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Enrich Commodities India Pvt.Ltd

Published on 21/09/2018 9:52:54 AM

Technical outlook  

Nifty daily chart has formed “Rising channel” pattern. The last few sessions ended up bearish in trend near a key support zone inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 11200. The downside rally could be testing all the way 11150-11100 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test 11400-11500 levels. Key resistance holds at 11500.

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Enrich Commodities India Pvt.Ltd

Published on 21/09/2018 9:52:36 AM

Nifty

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 11346 +34 points on indicating gap up opening for the NSE.  

At the close in NSE, the Nifty 50 declined 0.39% to hit a new 1-month low, while the BSE Sensex 30 index declined 0.45%.  

The biggest gainers of the session on the Nifty 50 were Bharat Petroleum Corp. Ltd., which rose 2.80% or 9.95 points to trade at 365.05 at the close. Coal India Ltd added 2.73% or 7.45 points to end at 280.65 and GAIL Ltd was up 2.60% or 9.75 points to 384.55 in late trade.  

Biggest losers included Bajaj Finserv Ltd, which lost 3.33% or 217.60 points to trade at 6312.05 in late trade. IndusInd Bank Ltd. declined 2.67% or 49.65 points to end at 1804.65 and Zee Entertainment Enterprises Ltd. shed 2.96% or 13.75 points to 450.80.  

The breadth, indicating the overall health of the market, 1659 fell and 908 advanced, while 165 ended unchanged on the India National Stock Exchange.  Rupee desk: The USD/INR was down 0.19% to 72.575.   

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Choice International Ltd

Published on 21/09/2018 9:41:45 AM

Bank Nifty Outlook

*  Bank Nifty Index opened at 26,532.00 and went down to an intraday low of 26,235.70 closing the day at 26,277.35 with a loss of 164.10 points or 0.62 percent.

*  On a weekly chart, the Bank Nifty has confirmed Three Black Crows candlestick which is a bearish reversal pattern and suggests a bear run in the Index.

*  A daily momentum indicator RSI reading is at 30.23 level with a negative crossover which points out for a negative breath in the Index.

*  Going forward, during the day we expect the index to find resistance at 26,690 level, whereas support is likely to be placed at 26,135 level.

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Choice International Ltd

Published on 21/09/2018 9:41:29 AM

Nifty Outlook

*  Nifty closed the day on negative note on Wednesday, closing the day at 11,234.45 with a loss of 44.55 points or 0.39 percent.

*  On a weekly chart, the Nifty has confirmed Bearish Hammer formation which suggests a bear run in the Index.

*  A daily momentum indicator RSI reading is at 40.53 level with a negative crossover which points out for a down trend in the Index.

*  With the ongoing structure, we are expecting the index to find resistance at 11,370 level while downside support comes at 11,200 level.

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Angel Broking Pvt Ltd

Published on 21/09/2018 9:33:41 AM

Nifty Bank Outlook - (26277)

In Wednesday's session, the Nifty Bank index consolidated in a narrow range for initial couple of hours. However, post noon, the index resumed the sell-off and continued the negative momentum for rest of the session to end with a loss of six-tenths of a percent.

Since last few sessions, we have been advising to avoid bets in the banking and financial space as the index has been underperforming the broader markets. Also, as expected, the index has now almost approached its 200 DMA which is placed around 26100-26150. The momentum reading i.e. RSI on the hourly chart is in oversold zone and is also showing a divergence. This could lead to a pullback move from the mentioned support zone. Being a weekly close today, it would be crucial to see how the index behaves around this mentioned support and thus traders should be vigilant on the market moves. The intraday support is placed in the range of 26100-26150 whereas resistances are seen around 26410 and 26555.

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Angel Broking Pvt Ltd

Published on 21/09/2018 9:33:24 AM

Sensex (37121) / Nifty (11234)

Markets are still feeling the heat and the gap up opening on Wednesday was merely a formality as we saw index immediately sliding below the 11300 mark in the initial hour of the trade. There was couple of attempts made to stay beyond this psychological level; but all failed due to strong selling pressure at higher levels. The index then corrected in the latter half which has been the recent trend and hence, eventually Nifty went on to conclude the session tad below the 11250 mark.

The last three sessions have not been good for our markets; especially after giving a smart recovery last week beyond 11500. Honestly, we have not been actively participating in this corrective move; rather chose to stay on the sidelines till the time picture becomes clear. Going ahead, it would be important to see how index behaves around 11230 – 11200. Even if it slides below these junctions, there is a strong support zone in the range of 11171 – 11135 and hence, it’s certainly not advisable shorting at this juncture. On the upside, for the coming session, 11297 followed by 11332 would be seen as immediate resistance levels.

Traders are advised to be very stock specific now and in terms of sectoral bets, we still like OMC’s who are now gearing up to compensate for its recent underperformance. In addition, the ‘Metal’ pack was clearly bucking the trend and hence, can be seen as potential candidates

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GEPL Capital

Published on 21/09/2018 9:28:11 AM

Key Highlights:

The strong Bear’s presence pulls down the NIFTY below its immediate support of 11250 level….

*  The NIFTY opened @ 11326.65, a GAP UP of around 48 points over Tuesday. Due to positive cues from the International markets, the Nifty opened higher but it faced a strong resistance and unable to cross 11340 level in the 1st half of the session and eventually the Nifty went down very fast with the Bearish formation of Lower Top Lower Bottom and made a day’s low @ 11210.90 level. We have seen that the market was under a complete hold of the Bears throughout the day. In the end, the Nifty closed @ 11234.35 Down by 44.55 points or -0.39%.

*  The broader indices heavily underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed Down by 0.93% to close @ 18816.75; the NIFTY SML100 FREE closed DOWN by 1.10% to close @ 7167.05. The broader market too moved in favor of the BEARS with 582 advances & 1139 declines. The INDIA VIX closed DOWN by 4.35%, to close @ 13.7875.

*  In line with the broader markets, the SECTORAL indices closed pretty MIXED. The NIFTY CPSE & NIFTY METAL led the way with rise of more than a percent or so; while on the other hand, the NIFTY MEDIA & NIFTY FMCG moved on the losing side with a move on either side of the percent mark.

*  The NIFTY had created FRESH 6 weeks LOW in the last week around 11250, and thereafter recovered by around 300 points to close the week @ 11515, DOWN by just 0.6%. In this week, the Nifty started on a negative note that it opened and traded below the previous week’s close and it also breached the last week’s low of 11250 on closing basis on daily chart which shows the strong Bear presence in the market. Now the immediate support for the Nifty is placed at a GAP (created between 26th July to 27th July) which is @ 11185 – 11210 range and after that it has next support stayed @ 11090 level which is a 50% Fibonacci Retracement level of earlier advance from 10417 (23rd May 2018) to 11760.20 (28th Aug 2018). On the flip side, the Nifty has an immediate resistance placed @ 11465 – 11610 level. This makes the scenario quiet fluid and WAIT & WATCH will remain the key. 

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Religare Securities Limited

Published on 21/09/2018 9:21:25 AM

Nifty Outlook

In yet another volatile session, market opened on a positive note, following firm global cues. Throughout the session Indian equity benchmark indices remained choppy and the Nifty index swung both ways touching an intra-day high of 11,332 in first half and intra-day low of 11,211 in latter half. The Nifty index closed 0.4% lower at 11,236 levels. The broader market indices ‘BSE-Midcap and BSE-Smallcap’ continued their underperformance with the benchmark and ended with losses of 0.7% and 1%, respectively. Barring IT, Metals and Oil & Gas which closed in green, all the other sectoral indices witnessed selling pressure and ended the session sharply in the red with Consumer Durables, FMCG and Reality being the top losers in range of 0.8-1.1%.

Volatility is likely to remain high in near term, with lack of any fresh triggers on the domestic front. Further, the on-going trade war escalation between US-China, increasing crude oil price and depreciating rupee (vs dollar) have dampened investor sentiments. Hence we continue to maintain a cautious stance on the Indian markets and advise traders to hedge their risky leveraged position while investors to buy fundamentally sound stocks on dips.

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Arihant Capital Markets Ltd

Published on 21/09/2018 9:16:06 AM

Equity -

On 19/09/2018 markets opened higher but were unable to sustain the opening gains and selling dragged down the indices to close in red. On the sectoral front FMCG, Finance, Metal led the fall whereas IT and Teck ended with marginal gains. The advance decline ratio was in favour of declining counter (Advances = 968/Declines = 1704).

Pattern Formation: On the daily chart, we are observing three consecutive strong bear candle.

Outlook: We maintain our stance that the undertone in the market is negative. In coming trading session if Nifty trades below 11200 levels then it is likely to test 11150 - 11120 levels. On the upside, 11300 - 11350 levels may act as resistance for the day. 

We 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

SEBI Registration No.- INH000002764
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Ventura Securities Ltd

Published on 21/09/2018 9:14:47 AM

Dow+251,Nasdaq+78,Nikkei+118, SGXNifty 11358(+46). On Wed, FIIs-2185cr in Cash,+296cr in FNO.DIIs+1201cr in Cash. Tdy AdaniEnt, BalramChin, Wockpharma in ban period in FNO.

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