MARKET SUMMARY OF 9 NOV 2018

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The benchmark indices ended slightly lower on Friday led by a fall in information technology (IT) and metal stocks.
The S&P BSE Sensex ended at 35,159, down 79 points, while the broader Nifty50 index settled at 10,585, down 13 points.Among the sectoral indices, the Nifty IT index fell 0.8 per cent weighed by Infosys and Tata Consultancy Services (TCS). The Nifty Metal index slipped 0.9 per cent due to a decline in NMDC. On the other hand, the Nifty Pharma index settled 1.4 per cent higher led by a rise in Sun Pharma.In stock-specific action, Bharti Airtel fell 2.9 per cent to Rs 297 on the BSE after Moody's Investors Service placed it's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. The stock had fallen as much as 5.21 per cent to Rs 290 on the BSE in intra-day trade.
 The rupee traded on a firm note during the day, rising to 72.58 per dollar, up from its previous close of 73 against the greenback.The benchmark indices settled over 2 per cent lower on Thursday following a weak rupee which sunk to a fresh low in the intraday trade.The rupee slipped to a fresh record low 73.81 per dollar in intraday trade on Thursday, after settling at a record low of 73.34 on Wednesday.The S&P BSE Sensex ended at 35,169, down 806 points while the broader Nifty50 index settled at 10,599, down 259 points.Among major stocks, ICICI Bank settled over 4 per cent to Rs 316. It had risen over 5 per cent to Rs 321.25 in intraday trade on the National Stock Exchange (NSE) after the bank's CEO Chanda Kochhar resigned with immediate effect. ICICI Bank has named Sandeep Bakhshi as MD and CEO for five years with effect from October 3.Shares of oil marketing companies fell by up to 13 per cent on Thursday on the BSE after Finance Minister Arun Jaitley announced that these companies will absorb excise duty by Re 1 on petrol and diesel. HPCL, BPCL and IOC tanked up to 13 per cent following the announcement.Among sectoral indices, the Nifty IT index ended nearly  3 per cent lower weighed by Infibeam Avenues, Tata Consultancy Services and Infosys. The Nifty FMCG index, too, slipped nearly 3 per cent weighed by Hindustan Unilever and ITC.In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap indices settled around 2 per cent lower.

TOP GAINERS: YESBANK, HINDPETRO, ASIANPAINT

MAJORLOOSERS: INFY, DRREDDY, HINDALCO

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WEEKLY RESISTANCE FOR NIFTY:10500,10600,10700

 PIVOT POINT: 10400

WEEKLY SUPPORT FOR NIFTY :  10300,10200,10100

WEEKLY CHART FOR NIFTY

 DAILY RESISTANCE FOR NIFTY: 10450,10550,10650

PIVOT POINT:10400

DAILY SUPPORT FOR NIFTY :  10350,10250,10150

DAILY CHART FOR NIFTY

Happy Diwali week!   The index continues to enjoy its Bull Run despite some in between hiccups.  The benchmarks clocked their best weekly rally in two years after stocks extended gains globally as the boost to sentiment came after Bloomberg News reported U.S. President Donald Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina this month and has asked key officials to begin drafting potential terms. For the week Sensex surged 4.98 percent and the Nifty 50 Index rose 5.2 percent. Trading for the week began marginally higher as indicated by the Nifty. Subsequently, we saw immediate drop in initial five minutes of trade. However, post this there was sustained buying seen throughout the remaining part of the day. In fact, the momentum accelerated in the latter half to clock massive single day gains of over two percent. Eventually, the broad based rally resulted into reclaiming of 10200 with some authority.  Tuesday was clearly a day of disappointment for the momentum traders after seeing Monday’s massive intraday rally. During the first half, we did see couple of attempts to head higher but on both these occasions, index failed to carry the momentum as few heavyweights were experiencing strong selling pressure, which eventually aggravated in the latter half to pull the index once gain below the 10200 mark. Wednesday nifty opened higher after Tuesday’s minor correction or rather we should term it as a breather. Subsequently, we witnessed a nosedive in the initial hour mainly on the back of some news flow on the differences between the RBI and the Central government. Fortunately, the damage got restricted at the kissing distance from 10100 and to everyone’s surprise, there was complete turnaround in traders’ sentiments as we witnessed a vertical rally of nearly 300 points to conclude the session with whopping gains of 1.85%. Wednesday’s v-shaped recovery was followed by a gap opening with a decent margin on Thursday. However, similar to recent trend, this early morning lead turned out to be a formality as we witnessed good profit booking in most of the heavyweight constituents. During the day, index largely remained in a small range and all attempts to surpass 10400 were turned unsuccessful. Eventually, we had a flat opening tad below this crucial junction. On Friday nifty rebounded strongly along with rupee after crude fell for fifth day in a row amid strong global cues. Nifty climbed 1.66% or 173 points to 10,553 & closed the week on bullish note.

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The markets started the month on a lackluster note, despite easing of concerns about the central bank's autonomy and strong global cues. The Nifty opened positive and consolidated for most part of Thursday’s session. The markets swung between gains and losses amid cautious trade as losses in IT stocks offset gains in banking, metal and infrastructure shares. At the day's highest point, the Sensex traded with a gain of 237 points to cross the 34650 mark but gave up most of those gains by afternoon. The Nifty climbed 55 points to touch an intraday high of 10441. At the close of market hours, the Sensex closed down 10 points at 34431, while the Nifty ended lower by 6 points at 10380.

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NIFTY TODAY

A volatile trading session has ended on positive note. On Wednesday nifty managed to recover more than 300 points from its intraday low of 10,100 and headed towards 10,400 mark. It surpassed the immediate hurdle of 10,280 and closed with a decent gain of 188 points. A strong surge in financials along with IT names was responsible for pushing the indices higher. Pharmaceuticals joined the bandwagon as well and a combination of all these factors boosted the market. 

NIFTY TOMORROW

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NIFTY TODAY

In the past two months, Indian market wiped out gains it made in the year 2018. Benchmark indices, Sensex and Nifty, were down about nearly 17 percent from their respective highs. The markets traded low on Tuesday, ending the trading session in red below 10200 at the closing bell. At the close of market hours, the Sensex is down 176 points at 33891, while the Nifty is lower by 52 points at 10198.

NIFTY TOMORROW

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NIFTY TODAY

The benchmark indices settled over 2 per cent higher on Monday, as investors lauded a solid set of September-quarter earnings in large-cap companies such as ICICI Bank and Dr. Reddy’s Laboratories. In a strong rebound for market today, the Sensex and Nifty staged a smart recovery to rise over 2 percent each in afternoon trade. While the Sensex rose 718 points to 34067, the Nifty gained 220 points to 10250.

NIFTY TOMORROW

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WEEKLY RESISTANCE FOR NIFTY:10300,10400,10500

 PIVOT POINT: 10000

WEEKLY SUPPORT FOR NIFTY :  9900,9800,9700

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10100,10200,10300

PIVOT POINT:10050

DAILY SUPPORT FOR NIFTY :  10000,9800,9700

DAILY CHART FOR NIFTY

We started-off the week on a positive note and rallied towards 10600 mark, but this up move was short lived as once again massive selling emerged to bring index towards 10000. In index futures, mixed positions were formed last week. At the same time, put writer of 9800 strikes also lightered some of their positions. Stronger hands continued selling in index futures along with longs in index puts.  First half in the week gone by was very much on expected lines as we saw continuation of previous week’s relief move towards the 10500 mark. This move was aided by some of the macro factors like Crude oil cooling off from higher levels and respite in domestic currency after recent relentless weakness.  Monday, we had a good bump up at the opening owing to strong positive cues from the Asian bourses, especially the Hong Kong market. However, this again turned out to be formality as there was immense selling pressure seen right from the word go. Subsequently, index consolidated for some time in a range before sliding below the 10300 in the last hour of the trade. On Monday  nifty ended at 10252. On Tuesday market opening formality as always was influenced by the global peers and they were literally sinking early in the morning. As a result, we had a gap down opening which was followed by some immediate recovery towards Monday’s low. However, once again a strong selling pressure at higher levels dragged the index lower to breach recent swing low of 10138. Fortunately, at the end, the damage was not as big as it looked; courtesy to some tail end recovery in the broader market. On Tuesday nifty ended at 10146. Wednesday, once again we had a good bump up at the opening, courtesy to smart recovery in US markets on Tuesday. However, similar to last two occasions, markets corrected after seeing 100 points gap. In fact, immediately post the midsession, the selling aggravated and in the process, we hastened towards previous day’s low. Fortunately, this time the close was not as it was on previous two occasions. In last hour of the trade, we witnessed a good broad based recovery in the market to reclaim the 10200 mark on a closing basis yesterday too; the gap down opening was mainly on the back of sharp overnight sell off seen in the US markets. Wednesday nifty closed at 10290. Thursday the market remained under pressure throughout the session but recovered a bit at the end of October F&O expiry day. The Nifty closed October series 99 points lower at 10124 points. The Nifty Bank index closed Thursday’s trade 0.98% lower. Friday markets extended falls on to hit nearly seven-month low. The Sensex closed 340 points lower at 33349, while the Nifty shed 94 points to settle at 10030.

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NIFTY TODAY

 A volatile session with a wider range as the Indian market was following the global negative cues to open gap down. Severe selling pressure threw investors off-balance today as domestic stocks suffered more losses.  The benchmark Sensex plunged 481 points to 33,53 and the Nifty broke below 1,100 as most sectors felt the heat on the last day of October futures and options contracts.  The market remained under pressure throughout the session but recovered a bit at the end of October F&O expiry day. The Nifty closed October series 99 points lower at 10124 points. The Nifty Bank index closed Thursday’s trade 0.98% lower. 

NIFTY TOMORROW

NIFTY OUTLOOK FOR 25 OCT EXPIRY DAY

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NIFTY TODAY

A highly volatile trading day has ended on positive note. Disappointed by the Q2 results of index heavyweights led by lower margins, market lost the early gains. But in the latter part, these losses were recovered due to sharp fall in oil prices and short covering ahead the F&O expiry. Additionally, a recovery in the rupee and drop in yields are expected to improve the liquidity situation supported by RBI's open market operations. Markets started Wednesday's session on a strong note, before giving up most of the day's gains in late morning deals. The Sensex bounced back 444 points to take out the 34000 mark. The sensex touched 34291 at the day's highest point. The Nifty advanced 143 points to touch an intraday high of 10290.

NIFTY TOMORROW

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NIFTY TODAY
The present scenario in the market is like a tug of war between bulls and bears.  Continuing its slide in Tuesday’s session, the Sensex slipped over 287 points to close at almost seven-month low of 33847, tracking sluggish trend in global markets on geo-political tensions and fresh worries over trade war amid weak rupee. The Sensex closed 287 points lower at 33847 after hitting a low of 33742. This is the weakest closing since April 10 last, when it settled at 33880. The Nifty too fell below the 10200 level by dropping 98 points, to end at 10146. Intra-day, it touched a low of 10102.

NIFTY TOMORROW

A swift pullback is expected though it is a matter of time and patience.  At this point, we are cautious for bulls, as said before, as a pullback can be seen in the market. Buying at lower levels should be seen with the retest of 10450 - 10300. A close below 10000 will negate this view. Nifty has strong support at 10100 - 10000 levels given its a crucial support in this rally as the previous rally to 11700 saw a bottom being made at these levels only.

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Resistance: 10300, 10400

Support: 10100, 10000

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NIFTY TODAY

Bears appear to have gained upper hand as they sabotaged the good work done by the bulls in the last week before signing off the day with a strong bearish candle which forced the indices to close below 10250 levels which bulls were defending till now on closing basis.  Weakness in the last hour of trade dragged SENSEX & NIFTY to low points. The Nifty ended the session below 10250-mark, while the Sensex shed over 180 points. Against this, the market had a strong start, with the Sensex and Nifty having risen 1% each. The Sensex slipped 550 points to 35975 and the Nifty dipped 150 points to 10858 weighed down by index heavyweight Reliance Industries Ltd as macro concerns, including higher crude prices and liquidity crunch, hurt the trading sentiment. .

NIFTY TOMORROW

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WEEKLY RESISTANCE FOR NIFTY: 10550, 10750, 10850

 PIVOT POINT: 10300

WEEKLY SUPPORT FOR NIFTY:  10200, 10100, 10000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10400, 10550, 10750

PIVOT POINT: 10300

DAILY SUPPORT FOR NIFTY:  10250, 10200, 10150

DAILY CHART FOR NIFTY

During the week, our markets defending the key support level of 10200 on a closing basis was certainly a remarkable achievement. It was clearly an indication that the sellers have exhausted and they do not have further strength to react to the global hiccups. Hence, we had a gap up opening on the concluding day of the week with a good bump up and in fact, the momentum accelerated as the day progressed. In the course of action, we are back to Wednesday’s highs by ending the week on a cheerful note. Finally, the recent losing streak came to an end as we not only managed to defend the critical support level of 10200 but also ended the week with a good hope of further recovery in the forthcoming week. Last week, we had highlighted few notable observations and all those key technical evidences have proved their significance.

Trading for the week began with a decent bump up but this early morning lead immediately got sold into. Index came off sharply during the midst of the day towards the 10400 mark. This important intraday junction provided rock solid support for our market and as a result, we witnessed a v-shaped recovery in the latter half to reclaim the psychological figure of 10500 on a closing basis. Tuesday had a positive opening with marginal upside gap after Monday’s good tail end buying. Subsequently, we saw the index adding further gains in the initial hour. However, Nifty struggled around 10600 and hence, we saw a decent dip during the midst of the day. Fortunately for traders, this intraday decline eventually got bought into and as a result, the Nifty managed to close well inside the positive territory. Wednesday’s session opened with a good bump up of more than 100 points, owing to massive overnight rally in US markets on Tuesday. However, this lead did not last too long due to strong profit booking at higher levels. In fact, things became worse as index pared down all gains and eventually ended the session with a cut of over a percent to conclude tad above the 10450 mark. Thursday market was shut on accounts of Dassehra. Week has ended sharply lower amid weak global cues. Reliance earnings, NBFC crisis and H1-B visa issue dented investor’s sentiment. The Sensex ended the week down 463 points at 34315 and the Nifty slipped 149 points to 10303.

NIFTY: A STRONG SUPPORT WILL BE @ 10200; STRONG RESISTANCE LEVEL SEEN @10800

Next week is the expiry week for F&O Oct series , As long as it holds below 10300 , the Nifty50 may continue to extend weakness towards 10200 and the psychologically important 10,000 levels, while on the upside, the medium-term hurdle is shifting from 10650  to 10750 levels. As long as Nifty doesn’t surpass any immediate hurdle, the overall weak structure could limit the upside for the market.  Broad range for the week is seen from 10200 on downside & 10800 on upside.

TECHNICALLY SPEAKING.

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NIFTY TODAY

Bears griped the Wednesday’s markets… After opening higher bulls could not sustained as nifty future came below 10450 mark!!!!The market cracked heavily in trades today facing a liquidity crunch amid rising crude prices and depreciating rupee. The recent string of defaults by non-banking financial companies (NBFCs) on debt repayment has compounded worries. The Sensex lost 383 points or 1 per cent to settle at 34780. The Nifty lost 132 points to end at 10453. 

NIFTY TOMORROW

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NIFTY TODAY

Bulls run continued in Tuesday’s trade. The Sensex closed 297 points up at 35162. The nifty future has crossed the hurdle of 10555 & made a high of 10599 & finally closed at 10587 up by 69 points. Investors shifted their focus to September quarter earnings season from global trade and geopolitical tensions. Also, recovery in global equities also helped lift market sentiment. 

INFOSYS Q2 EARNINGS

Country's second largest software services company Infosys has reported 13.8 percent sequential growth in second quarter consolidated profit at Rs 4,110 crore. Consolidated revenue grew by 7.7 percent to Rs 20,609 crore compared to Rs 19,128 crore in previous quarter.

NIFTY TOMORROW

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NIFTY TODAY
Monday belonged to the bulls…!!! Bulls took the charge on the d-street & took nifty above 10500 mark. The Nifty remained highly volatile throughout Monday’s trading session, but recovered sharply by around 100 points from its intraday low and immediate crucial support of 10400 Market traded in a rangebound manner and ended on a positive note. Negative sentiment over a slowing world economy due to trade war and rising cost of funds is continuing to impact the market. The rupee continued to be under pressure as oil prices started to move up due to sudden spurt in tension between the US and Saudi Arabia. The Q2 results season began on a positive note, with index heavyweights such as IT and FMCG delivering in-line with expectation. The week has started on positive nifty future has opened at 10500 & went down to 10405 mark, after that nifty future has give a smart recovery & took nifty future above 10531 & closed the day at 10520 above 30 points. 

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WEEKLY RESISTANCE FOR NIFTY: 10600, 10700, 10800

 PIVOT POINT: 10300

WEEKLY SUPPORT FOR NIFTY:  10100,10000,9900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10550, 10600, 10650

PIVOT POINT: 10400

DAILY SUPPORT FOR NIFTY:  10350, 10250, 10150

DAILY CHART FOR NIFTY

The carnage continues and the distressed market is in no mood to spare the market participants caught on the wrong foot. But, historically it’s proven, this is how market functions as it always tries to choke traders/investors up with the velocity of which it moves. During the week, last three days have been a complete nosedive for nifty, which consolidated in a range last week. In the course of the action, the index went on to breach all major supports one after another to eventually register the biggest weekly loss after February 12, 2016. Trading for the week began on a sluggish note and during the initial hours, Nifty once again nosedived to test the 10200 mark. This was followed by a V-shaped recovery in the midst of the session. However, once again this bounce back got sold into completely and in the course of the action, index went on to breach its morning’s low. Fortunately for us, the damage did not increase from there and in fact, we saw yet another bout of strong buying towards the fag end to conclude on a positive note.  On Monday nifty future closed at  10379. On Tuesday  markets had a positive opening with a marginal upside gap as indicated by the SGX Nifty. However, index failed to sustain at higher levels and hence, the early morning lead was merely a formality. During the day index made various attempts to give some bounce back but there every attempt got sold into and eventually index closed with nearly half a percent cut. Nifty future closed at 10314 on Tuesday.  On Wednesday, our markets opened with a decent upside gap despite mixed global cues and in fact, the momentum got accelerated right from the word go. Subsequently, a sustained buying was being witnessed throughout the session to eventually conclude the session with whopping gains over one and half a percent. Nifty future closed at 10324 on Wednesday. After Wednesday’s smart relief rally, no one would have expected such kind of terrible start. But, it’s beyond anyone’s control and this time, the global concerns spooked the market participants. At the close, things certainly do not see horrifying as the index managed to hold its key levels of 10200, which is an indication that probably the sellers have exhausted at least for a while. But, fortunately for us, there was no additional pain seen after a massive gap down. In fact, we did see our markets trying to find their feet throughout the day and the damage was not as big as it looked in the morning & nifty future closed the days at 10252. On Friday nifty posted its biggest intra-day percentage gain in over two years as market sentiment was lifted by a rebound in the rupee, easing crude oil prices and recovery in the global markets as well & closed at 10485 up by 233.

 NIFTY: A STRONG SUPPORT WILL BE @ 10000; STRONG RESISTANCE LEVEL SEEN @10600

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Market showed a disappointing performance in Thursday's trading session after a strong show in Wednesday’s trade. Wednesday’s rebound on D-Street proved short-lived. The Sensex erased all gains of 2018 on Thursday, as the index plunged over 2%, following selloff in global markets, which was triggered by significant losses in Wall Street in overnight trade. The US stock market plummeted to its lowest level in over eight months. This engulfed Asia and Europe too. European stocks slumped to more than 18-month low in their early trade today. . The global rout, triggered by an overnight tumble on Wall Street, has reached Indian shores and the Sensex fell over 1000 points today while the Nifty hit 10138 at the day’s low.  The Sensex tanked 759 points, to 34001. While Nifty closed the day at 10234 down 225 points. The bloodbath on Dalal Street follows a rout in global equity markets after Wall Street suffered its worst drubbing in eight months, erasing hundreds of billions of dollars of wealth.

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Bulls took the charge on dalal street & took nifty successfully above 10400 mark. It was all guns blazing by the bulls today. Markets surged more than 1 per cent on Wednesday after he rupee showed some recovery against the US dollar and the banking stocks improved. Non-banking financial companies saw some boost with the State Bank of India (SBI) raising target for its buying loan portfolio.  At the close of market hours, the Sensex closed up 461 points or at 34760, while the Nifty rose 159 points at 10460.

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The Nifty after gap up opening continued to be volatile throughout the session. It made attempt twice - in morning and in late trade - to touch 10,400 levels but saw selling pressure both the time due to new rupee low and crude volatility. The Nifty ended around 10300, while the Sensex closed over 170 points lower.  At the close of market hours, the Sensex closed down 174 points at 34299. The Nifty opened sharply higher at 10390 and touched an intraday high of 10397, but gradually wiped out gains in morning trade itself to trade lower. In the last hour of trade, it rebounded, but within few minutes of trade, it caught in bear trap again and fell sharply to hit day's low of 10279. The index closed 47 points lower at 10301 amid volatility.

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The Nifty remained highly volatile throughout Monday’s trading session, but recovered sharply by around 200 points from its intraday low and immediate crucial support of 10200 led by gains in banks, auto and oil and gas stocks.  The  Sensex traded within a range of over 660 points and ended 97 points higher at 34474 points. The Nifty held on to the 10300 levels and closed a tad below the 10350-mark at 10348 points, up 31 points. The Nifty touched an intra-day high of 10398 points and an intra-day low of 10198 points.