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Angel Broking Pvt Ltd

Published on 20/03/2019 9:56:51 AM

Nifty Bank Outlook - (29768)

The Nifty Bank index continued with the up move and ended the day with further gains of over half a percent. The PSU Banking space was buzzing yesterday as the PSU Bank index outperformed the benchmark index to post gains of almost 2 percent.

As we have been mentioning in our previous reports, the trend for the Bank nifty continues to be positive and so far, there are no signs of any reversal. In fact, the PSU Bank index on the weekly charts has given a breakout from a 'Diamond' pattern which indicates probability of further up move in the near term. Hence, we continue with our advice for traders to trade with a positive bias. The supports for the index are placed around 29500 and 29345 whereas resistances are seen around 29818 and 30005.

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Angel Broking Pvt Ltd

Published on 20/03/2019 9:56:40 AM

Sensex (38363) / Nifty (11532)

Monday’s uncertain close was followed by yet another gap up opening in our market, which was very much in line with most of the Asian peers. Subsequently, we saw some consolidation for the major part of the day. However, index picked up a strong momentum in the penultimate hour, leading to an extension of the rally beyond 11500 by adding six tenths of percent. The banking index supported this move as it seems to be enjoying its placement in an uncharted territory.

The kind of intraday moves and the close we are witnessing, it’s a typical behavior of any healthy up move. Although, it appears that we have entered an overbought zone, intraday declines are getting bought into and then we continue to see such gravity defying moves. In this scenario, it’s always advisable not to have a contrarian approach; rather be with the flow and keep riding the tide. As far as levels are concerned, 11500 followed by 11451 would now be seen as immediate supports; whereas on the upside, 11600 is the next level to watch out for.

We reiterate that one needs to be very choosy now while making a stock selection. Keep focusing on stocks which are on the move, as we may see momentum to continue in such propositions.

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Choice International Ltd

Published on 20/03/2019 9:54:56 AM

Bank Nifty Outlook

* The benchmark Nifty Bank Index ended with positive note on Tuesday, closing day at 29858.10 the day with a net gain of 189.65 points (0.64%).

* On an hourly chart, Nifty Bank has taken strong support of its Rising Trend Line which suggests a bounce back move & the Index could accelerate its upside movement.

* A daily momentum indicator RSI reading is at 83.47 level, heading towards the overbought zone which points out for a positive breath in the Nifty Bank Index.

* With the ongoing structure, we are expecting the index to find resistance at 30,100 level while downside support comes at 29,570 level.

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Choice International Ltd

Published on 20/03/2019 9:54:45 AM

Nifty Outlook

* The benchmark Nifty Index ended with positive note on Tuesday, closing day at 11532.40 the day with a net gain of 83.50 points (0.73%).

* On an hourly chart, Nifty 50 Index made a continuous pattern with Long Legg of lower shadow which indicates further upside movement.

* On a daily momentum indicator MACD has given a positive crossover above the base line which points out strength in the stock.

* With the ongoing structure, we are expecting the index to find resistance at 11,605 level while downside support comes at 11,410 level.

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Enrich Commodities India Pvt.Ltd

Published on 20/03/2019 9:36:21 AM

Technical outlook

Nifty daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 11580. The upside rally could be testing all the way up to 11700-11800 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 11450-11300 levels. Key support holds at 11300.

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Enrich Commodities India Pvt.Ltd

Published on 20/03/2019 9:36:03 AM

NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11571 -5 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 gained 0.61% to hit a new 6-month high, while the BSE Sensex 30 index added 0.70%.

The biggest gainers of the session on the Nifty 50 were Bharti Infratel Ltd, which rose 2.80% or 8.90 points to trade at 327.60 at the close. HCL Technologies Ltd added 2.84% or 28.75 points to end at 1036.20 and NTPC Ltd was up 1.94% or 2.56 points to 134.90 in late trade.

Biggest losers included Eicher Motors Ltd., which lost 2.66% or 591.40 points to trade at 21759.10 in late trade. Hero MotoCorp Ltd declined 2.04% or 54.50 points to end at 2614.05 and Larsen & Toubro Ltd shed 1.37% or 18.95 points to 1357.95.

The breadth, indicating the overall health of the market, 1340 rose and 1259 declined, while 160 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.59% to 68.957.

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Religare Securities Limited

Published on 20/03/2019 9:23:21 AM

Nifty Outlook

The Indian equity indices extended its rally on Tuesday despite subdued global cues ahead of the Fed meet. The Nifty index opened in the green, but later turned volatile and touched an intra-day low of 11,451. However, buying in the last few hours led to the index gaining 70 points and closing at 11,532 (up 0.6%). Amongst the broader market indices, both BSE Midcap and BSE Smallcap too ended with gains of 0.5% and 0.3% respectively. The sectoral indices traded with a positive bias wherein FMCG, Telecom and IT were up in the range of 1.2%-1.6%, while Auto (down 0.7%) and capital goods (down 0.5%) witnessed selling pressure.

Given the recent run-up we believe markets may take a pause in the near-term despite improving domestic sentiments. On the global front, outcome of Fed meeting and its commentary on the economic outlook going forward will be closely monitored by the in vestors. While the Fed is likely to maintain its dovish stance, any negative surprise could dampen the sentiments. Further, uncertainty w.r.t Brexit deal (as third vote on deal was blocked) could also influence investor sentiments. We advise market participants to focus on fundamentally sound stocks and utilize any correction to build a long-term portfolio. 

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Arihant Capital Markets Ltd

Published on 20/03/2019 9:16:27 AM

Equity

On the Daily Chart after a spinning top candlestick pattern we are observing a Bearish Hanging man. The said pattern will get activated only if Nifty closes below 11451 levels. Further, prices have breached the upper trendline of the channel and have closed marginally above it

SEBI Registration No.- INH000002764
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LKP Securities

Published on 20/03/2019 8:58:03 AM

Index closed a day at 11523 with gains of 70 points on Tuesday session and formed hanging man kind of candle pattern on daily chart. Index has formed strong support near 11500-11450 zone holding these levels we may see index to trade on positive note any break below said levels can see profit booking in index, resistance for index is coming near 11575-11640 zone. Nifty bank has support near 29550-29350 zone and resistance is Index closed a day at 11523 with gains of 70 points on Tuesday session and formed hanging man kind of candle pattern on daily chart. Index has formed strong support near 11500-11450 zone holding these levels we may see index to trade on positive note any break below said levels can see profit booking in index, resistance for index is coming near 11575-11640 zone. Nifty bank has support near 29550-29350 zone and resistance is coming near 29850-30000 zone. near 29850-30000 zone.

KIFS Trade Capital

Published on 19/03/2019 5:37:17 PM

Bank Nifty

In the recent scenario Bank Nifty was oscillating in an escalating channel where in it took a support near the level of 26750 and travelled towards north by outperforming the key benchmark index crossing the level of 29500. Bank Nifty has shown the strong performance by outperforming the key benchmark index. The index has now given a breakout from that channel and Bulls have taken the index to an all-time high and we may see the further escalation towards Northern trajectory towards uncharted territory.

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