Opening Bell

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Nifty closes higher on expiry day but forms bearish candle; 10,747 crucial for bulls

The Nifty50 extended gains for second consecutive session and closed the last day of December series on a positive note Thursday, but failed to hold on to 10,800 levels. Sharp rally in global stocks boosted sentiment.

The index formed a bearish candle on the daily charts as it closed lower than its opening high levels.

Experts expect the positive momentum to continue in coming sessions if the Nifty holds its crucial 10,747 levels. The January series will begin on Friday, which could see some consolidation.

The Nifty50 started off the expiry day on a strong note at 10,817.90 and remained in a positive terrain amid consolidation throughout the session. The index touched an intraday high of 10,834.20 and low of 10,764.45, before closing 49.90 points higher at 10,779.80.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-closes-higher-on-expiry-day-but-forms-bearish-candle-10747-crucial-for-bulls-3330681.html

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MCX Support and Resistance Level

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Opening Bell

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India becomes world's 7th largest stock market by mcap; stocks that could benefit from its rise

India’s healthy economic growth has helped its stock market become the seventh largest market by size, with a market capitalisation (mcap) of $2.08 trillion. Its stock market has overtaken that of Germany, Europe’s largest economy, for the first time in seven years, according to Bloomberg. The US dominates the global ranking, with $27 trillion mcap, followed by China, Japan, Hong Kong, UK, France and India.

India’s economic growth will continue to propel mcap higher

India’s ascent reflects the growing clout of emerging markets. It also indicates its economy is positioned for sustained growth, even if the manufacturing sector is not firing on all cylinders. The BSE Sensex, the broad market benchmark, is up 5 percent in past one year in terms of local currency and down around four percent in US dollar terms, still outperforming MSCI Emerging Market index that declined 17 percent.

Source: https://www.moneycontrol.com/news/business/moneycontrol-research/india-becomes-worlds-7th-largest-stock-market-by-mcap-stocks-that-could-benefit-from-its-rise-3321791.html

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Options data indicates short-term trading range of 10,600-10,900

Nifty has taken resistance from previous swing high and formed shooting star candle which is justifying the selling pressure on higher side around the strong psychological mark of 11,000 and 100-DMA at 10,950.

ADX indicator is trading around 17 mark, which is less than crucial levels considered for a trending market, expresses no strength in current trend on either side suggesting market to take support at a lower level and close the month sideways.

However, weekly RSI is still placed near 50 for the last four weeks indicating sideways to positive momentum intact. Also, looking at market movement since 2001, there is 95% probability that markets will have positive Christmas week.

On the downside, Nifty has strong support from the line of parity around 10,700 and 50-DMA at 10,574. A major unwinding of Put writing and shifting of writing to lower strikes was seen on Friday. Option data suggests an immediate trading range of 10,600 and 10,900.

Bank Nifty

Banking index is trading in rising wedge pattern having lower side support around 26,300 and upper trend line resistance is placed near 27,250 levels. Since Bank Nifty is trading above major moving averages, its short-term & mid-term trend is positive and immediate trading range is 27,250-26,300 levels.

Source:https://www.moneycontrol.com/news/business/markets/options-data-indicates-short-term-trading-range-of-10600-10900-3319041.html

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Sensex, Nifty continue downward momentum; midcaps crack

Market opens It’s a positive start to the market on Monday morning, with the Nifty trading one-fifth of a percent higher. 

The Sensex is up 89.93 points or 0.25% at 35832.00, while the Nifty is higher by 21.80 points or 0.20% at 10775.80. The market breath was narrow as 278 shares advanced, against a decline of 164 shares, while 45 shares were unchanged.

Metals and automobiles are the ones to be in the red, while consumption, pharma and PSU banks were gainers. In the broader market, the Nifty Midcap was up quarter of a percent. 

Shares of Infosys, Wipro, and Indiabulls Housing were the top gainers, while Vedanta and Hero MotoCorp lost the most. 

Asian markets trade lower: Asian stocks started in subdued fashion on Monday as investors fretted that political instability in the United States was leaving the country rudderless at a time when the global economy was showing signs of faltering.

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Indian ADRs end in red: ICICI Bank, Tata Motors end lower, Wipro falls 4%

In the IT space, Infosys was down 1.94 at USD 9.10 and Wipro plunged 4.09 percent at USD 4.93. In the banking space, ICICI Bank fell 2.74 percent at USD 9.93 and HDFC Bank shed 2.33 percent at USD 100.40.

Indian ADRs ended lower on Friday. In the IT space, Infosys was down 1.94 at USD 9.10 and Wipro plunged 4.09 percent at USD 4.93.

In the banking space, ICICI Bank fell 2.74 percent at USD 9.93 and HDFC Bank shed 2.33 percent at USD 100.40.

In the other sectors, Tata Motors slipped 0.48 percent at USD 12.37 and Dr Reddy's Laboratories was down 1.21 percent at USD 36.84.

Source: https://www.moneycontrol.com/news/business/markets/indian-adrs-end-in-red-icici-bank-tata-motors-end-lower-wipro-falls-4-3317801.html

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Nifty forms Inverted Hammer pattern on weekly scale; 10,700 crucial for bulls

The Nifty50 fell sharply and wiped out momentum of last six trading sessions to slip towards 10,750 levels on Friday. The index plunged nearly 200 points for the first time in last nine consecutive sessions, forming big bearish candle on the daily charts.

Concerns on global economy growth and threat of partial US government shutdown dented market sentiment globally, but the consistent fall in oil prices continued to support the market.

Experts expect the consolidation to continue in the coming sessions and the index is likely to defend crucial support of 10,700 levels, experts said, adding the trading volume could be low in coming week as FIIs generally go on leave during Christmas and New Year.

The Nifty50 after opening flat extended losses as the day progressed and touched an intraday low of 10,738.65 in late trade. The index closed 197.70 points or 1.81 percent lower at 10,754.

The Nifty lost half a percent during the week due to sharp correction on Friday and formed Inverted Hammer kind of pattern on the weekly scale.

"After a brief outperformace vis-à-vis global markets in the month of December Nifty50 appears to have resumed its downswing, perhaps in solidarity with global trends, as it signed off the last session of the week with a large bearish candle which has erased almost last 5 sessions of labored upmove," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-inverted-hammer-pattern-on-weekly-scale-10700-crucial-for-bulls-3316671.html

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NCDEX SUPPORT & RESISTANCE LEVEL (25 SEP 2018)

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Let me tell you when to enter and exit in stock market

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NCDEX SUPPORT & RESISTANCE LEVEL (14 SEP 2018)

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How to Select Right Stocks and When to Invest? Get Details Here

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Opening Bell (11 Sep 2018)

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Indian rupee at day's high around 71.74 per dollar

Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.

Indian rupee is trading near the day's high at around 71.74 per dollar. It recovered 29 paise from the day's low point of 72.03 after its opened marginally higher at 71.95 per dollar.

Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.

Rupee depreciated by about 13 percent so far this year, 5 percent in last one month and 3 percent in last seven straight sessions. It has fallen from 70 to 72 a dollar in 21 sessions.

The consistent dollar demand pulled the currency down to an all-time low against the greenback, but it managed to get some support from supply of dollar by Reserve Bank of India. Also, stability in currencies of emerging markets like Argentinian peso and Turkish lira helped the recovery.


Deepak Jasani, Head – Retail Research at HDFC Securities said, "Going by the current momentum, levels of 72.50 look likely in the next few days before the RBI signals its unease with the speed of the fall.""With GDP going beyond 8 percent, the pressure on rupee should get reduced. We do not see rupee going down below Rs 73 soon, said Akash Jain, Vice President - Equity Research, Ajcon Global.

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Source: https://www.moneycontrol.com/news/business/markets/indian-rupee-at-days-high-around-71-74-per-dollar-2927111.html

Opening Bell (6 Sep 2018)

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Don't see Nifty touching 11,800–12,000 in near term; Sun Pharma among long-term bets

Nifty may not touch 11,800–12,000 levels in the immediate future as the largecaps forming the benchmark indices are overheated, Akash Jain, Vice President - Equity Research, Ajcon Global, told Moneycontrol's Sunil Shankar Matkar.

He added that market may come under pressure due to sliding rupee and burgeoning fiscal deficit. Hence, recommends keeping a cautious approach. Edited excerpt:


Do you see the Nifty heading towards 11,800-12,000 levels or is the market overvalued at present?

We do not see Nifty heading towards 11,800–12,000 levels in the immediate future. Yes, we do believe that largecaps forming the indices are overheated although there are many midcaps and smallcaps available at reasonable valuations after a significant correction post-LTCG imposition in Union Budget 2018-19, implementation on ASM and the recent SEBI circular on FPIs which dented sentiments of street participants as a whole.

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Source: https://www.moneycontrol.com/news/business/markets/dont-see-rupee-to-hit-73-soon-good-time-to-buy-psu-banks-for-long-term-bet-on-these-top-3-portfolio-stocks-2916541.html

Opening Bell (5 Sep 2018)

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Choppiness seen on D-Street! Sensex recovers after sharp fall, Nifty around 11,550

The Nifty is trading around 11,550 now, even as weak rupee and high crude oil prices are weighing on other sectoral indices. The rupee’s record low moves are boosting stocks in the IT space, with the Nifty IT index surging 2 percent now.

There is some choppiness visible in the market, as they are currently off their low points again. The Nifty is trading around 11,550 now, even as weak rupee and high crude oil prices are weighing on other sectoral indices. The rupee’s record low moves are boosting stocks in the IT space, with the Nifty IT index surging 2 percent now.

HDFC twins, Reliance Industries, Infosys and TCS are fighting it out for the bulls. ITC, Kotak Mahindra Bank and HUL are a drag on the indices.

The Sensex is up 49.09 points or 0.13% at 38361.61, while the Nifty is down 1.20 points or 0.01% at 11581.20. The market breadth is negative as 734 shares advanced, against a decline of 1,282 shares, while 95 shares are unchanged.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-choppiness-seen-on-d-street-sensex-recovers-after-sharp-fall-nifty-around-11550-2913301.html