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Enrich Commodities India Pvt.Ltd

Published on 16/07/2018 10:03:26 AM

Technical outlook

Nifty daily chart has formed “Rising channel” pattern. The last session ended up bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue on bearish momentum, testing all the way through 10950-10850 levels in upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 11050 then it might continue in bullish momentum. The upside rally could test 11100-11200 levels. Key support holds at 10850.

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Enrich Commodities India Pvt.Ltd

Published on 16/07/2018 10:03:01 AM

NIFTY MORNING OUTLOOK

Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11018.50 -10.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.04%, while the BSE Sensex 30 index lost 0.02%.

The biggest gainers of the session on the Nifty 50 were Titan Company Ltd, which rose 3.72% or 30.05 points to trade at 838.70 at the close. Bharat Petroleum Corp. Ltd. added 2.57% or 9.70 points to end at 386.65 and Bajaj Finance Ltd was up 2.44% or 59.00 points to 2468.60 in late trade.

Biggest losers included Zee Entertainment Enterprises Ltd., which lost 4.54% or 24.25 points to trade at 508.70 in late trade. Bharti Infratel Ltd declined 3.76% or 11.80 points to end at 302.70 and UPL Ltd shed 2.35% or 13.65 points to 562.55.

The breadth, indicating the overall health of the market, 1782 fell and 768 advanced, while 125 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.28 to 68.464.

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Angel Broking Pvt Ltd

Published on 16/07/2018 9:58:20 AM

Nifty Bank Outlook - (26936)

The Nifty Bank index opened marginally positive in Friday's session. However, the index traded in a range and ended the day with a minor loss of about one-third of a percent.

During last week, the Nifty Bank index gave a breakout from the recent consolidation phase and rallied higher to surpass the 27000 mark. However, selective stocks from the banking space participated in this up move wherein the recent outperformers from the private sector heavyweights continued with the momentum. Going ahead, the near term resistance is seen around 27165, above which the index has not traded since 2nd Feb. 2018. A breach above this mentioned resistance would lead to a continuation of the uptrend towards its previous all-time high. On the flipside, near-term support for the index is placed in the range of 26810-26770.

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Angel Broking Pvt Ltd

Published on 16/07/2018 9:57:58 AM

Sensex (36542) / Nifty (11019)

During last week, our markets finally managed to come out of its recent congestion zone. The move after surpassing the hurdle of 10800 was quite strong and hence, despite some mid-week hiccups in global markets, we did manage to maintain the positivity in our market. As a result, the Nifty eventually hastened towards the 11000 mark and in fact, moved beyond it to conclude the week with decent gains of over two percent as compared to the previous one.

The activity for the major part of the week was very encouraging; but, last couple of days was slightly shaky if considered some weakness in the broader market. Hence, we believe that we may not have a smoother ride going ahead, especially in the first half of this week. As far as levels are concerned, 10976followed by 10900 are likely to provide decent support for the market and on the upside; 11078 – 11171 are the levels to watch out for. For this week, it’s advisable to keep focusing on individual stocks that are providing better trading opportunities.

Further, while analyzing the weekly chart, we came across one interesting observation. Due to the optimism, the weekly chart now exhibits a breakout from the ‘Diamond’ pattern along with the ‘RSI-Smoothened’ crossing the threshold level of 70 in the upward direction. This development certainly bodes well for our market if we have to take slightly bigger directional move. 

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Choice International Ltd

Published on 16/07/2018 9:47:34 AM

Bank Nifty Outlook

*  The Bank Nifty index opened at 27,046.85 and went up to an intraday high of 27,102.35 closing the day at 27,935.95 with a loss of 90.60 points or 0.34 percent.

*  On a Hourly chart, the Bank Nifty has closed below it’s 21 Hourly Moving Average which suggests range bound movement in the Bank Nifty index.

*  The daily momentum indicator RSI(14) reading is at 50.64 with a positive crossover which suggest bull run in the Index.

*  Going forward, during the day we expect the index to find resistance at 27400 level, whereas support is likely to be placed at 26800 level.

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Choice International Ltd

Published on 16/07/2018 9:47:13 AM

Nifty Outlook

*  Nifty closed the day on flat note on Friday, closing the day at 11018.20 with a loss of 4.30 points or 0.04 percent.

*  On a Hourly chart, the Nifty has sustaining above it’s 21 Hourly Moving Average which suggest strength in the index.

*  The daily momentum indicator RSI(14) reading is at 66.49 with a positive crossover which indicate a bullish move in the Index.

*  With the ongoing structure, we are expecting the index to find resistance at 11100 level while downside support comes at 10950 level.

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GEPL Capital

Published on 16/07/2018 9:41:10 AM

Key Highlights:

Once again the NIFTY manages to closes above 11000 mark, as all-time HIGH @ 11175 level comes within striking distance…. 

*  Due to positive Global sentiments, the NIFTY opened @ 11056.90, a GAP-UP of around 34 points over Thursday. From the initial time, the Nifty successfully managed to trade above the 11000 mark for the whole session. We witnessed a very range bound and sluggish move of the Nifty throughout a day. In most part of the trading session, the Nifty moved in a just 44 points range. We found that the Nifty formed an inside day candle on the daily charts. The NIFTY finally shut shop @ 11018.90 DOWN by 4.90 points or 0.04%.

*  The broader indices once again underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 1.14% to close @ 18263; the NIFTY SML100 FREE closed DOWN by 2.56% to close @ 7206.25. The broader market shifted back in favor of the BEARS with 463 advances & 1273 declines. The INDIA VIX moved DOWN further by 1.47%, to close @ 12.3200.

*  In line with the broader markets, the SECTORS too largely traded MIXED. While the NIFTY ENERGY & NIFTY IT saw an UP MOVE of 0.87% & 0.13% respectively; on the other hand the NIFTY MEDIA with a 3.56% cut & NIFTY PSU BANK with a 2.05% correction, traded below par.

*  Technically, the NIFTY has finally moved above the 10840 mark on this Monday, which was rendering a major RESISTANCE almost for 3 continuous weeks. Now the prices have given a breakout of a predefined SIDEWAYS trajectory, accompanied by 3 GAP-UPS in the past 4 trading sessions & has sustained all of them. On the daily chart, Index for the past eight weeks had marked high around 10830-10930 and we have now closed well above it. It would be worthwhile to see if the BULLS finally find their bearing to cross over to higher scale & sustain there. The lows of the past four weeks around 10450-10550 simultaneously seem to be holding fort, with intermediate SUPORTS @ 10700 level. Going ahead, a fresh leg of upside can only be seen on a sustained close above the all-time HIGH of 11175 levels which may then aggrandize further towards 11350-11500 levels.

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LKP Securities

Published on 16/07/2018 9:39:28 AM

MARKET OVERVIEW

The India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 1.60% and reached 12.30.

Nifty July 2018 futures closed at 11020.00 on Friday, at a premium of 1.10 points over spot closing of 11018.90.

Nifty August 2018 futures ended at 11037.00, at a premium of 18.10 points over spot closing.

Nifty July futures saw an addition of 0.04 million (mn) units, taking the total outstanding open interest (OI) to 25.20 mn units.

The Nifty Put Call Ratio (PCR) finally stood at 1.62 for July month contract.

The top five scrips with highest PCR on OI were Adani Enterprises (1.54), Adani Power (1.32), Reliance Industries (1.20), Just Dial (1.13) and Oil India (1.18).

From the most active contracts, Reliance Industries July 2018 futures traded at a discount of 6.15 points at 1094.85 compared with spot closing of 1101.00. The numbers of contracts traded were 36,427.

Infosys July 2018 futures traded at a premium of 0.30 points at 1323.30 compared with spot closing of 1323.00. The numbers of contracts traded were 34,927.

Jindal Steel & Power July 2018 futures traded at a premium 0.05 points at 207.05 compared with spot closing of 207.00. The numbers of contracts traded were 20,740.

PVR July 2018 futures traded at a discount of 2.80 points at 1216.00 compared with spot closing of 1218.80. The numbers of contracts traded were 17,738.

Yes Bank July 2018 futures traded at a premium of 0.65 points at 377.55 compared with spot closing of 376.90. The numbers of contracts traded were 16,279.

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Religare Securities Limited

Published on 16/07/2018 9:33:07 AM

Nifty Outlook

Markets ended flat in a dull session, taking a breather after recent surge. Nifty opened with an uptick however weak macroeconomic data i.e. rise in CPI inflation and decline in IIP data triggered positive taking across the board mainly in cash segment. Mostly sectoral indices traded in line with the benchmark index and ended flat.

We’re bullish on Nifty and expect the prevailing up move to extend further however continuous fall in broader market causing maximum pain to the participants. We advise maintaining a mix of long and short positions on stock specific front to sail through this trouble time. On sectoral front, PSU banks look weakest to us while private banks, IT and FMCG stocks should be preferred for long trades.

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Arihant Capital Markets Ltd

Published on 16/07/2018 9:12:43 AM

Equity-

Sensex ended with net gains of 2.57% whereas Nifty gained 2.28% w-o-w.

Pattern Formation: On the weekly chart, we are observing a bull candle which suggests that momentum on the upside is likely to continue. On the daily chart, we are observing an upward gap area in the range of 10976 to 10999. Normally upward gaps do act as support for the prices. Further we are also observing two consecutive Spinning Top pattern. This gives small clue that prior trend is losing breath.   

Outlook: Combining the above two pattern formation it is evident that the weekly trend remains up but a consolidation or minor correction from current level cannot be ruled out. In coming week if Nifty trades and close above 11075 levels then it is likely to test 11155 – 11234 – 11326 levels. However, if Nifty trades and close below 10961 level then it can test 10882 – 10803 – 10711 levels.

Broadly, the weekly trend remains up and we are of the opinion that for current week 10790 is crucial support. Hence, as long as Nifty holds the mentioned support of 10790 there is high probability that Nifty may test 11155 – 11234 – 11326 levels. Hence, one needs to keep a bull stop at 10790 for all long positions. 

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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