, closing the day at 10682.70 with a loss of 58.40 points or 0.54 percent.

* Index has given the break out of the upward rising channel and sustaining below the trend line which suggest that further downside movement can be seen..

* The daily momentum indicator RSI(14) reading is 54.46 with a negative crossover which can a point of concern for the Index.

* With the ongoing structure, we are expecting a support at 10600 level while upside resistance comes at 10740 level.

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LKP Securities

Published on 18/05/2018 10:29:38 AM

MARKET OVERVIEW

The India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 0.20% and reached 13.41.

Nifty May 2018 futures closed at 10696.20 on Thursday, at a premium of 13.50 points over spot closing of 10682.70.

Nifty June 2018 futures ended at 10709.05, at a premium of 26.35 points over spot closing.

Nifty May futures saw a contraction of 0.08 million (mn) units, taking the total outstanding open interest (OI) to 23.53 mn units.

The Nifty Put Call Ratio (PCR) finally stood at 1.17 for May month contract.

The top five scrips with highest PCR on OI were Asian Paint (1.66), Dish TV (1.53), AXIS Bank (1.37), Infibeam Incorporation (1.31) and Hindustan Unilever (1.16).

From the most active contracts, Bajaj Finance May 2018 futures traded at a premium of 1.50 points at 2069.45 compared with spot closing of 2067.95. The numbers of contracts traded were 41,355.

Tata Steel May 2018 futures traded at a premium of 1.30 points at 611.60 compared with spot closing of 610.30. The numbers of contracts traded were 35,196.

Sun Pharmaceutical May 2018 futures traded at a discount of 2.15 points at 482.60 compared with spot closing of 484.75. The numbers of contracts traded were 16,082.

Punjab National Bank May 2018 futures traded flat at 76.55 compared with spot closing of 76.55. The numbers of contracts traded were 14,739.

Tata Motors May 2018 futures traded at a premium of 1.30 points at 315.85 compared with spot closing of 314.55. The numbers of contracts traded were 14,708.

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GEPL Capital

Published on 18/05/2018 10:20:19 AM

Key Highlights:

NIFTY wilts under pressure to break below 10700 mark. Support placed @ 10560-10640 still holds the key ….

* The NIFTY opened @ 10775.60, a GAP-UP of 35 points over Wednesday. It was a strong opening, as compared to the meek indication that the SGX markets were showing. The global peers too seem to add to the confusion. As the day progressed the momentum that the BEARS had gathered seemed to finally yield fruits. However, it was still a slow drift DOWNWARDS, as NIFTY plummeted below 10700 mark, to finally close @ 10682.70 DOWN by a good 58.40 points or 0.54%. The bottom line, was once again a RED day.

* The broader indices underperformed the benchmark NIFTY. While the NIFTY MID100 closed UP by 0.37% to close @ 19153.30; the NIFTY SML100 closed UP by around 0.97% to close @ 8000.95. The broader market stayed even stevens, with 906 advances & 809 declines. The INDIA VIX closed DOWN further by almost 0.74 percent to close @ 13.3350.

* In line with the broader markets, the SECTORS too largely traded MIXED. While the NIFTY CPSE & NIFTY REALTY saw an UP MOVE of close to half a percent; the NIFTY FMCG with a 1.28% & NIFTY MEDIA with a 0.66% cut, traded below par.

* The prices had created a classical “GRAVESTONE DOJI” on Monday, but the confirmation in the form of break below the LOW of 3 days placed around 10700 mark has only happened now. The important SUPPORT of 10640 level on the daily chart would now be the immediate contention. A bit below that the Nifty has an immediate support placed @ 10560-10470 level; while on the contrary, the recent HIGH around 10910-10960 remains the ROADBLOCK.

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Religare Securities Limited

Published on 18/05/2018 10:17:21 AM

Nifty Outlook

Markets remained under pressure for third successive session and lost over half a percent. After opening on flat note, it gradually declined citing weak global cues and political tussle on local front after the Karnataka election. It turned dull in the middle but fall in the last hour pushed the benchmark further lower.

Sentiment has turned negative after the Karnataka poll but we believe the focus would return to earnings soon. However, trading in such a volatile scenario requires planning and disciple to execute that plan. Mostly traders are facing heat due to excessive choppiness on broader front. We advise focusing on index majors and keeping leveraged positions hedged.

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Arihant Capital Markets Ltd

Published on 18/05/2018 9:54:26 AM

Equity

On 17/05/2018 markets opened higher but were unable to sustain the opening gains which led the indices to close in red. On the sectoral front Metal and Bankex led the fall whereas Realty and Consumer Durable ended on the gainers side. The advance decline ratio was in favour of advancing counter (Advances = 1392/Declines = 1232).

Pattern Formation: On the daily chart, we are observing a bear candle which suggests that momentum on the downside is likely to continue. 

Outlook: The current price action suggests that the undertone in the market is negative. In coming trading session if Nifty trades below 10660 levels then it may test 10600 - 10580 levels. On the upside 10750 - 10800 may act as resistance for the day.    

We still maintain our stance that one should adopt cautious approach at current levels.

Tags: Nifty Technical Outlook, Nifty50 Technical Levels, Guru Calls, FIIs & DIIs Data, Ratings for stocks under our coverage, News for stocks under our coverage

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