Nifty forms 'Bearish Belt Hold' pattern, 10,812 crucial for bulls

The Nifty50 extended downtrend for third consecutive session and closed below 10,900 levels, dragged by oil & gas, select banking & financials and auto stocks. Mixed global cues and not so encouraging December quarter earnings along with fear of downgrade dented the market sentiment.

Traders also looked cautious ahead of macro data - January CPI inflation and December industrial output scheduled to be announced on Tuesday evening.

The index formed a small bearish candle, which resembles a 'Bearish Belt Hold' kind of formation on the daily charts.

A 10,812 is expected to be crucial level for the Nifty, experts said, adding if it breaks the same then there could be further selling pressure which could take the index to around 10,700 levels.

A 'Bearish Belt Hold' pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and a small lower shadow.

The Nifty50 after opening lower at 10,930.90, which was also a day's high, extended losses to hit an intraday low of 10,857.10 and remained under pressure amid volatility. The index closed 54.80 points lower at 10,888.80.

"Nifty50 signed off the session with a small Bearish candle, which resembles a Bearish Belt Hold formation as it continued to slide without any respite from the opening tick which also remained as the highest point of the day," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said in the near term it looks critical for the index to sustain above 10,812 kind of levels to prevent further damage.

"In case if the slide continues below 10,812 levels then next target appears to be placed around 10,714 levels where it is expected to test its 100-day moving average where this index can attract some buying interest," he added.

According to Mazhar, as of now some strength in Nifty can be expected above 10,930 levels but in order to get back in the game bulls need a close above 11,041 levels.

In the futures & options segment, maximum open interest in Call option was seen at 11,000 strike, followed by 11,200 and 11,100 strikes while maximum Put option was seen at 10,400 strike followed by 10,700 and 11,000 strikes.

Call writing was seen at the strike price of 10,900 followed by 11,100 levels while Put writing was seen at the strike price of 10,600 followed by 10,500 strike.

Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bearish-belt-hold-pattern-10812-crucial-for-bulls-3515941.html

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Closing bell: Nifty closes below 10,900, Sensex loses 151 pts; midcaps underperform

Market Closing

Benchmark indices continued to reel under selling pressure for third consecutive session on Monday. The 30-share BSE Sensex fell 151.45 points to 36,395.03 and the Nifty50 plunged 54.80 points to 10,888.80.

The broader markets also caught in bear trap with the Nifty Midcap index falling 1.7 percent and Smallcap shedding 1.8 percent, underperforming frontliners.

The market breadth was largely in favour of bears as about two shares declined for every share rising on the NSE.

Reliance Industries and ICICI Bank were leading contributors to the Nifty's fall.

Dr Reddy's Labs and M&M were biggest losers among Nifty50 stocks, down more than 5 percent each. ONGC, Hindalco Industries and UltraTech Cement were down 4-5 percent.

However, Tata Steel, Cipla, IOC, Tata Motors and HCL Technologies gained 1-2.5 percent.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-closes-below-10900-sensex-loses-151-pts-midcaps-underperform-3509041.html

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Sensex extends fall to over 100 points, Nifty around 10,900; Tata Steel up 1%

Market opens Equity benchmarks have opened marginally lower, with the Nifty trading around 10,900.

The Sensex is down 53.26 points or 0.15% at 36493.22, while the Nifty is down 36.90 points or 0.34% at 10906.70. The market breadth is narrow as 211 shares advanced, against a decline of 169 shares, while 62 shares were unchanged.

Selling is visible across sectors, with maximum pain seen in automobiles and pharmaceuticals, among others. The Nifty Midcap index is down around 0.20 percent. 

Bharti Airtel, Yes Bank, Tata Steel and Titan are the top gainers, while M&M, Power Grid, Dr Reddy’s and Tata Motors lost the most. 

  

Rupee opens The Indian rupee has opened at 71.23 per US dollar. This implies an appreciation of 8 paise from its previous close of 71.31 per US dollar.

On Friday, the rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth.

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Opening Bell

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Closing Bell: Sensex plunges over 420 points, Nifty gives up 10,950; Tata Motors down 18%

Market at Close Equity benchmarks witnessed intensified selloff in the last hour, which dragged the market to lower points. The Nifty gave up 11,000-mark, while the Sensex dropped over a percent. 

Across sectors, selling was visible, with maximum pain seen in automobiles, consumption, metals, and infra companies, among others. 

At the close of market hours, the Sensex was down 424.61 points or 1.15% at 36546.48, while the Nifty was down 125.80 points or 1.14% at 10943.60. The market breadth was negative as 950 shares advanced, against a decline of 1,552 shares, while 125 shares were unchanged.

Kotak Mahindra Bank, Bharti Airtel, and Bharti Infratel were the top gainers, while Tata Motors, Vedanta, and Indiabulls Housing lost the most. 

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-plunges-over-420-points-nifty-gives-up-10950-tata-motors-down-18-3501321.html

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Brokerages press the panic button for Tata Motors; stock hits 10-year low

Brokerage firms such as Axis Capital and Motilal Oswal downgraded Tata Motors post December quarter results which were impacted by an exceptional item of asset impairment of Rs 27,838 crore.

The company had reported a profit of Rs 1,214.6 crore in the same quarter last fiscal. The company's consolidated revenue in Q3 was at Rs 77,001 crore while operating profit was at Rs 6,522 crore.

The stock fell more than 20% to Rs 141.90 in the morning trade on February 8 after opening at Rs 164.65 on BSE. The stock closed at Rs 182.90 on February 7 on BSE.

Reacting to the results, most brokerage firms reduced their earnings per share (EPS) estimate for Tata Motors and reduced their target price on the stock. CLSA, which retained sell rating on Tata Motors, has a target price of Rs 150 which translates into a downside of 17 percent from Thursday’s close.

JLR reported a loss for the third straight quarter as net sales declined by 1 percent on a YoY basis to GBP 6.2 billion, as volumes fell 11 percent on a YoY basis. EBITDA margin shrank 180 bps to 7.3 percent impacted by one-off cost on account of de-stocking and warranty cost.

JLR margins declined on a QoQ basis despite higher volume. The big asset impairment dragged Tata into a consolidated loss. The demand outlook has worsened in recent quarters in China & India.

The global investment bank slashed its FY19-21 EPS estimate by 2-66 percent. The stock will remain weak given insufficient near-term product triggers, said the CLSA note.

The weak sales in China and de-stocking has impacted JLR numbers. The December quarter JLR revenue was at 6.2 billion pounds, while the loss stood at 3,129 million pounds.

Source:https://www.moneycontrol.com/news/business/markets/brokerages-press-the-panic-button-for-tata-motors-stock-tanks-20-3501381.html

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Closing Bell: Sensex, Nifty end flat on policy day; Sun Pharma, Zee Ent gain 4% each

Market at close: Benchmark indices ended flat on Thursday with Nifty ended above 11,000 level.

RBI in its MPC meeting has cut repo rate by 25 bps at 6.25 percent.

The Sensex was down 4.14 points at 36971.09, while Nifty was up 6.90 points at 11069.40. About 1377 shares have advanced, 1145 shares declined, and 164 shares are unchanged. 

Zee Entertainment, Sun Pharma, Eicher Motors, Bharti Infratel and Bajaj Auto are the top gainers on the Nifty, while losers include JSW Steel, Reliance Industries, L&T, Hindalco and Power Grid. 

Among the sectors, auto, FMCG, IT and pharma index saw some buying interest, while energy and infra index remain under pressure.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-nifty-end-flat-on-policy-day-sun-pharma-zee-ent-gain-4-each-3494811.html

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