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Angel Broking Pvt Ltd

Published on 23/01/2019 10:19:44 AM

Nifty Bank Outlook - (27482)

The Nifty Bank index traded in a narrow range of 150 points yesterday and ended the session with a marginal loss.

Since last few weeks, the index has consolidated in a range and has now formed a support base at 27182. On the flipside, the near term resistance is seen around 27625. A breakout beyond either of these levels should then lead to a directional move. Hence, short term traders are advised to trade the index only post a breakout. Swing traders can continue to focus on stock specific moves. The intraday supports for the index are placed around 27335 and 27182 whereas resistances are seen around 27625 and 27755.

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Angel Broking Pvt Ltd

Published on 23/01/2019 10:19:32 AM

Sensex (36445) / Nifty (10923)

Our markets witnessed a session of mixed bias; Index started with a weak opening and immediately started experiencing a sell-off to mark intraday low of 10864. However, the second half was interesting as we saw index bouncing back from lower levels to ease morning loses to eventually end with a cut of 39 points at 10923.

On the daily chart, for the third time in the last four sessions, we have observed prices witnessing a demand in zone 10840 – 10860 which is the bullish diamond breakout zone seen during the last week. However, the upward momentum expected post the Diamond breakout is still missing as there’s a lack of broadbased participation. We now sense that the Index has now entered into an extended phase of consolidation where the recent high of December (10985) acting as immediate hurdle whereas the diamond breakout zone in the range 10840 acting as a support zone. The bias continues to be positive and we remain vocal for our targets of 11080 - 11150. However, having said that the traders are advised to be very selective in stock selection as we have seen lots of false moves of late and the next leg of momentum move can only be seen above 10985.

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Enrich Commodities India Pvt.Ltd

Published on 23/01/2019 10:11:46 AM

Technical outlook

Nifty daily chart has formed “Megaphone chart” 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 10970. The upside rally could be testing all the way up to 11100- 11200 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 10800-10700 levels. Key support holds at 10700.

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Enrich Commodities India Pvt.Ltd

Published on 23/01/2019 10:11:30 AM

NIFTY MORNING OUTLOOK

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 10956 -6.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.36%, while the BSE Sensex 30 index lost 0.37%.

The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 4.80% or 19.10 points to trade at 418.95 at the close. Wipro Ltd added 3.09% or 10.45 points to end at 346.50 and Titan Company Ltd was up 1.99% or 19.15 points to 982.65 in late trade.

Biggest losers included Vedanta Ltd, which lost 3.65% or 7.25 points to trade at 191.50 in late trade. Tata Steel Ltd declined 3.26% or 15.40 points to end at 456.55 and Mahindra & Mahindra Ltd. shed 3.09% or 22.55 points to 708.50.

The breadth, indicating the overall health of the market, 1560 fell and 908 advanced, while 162 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.24% to 71.362.

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Choice International Ltd

Published on 23/01/2019 10:05:23 AM

Bank Nifty Outlook

*  Bank Nifty Index recovered from day’s low but still ended in red, opened at 27,526.55 and went down to an intraday low of 27,385.40 and ended the session at 27,482.25, with a loss of 51.35 points or 0.19 percent.

*   On a daily chart, Bank Nifty is continuously sustaining above its 21 Days Exponential Moving Average which signals sideways to positive move in the Index.

*  A daily momentum indicator RSI reading is at 57.29 level with a negative crossover and trending in consolidation which indicates an sideways move in the Index.

*  Going forward, during the day we expect the index to find resistance at 27,630 level, whereas support is likely to be placed at 27,350 level.

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Choice International Ltd

Published on 23/01/2019 10:05:05 AM

Nifty Outlook

*  Nifty opened with mild losses and further continued to tumble on Wednesday, settled at 10,922.75 with a loss of 39.10 points or 0.36 percent.

*  The Nifty has formed a Pennant formation on a daily scale which is a sign of continuation and indicates Nifty may continue its upside move for a while.

*  A daily momentum indicator RSI reading is at 56.81 level with a positive crossover and trending in consolidation which indicates an sideways move in the Index.

*  With the ongoing structure, we are expecting the index to find resistance at 10,987 level while downside support comes at 10,840 level.

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Arihant Capital Markets Ltd

Published on 23/01/2019 9:47:06 AM

Equity

On the Daily Chart we are observing high range candle with narrow range body formation at the higher range.

Tags: Daily

SEBI Registration No.- INH000002764
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KIFS Trade Capital

Published on 23/01/2019 9:22:40 AM

Bank Nifty

The weak performance of Bank Nifty continued from the last trading session and Bank Nifty has a tendency to show the similar view like benchmark index nifty but financials have their owned personality. The underperformance delivered by the PSU Bank continued and Bank Nifty was down by 51 points. In the recent scenario bank nifty is oscillating in rising wedge pattern where the intermediate support of wedge placed near 27350. If bears mange to surpass the 27350 mark then we may see the further escalation towards 26500 mark. Trend remain indecisive until the 27350 mark breaks. 

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KIFS Trade Capital

Published on 23/01/2019 9:22:05 AM

Nifty

Bears were heavy on bulls in the trading session on Tuesday as the key benchmark index Nifty displayed some weakness and was down by 39 points to close the day on a negative note. Sector specific Realty and Pharma sectors outperformed the key benchmark index whereas Metal and Media sectors were laggard in the market. They Key benchmark index is hovering near the level of 10940 which is the strong line of defense for the bulls. Once the bulls manage to surpass and most importantly sustain above the level of 10940 then only we may see the further escalation towards 11200 mark. Intermediate support is placed near 10840 mark.

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Religare Securities Limited

Published on 23/01/2019 9:19:04 AM

NIFTY OUTLOOK

Post a decent gain in the last few trading sessions, the Indian equity benchmark indices declined on weak global cues as the IMF cut global growth forecast for 2019 and 2020. Nifty touched an intra-day low of 10,864 but managed to close off the lows at 10,923, down 0.4%. Amongst the broader market indices BSE Midcap outperformed the benchmark and closed on a flat to negative note, while Small-cap underperformed by losing 0.5%. Healthcare, Consumer durables and Realty were the best performing sectors gaining 0.9-1.2%. However, Metal was the biggest loser followed by Telecom and Auto. Globally, both Europe and key Asian markets traded on a weak note.

The markets are likely to remain range bound given global headwinds in the form of uncertainty over acceptance of alternate plan for Brexit and global growth concerns. Further, volatility in crude oil price & Rupee (vs US$) would keep the market participants on edge. However, on the domestic front, there have been no negative surprises on the earnings front so far which is encouraging. We expect stock specific volatility to remain high as the investors will take cues from quarterly performance of the stocks. We advise traders and investors to maintain stock specific approach. 

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