ENTHUSIASTIC BULLS WILL CONTINUE THE VICTORY MISSION

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No Monday blues..!!! Historical corporate tax rate cut party which started last Friday 20 sep 2019 continued in the Monday’s session also. Bulls continued their euphoric rally for 2nd trading day buy jumping 200 points to hit its highest level in more than two months. The Sensex also jumped 1075 points. positive sentiment for revival in earnings growth also attracted to the foreign investors in the market.

NIFTY VIEW FOR 24 SEP 2019

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 23 SEP TO 27 SEP 2019

What a splendid Day it was. Nifty’s High jump from 10670 to directly 11381. Thank to FM Nirmala sitharama for corporate tax bonzana.  Sensex skyrockets 1921 points to log biggest gain in 10 years on tax cut euphoria; Nifty zips past 11250. 

WEEKLY RESISTANCE FOR NIFTY: 11400, 11500, 11600

 PIVOT POINT: 11200

WEEKLY SUPPORT FOR NIFTY:  11100, 11000, 10900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11350, 11450, 11550

PIVOT POINT:11250

DAILY SUPPORT FOR NIFTY :  11150, 11050, 10950

DAILY CHART FOR NIFTY

What a historical day it has been for corporates, the equity market and consumers. The government, like in a T20 game, opted for some serious hitting and managed to hit it out of the park as it announced a string of measures to lift the economy. The steps, including reducing the corporate tax rate to 25% from 35% for existing domestic companies and an attractive rate of 15% for new companies set up after October 1 and commencing operations before 2023, were greeted with uproarious cheer by the equity market.
The way we concluded previous week on Friday, market was all set to have a gap up opening on Monday of this week to surpass the major hurdle of 11150-11180. But, due to Saudi oil attacks over the weekend, crude oil prices spiked up more than 10% which spooked traders across the globe. We being the crude oil sensitive economy could not be spared with it. The week started off lower and minor attempt of recovery eventually got sold into to end the session tad above the 11000 mark. Tuesday after a flat start, our markets witnessed an open-high scenario as from the word go Nifty witnessed selling pressure. For the first half, Index witnessed a gradual fall however in the second half after no signs of recovery the selloff aggravated and eventually ended with a loss of 1.69% at 10818. As hinted by Nifty our markets started on a positive note on Wednesday with more than 50 points gain however the rub-off effect from the previous session pulled Index lower to erase all gains in the first hour itself. Subsequently, Index managed to hold on to the previous session low around 10800 and after a tiring session of consolidation eventually ended with minor gains of 0.21% at 10841. On Thursday in line with mixed global cues our markets started on a flat note, however, Index immediately started witnessing selling pressure and within the first few minutes itself broke previous two session’s support of 10800. Subsequently, the undertone remained weak as Index continued to slide lower throughout the session and eventually ended with deep cuts of 1.25% tad above 10700 levels.

NIFTY: A STRONG SUPPORT WILL BE @ 11000; STRONG RESISTANCE LEVEL SEEN @11500

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WEEKLY RESISTANCE FOR NIFTY: 11100, 11200, 11300

 PIVOT POINT: 11000

WEEKLY SUPPORT FOR NIFTY:  10900, 10800, 10700

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11000, 11050, 11100

PIVOT POINT:10900

DAILY SUPPORT FOR NIFTY :  10850, 10800, 10750

DAILY CHART FOR NIFTY

After an extended weekend, nifty started the week with a big gap down mainly on the back of escalated trade war between US and China over the weekend. Index then consolidated a bit throughout the first half but all of a sudden the selling momentum accelerated at the stroke of the penultimate hour which lasted till the closing point of the day. Eventually Nifty ended with a mammoth cut over 200 points on Tuesday. Tuesday’s sharp selloffs were followed by a muted opening on Wednesday; but immediately in the initial trade, the selling momentum resumed and we went on to sneak below the 10750 mark. Things started to look a bit intimidating but fortunately we saw good buying emerging at lower levels which continued for the remaining part of the day. This recovery was mainly provided by the easing political tensions in Hong Kong and hence we witnessed a rub off effect to conclude in the positive territory.  Thursday, we had a good head start for the day as index opened slightly higher on the back of positive global cues. However we couldn’t capitalize on this early morning lead. In the latter half, we not only wiped off all gains but also managed to slip slightly into a negative territory. Eventually the weekly expiry ended flat with no clear direction. Nifty managed to hold the 10,850 level and gradually extended its gains towards the 10,950 mark in Friday’s trade.

NIFTY: A STRONG SUPPORT WILL BE @ 10750; STRONG RESISTANCE LEVEL SEEN @11100

We still remain optimistic and expect the index to revisit 11200-11400 in coming days. For the coming week, 11000 followed by 11200 are the levels to watch out for in the upward direction and on the lower side, we expect 10750 to act as a sheet anchor. In case of any decline , traders should construe this as a good buying opportunity. It formed a bullish candle on the daily scale while Bullish Pin Bar on the weekly scale, which implied support-based buying interest has emerged in the market at lower levels. Nifty has started to form higher lows and supports are shifting higher. Now it has to hold above 10,850 to extend its bounce towards 11,050 and 11,100 levels, while on the downside supports are seen at 10855 and then 10775 levels.

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Market sentiments were boosted by domestic cues along with higher global markets which helped Sensex and Nifty rise for the third straight day. The Sensex ended 147 points higher at 37641 while Nifty settled 0.43% higher at 11105, driven by gains in banking, auto and energy stocks. Some selling in IT stocks capped gains.  The recent announcement made by the finance minister and the outcome of RBI board meet are definitely positive for the Indian markets. This is likely to lift domestic sentiments in the near term. Going forward, the market participants would keep a close watch on currency movement and upcoming Q1FY20 GDP data. Globally, trade tensions between US-China are likely to induce volatility into the markets.

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Bulls tried to come back in the 11100 zone & made a high of 11146 but could not continue to sustain the gains & came below 11100 mark to close at 11053. Tracking gains in other Asian markets, the Sensex rose as much as 368 points at day's high but could not sustain the gains & finished just 52 points higher at 37402. 

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WEEKLY RESISTANCE FOR NIFTY: 11100, 11200, 11300

 PIVOT POINT: 11000

WEEKLY SUPPORT FOR NIFTY:  10900, 10800, 10700

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11075, 11150, 11225

PIVOT POINT:11000

DAILY SUPPORT FOR NIFTY :  10950, 11875, 10800

DAILY CHART FOR NIFTY

The market ended the three-day trading week on a lower note. The Indian financial market was shut on Monday and Thursday on accounts of Eid & Independence Day. After an extended weekend, on Tuesday the markets started the week marginally positive with hopes of further up move as the Reliance opened with a significant gap up post the various announcements in its AGM. However, the nifty witnessed selling pressure right from the start as the other index heavyweights along with the broader markets witnessed a sell-off. The selling pressure continued throughout the session and in spite of RIL ending with gains of 10%, the Nifty ended the session with a loss of above one and a half percent. On Wednesday following the favorable development with respect to US-China trade war, the Asian cues were positively placed and our market too started session on a positive note with a gap up of around 70 points. Although the index witnessed some choppiness in the first few minutes, the dip was bought into and then a sustained up move was seen during the session to register gains of about 1%. Markets ended flat on Friday dragged by uncertainty over announcement of any revival package by the government and weak global cues. Indices remained lackluster for better part of the day, only to turn volatile in the afternoon trading session. Nifty rises 18 points to 11047.

NIFTY: A STRONG SUPPORT WILL BE @ 10800; STRONG RESISTANCE LEVEL SEEN @11200

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The Indian market closed down on Tuesday as heavy selling pressure built up in automotive and telecom stocks while investors awaited a government fiscal stimulus package to reverse the slowdown in the overall economy. The Sensex & nifty plunged on Tuesday to finish in red . The sensex crashed more than 600 points ahead of key retail or consumer price-based inflation data. Sensex nosedived 624 points to close at 36958; while the Nifty moved 184 to settle at 10926.

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Bulls made a strong come back in last hour of Thursday’s session with Sensex back above 37,000 level and Nifty bouncing back above 11,000 mark, after media reports suggested that India was likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget approved by parliament but heavily criticized.  The Sensex jumped 637 points to settle at 37327 level. The Nifty reclaimed the crucial level of 11000 to end at 11032, up 177 points.

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Bears continued to grip the markets…!!!!The market cracked heavily after MPC expectedly eased policy rates, albeit by 35 bps, justifying that a 25bps cut would have been inadequate while a 50bps would have been more-than-needed currently.  The Sensex came down 286 points to close at 36690 & Nifty came below 10850 Mark made a low of 10835 & closed at 10855.

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Bulls showed some strength after hitting the support area of 10800, but failed to give closing above the 11000 mark. Market recouped Monday’s losses aided by broad based buying across sectors supported by FMs decision to have a discussion with FPIs amid continued outflow of liquidity. Global cues were positive due to China’s step to prevent further slid in yuan, which could ease trade war concerns. While hope for a 25 basis point rate cut in the RBI meet tomorrow provided some support to the trend. Nifty managed to hold Monday’s low and the immediate support at the 10800 level, and then extended its gains towards the 11020 level. The index respected the 10800 level, which is 61.8% retracement of the entire upward move from 10004 to 12103 levels.

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Market ended higher today but recorded their worst month this year in July as a tepid results season, consumption slowdown and outflows from hurt sentiment. The Nifty today closed up at 11118, while the Sensex ended higher at 37481. For July, the Nifty was down 5.7%, its worst since September, while Sensex fell 4.9% to an eight-month low.

NIFTY WEEKLY OUTLOOK & MAY EXPIRY TRADING TIPS 29 JUL TO 2 AUG 2019

WEEKLY RESISTANCE FOR NIFTY: 11400, 11500, 11600

 PIVOT POINT: 11300

WEEKLY SUPPORT FOR NIFTY:  11200, 11100, 11000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11350, 11450, 11550

PIVOT POINT:11275

DAILY SUPPORT FOR NIFTY :  11325, 11225, 11125

DAILY CHART FOR NIFTY

This week’s mayhem continued as we saw a gap down opening of the week followed by a sustained selling throughout the first half in Monday’s session. This sell off was disheartening because the stable propositions like HDFC Twins and Kotak Bank also finally succumbed to the market destruction. These marquee names have been reluctant to correct since many months and in fact, have propelled index to the record highs. But monday, they looked completely dejected and hence, correction reinforced to test the 11300 mark. Fortunately, the selling got arrested in the latter half and we had a small bounce back to eventually close around 11350. Tuesday, started slightly higher but similar to recent trends, this gap up opening was merely a formality and in the initial hour, we were back to Monday’s low. Once again, we saw some respite at lower levels and in the penultimate hour, index surged towards the 11400 mark. Things looked good but mighty bears had other plans as we saw a complete nosedive once we stepped into a final hour. In the process, we erased all gains in a flash and due to mild recovery towards the end, Nifty closed with marginal losses. Wednesday seems that our markets are not even interested looking at what global market was doing. While US bourses hitting record highs every day, our market still looks dejected and Wednesday too, we had a massive cut in the first half after breaching the 11300 mark. Fortunately, the fall got arrested at a kissing distance from 11200 and thereafter, we kept oscillating with volatile swings throughout the remaining part of the day. Eventually, the Nifty concluded with over half a percent cut. Thursday had a flat opening owing to mixed global cues. However, during the first half an hour of the trade, we saw strong bout of buying to push the index near Wednesday’s high of 11359. In fact, in this process, Nifty managed to surpass it by a small margin and then similar to recent trend, this lead got sold into. Thereafter, index struggled throughout the remaining part of the day to eventually conclude the July series at two month’s low.  Friday market ended lackluster trade with marginal gains. Nifty traded range-bound for better part of the day tracking corporate earnings and weakness in global markets. Nifty settled at 11284 mark up 32 points.

NIFTY: A STRONG SUPPORT WILL BE @ 11100; STRONG RESISTANCE LEVEL SEEN @11500

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Corporate earnings and F&O contract expiry took the market indices in the red. Sensex gives up 300-pt, while Nifty settles July series below 11300 mark. Fearing longevity of the current bear phase, investors choose to wait and watch in the near term.

NIFTY VIEW & OPTION CALL PUT TIPS FOR 24 JUL 2019

Market slipped for fourth consecutive session on Tuesday as weak corporate earnings, hinting at an economic slowdown, kept investors' sentiment muted. Heavy selling in select bluechip stocks like HDFC twins, State Bank of India, Reliance Industries and HCL Tech dragged indices lower during the last hour of trade. The Sensex settled below the 38000 mark at 37983 levels, down 48 points. The Nifty, ended at 11331 mark, down 15 points.

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The week has started on negative note. Bears continued to grip the markets in today’s session also…!!!! Nifty came close to 11300 mark, made a low of 11301.  Extending their losing streak to the third session in a row, market ended lower on Monday with the frontline indices tumbling nearly 1% amid selling in bluechip counters such as HDFC duos, Bajaj Finance, Hindustan Unilever and ITC. The Sensex lost 306 points to settle at 38031. The Nifty slipped 82 points to settle at 11337 levels. Nifty started from 11392 made a high of 11398.

NIFTY WEEKLY OUTLOOK & MAY EXPIRY TRADING TIPS 22 JUL TO 26 JUL 2019

WEEKLY RESISTANCE FOR NIFTY: 11475, 11575, 11675

 PIVOT POINT: 11400

WEEKLY SUPPORT FOR NIFTY:  11325, 11275, 11200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11450, 11550, 11650

PIVOT POINT:11425

DAILY SUPPORT FOR NIFTY :  11375,11350,11300

DAILY CHART FOR NIFTY

The week closed on negative note. The Sensex slips 560 pts to log 2nd biggest fall in 2019 so far, Nifty ends at 11419. The Nifty hinted at a positive opening of the week and in line with the expectations, our markets started trading for the week on a positive note above the 11600 mark. The index then consolidated in a range throughout the session and ended the day tad below 11600. The index heavyweight ‘Infosys’ announced its quarterly results over the weekend and the market participants gave thumbs up to its better than expected numbers.  Nifty opened on a flat note on Tuesday and consolidated below the resistance of 11640 for most part of the session. However, Nifty breached this resistance during later part of the session and ended the day around the high point with gains of over six-tenths of a percent.  The index opened marginally positive in Wednesday’s trading session and traded in a narrow range throughout the day to end tad below the 11700 mark. In last few sessions, Nifty has seen a pullback move and has tested its '20 DEMA' in Wednesday’s session. Although the index has given a pullback moves of more than 200 points from the recent lows. Most of the Asian markets were trading with a flat to negative bias before our market open and our indices too witnessed a flat opening in Thursday’s session. However, the weekly expiry session witnessed a negative momentum from the opening ticks itself and the index corrected throughout the session to end the day around 11600. On Friday market slid as there was sharp sell-off by foreign funds due to the government’s reluctance to tweak FPIs income tax surcharge, and the deficiency in monsoon rain, which impacted risk sentiment. Additionally, downward revision in India’s growth to 7% by ADB and lackluster earnings from domestic corporates added anxiety over premium valuation.  
NIFTY: A STRONG SUPPORT WILL BE @ 11350; STRONG RESISTANCE LEVEL SEEN @11600

Next week is the expiry week on Jul series, honestly at this juncture; it’s hard to give any possible direction for the forthcoming week. We need to see how market reacts in the first half. Till the time, 11425-11400 are not violated, the broader structure does not get distorted. But in case if it happens, then get ready for some sharper cuts in the market. On the higher side, 11640-11700 remains to be a sturdy wall. If market has to regain strength, the banking needs to take a charge. Also the IT and Midcaps witnessed complete sell off and hence, we need to see whether the correction is overdone or yet to extend further. At present, traders are advised to stay light and it’s better to adopt a confirmatory approach for a while.

TECHNICALLY SPEAKING.

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Fresh trade war concerns between the Unites States and China kept the markets jittery. Markets ended Wednesday's choppy trading session with gains. Market continued to gain for third consecutive session with the Nifty reclaiming 11700 level intraday. Corporate earnings kept indices volatile with buying being witnessed in selected PSU and IT scrips. The Sensex added 85 points to settle at 39216 levels with State Bank of India, Tech Mahindra, HCL tech and IndusInd Bank being top gainers. On the contrary, YES Bank, Maruti, ONGC and NTPC were at the lower end of the spectrum.

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Infosys result changed market sentiments. Liquidity issue in the domestic market and weak economic data in China put pressure on the market. Green shoots from earnings lifted the sentiment of IT sector while ease in WPI inflation (June) to 2.02% added some cheer in the market. Q1 results announced so far have been mixed and going forward is expected to be subdued. Market ended higher led by the rally in Infosys Ltd. The Sensex closed 161 points higher at 38896 and the Nifty ended at 11588. 

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Worst ever crash of the year 2019. The Sensex and Nifty posted their worst single-day fall of 2019 as investor sentiment was spooked by the Budget proposals. The Finance Bill which was tabled in the parliament by the country's first full-time woman Finance Minister Nirmala Sitharaman called for increasing the minimum public shareholding for all listed companies to 35% from the current limit of 25%, threatening a wave of new issuances. Apart from increasing the public shareholding, the Budget for full financial year 2019-20 also called for imposing 20% tax on share buy backs and also raised the tax incidence for foreign portfolio investors and high net-worth individuals. The Sensex slumped as much as 907 points to touch intraday low of 38605 and Nifty dropped 287 points to hit intraday low of 11523. From the stock market’s point of view, this budget is at best a hogwash. Looks like, the government treats investing in line with cigarette and alcohol use. That's why it finds reason to impose taxes on equity in some form or other. This year, instead of abolishing taxes on dividend, it has imposed a tax on share buybacks. Both are ridiculous, because both are exercised with tax-paid money. Dividend instantly gives expensive money in the hands of investors, while buyback creates value.

NIFTY WEEKLY OUTLOOK & MAY EXPIRY TRADING TIPS 8 JUL TO 12 JUL 2019

WEEKLY RESISTANCE FOR NIFTY: 11900, 11950, 12000

 PIVOT POINT: 11800

WEEKLY SUPPORT FOR NIFTY:  11750, 11700, 11650

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11850,11900,11950

PIVOT POINT:11815

DAILY SUPPORT FOR NIFTY :  11775,11725,11675
DAILY CHART FOR NIFTY

 Nifty finally managed to close above 11800 mark. We had a head start for the current week and with Union Budget scheduled on 5 july  2019. Monday morning, there was a complete sea of green in all equity markets across the globe, mainly on the back of some positive developments with respect to US-China trade war over the weekend. Our markets too had a rub off effect of this and as a result, we opened higher well above the 11800 mark. This was followed by a consolidation throughout the remaining part; but the bias remained strongly bullish as we witnessed a series of higher highs higher lows to conclude with over six tenths of a percent gains. Tuesday, our markets started on a positive note owing to global cues. However it was merely a formality as we saw index sliding into a negative territory in the initial trades and in the process went on to test the psychological support of 11800 (low 11815). In line with recent pattern, this the dip was construed as a buying opportunity which accelerated in the latter half to not only reclaim the positive territory but also to conclude the session above the 11900 mark. Wednesday our markets opened higher in-line with what Nifty had indicated. After initial hiccups, index settled above the 11900 mark and then gradually extended the early morning lead. However, some profit booking was witnessed at the stroke of the final hour, which pared down major portion of gains to conclude with negligible gains.  Thursday also had a gap up opening; however the margin has not been so great. During the day, we witnessed completely lackluster moves as there was no participation seen ahead of the major event (Budget). Some small swings were seen in the final hour; but it was certainly not a notable movement. Hence, Nifty eventually ended tad below the 11950 mark by adding one fourth of a percent to the previous close. On Friday Market came down after Union finance minister Nirmala Sitharaman presented her maiden budget. The sensex dropped nearly 450 points, while the Nifty tested 11800-levels as soon as the Budget speech was over. Sensex crashed 450 points 39459; and Nifty moved 143 points or lower to 11804.

NIFTY: A STRONG SUPPORT WILL BE @ 11590; STRONG RESISTANCE LEVEL SEEN @12000