Skip to main content

Expect Nifty to open on negative note, support at around 9850: Stewart & Mackertich

Taking global market cues Nifty is expected to open negative and likely to remain under pressure as long as it trades below 9950. Downside pivotal support is placed around 9890. Below 9890, next support is placed around 9850, says a report by Stewart & Mackertich.

Taking global market cues Nifty is expected to open negative and likely to remain under pressure as long as it trades below 9950. Downside pivotal support is placed around 9890. Below 9890, next support is placed around 9850.

Yesterday, Nifty ended 0.71 percent down at 9908.05. Early morning negative momentum got carried away throughout the session towards ending the session with a big bearish candle nearer to its 30 Daily EMA placed around 9890. Nifty's intraday tiny wave lengths on the bearish side suggest it may remain under pressure in tomorrow’s session as well. However, considering Nifty broader pattern where its 30 Daily EMA is positioned around 9890, we don’t prefer being aggressive bearish. Sector and stock specific movements are going to be the key focus. In case of extension of this retracement leg, Nifty may come down to 9850 level. STOCK FREE TIPS

On the Nifty hourly chart; it maintained below both 50 and 100 hourly moving averages. However, most crucial 200 hourly EMA placed around 9900 level may act as a pivotal support.

Considering Nifty multiple time frames and overall chart pattern that shows; Nifty closed nearer to its 30 Daily EMA, which may act as a pivotal support for in tomorrow’s session. Intraday pullback may find it difficult to penetrate upside resistances 9950 and 9990.

Yesterday, Bank Nifty ended at 24374.60 (down 0.91 percent). 30 Daily EMA placed around 24280 may act as a pivotal support. Upside resistance is placed around 24680.

Nifty crucial supports & resistances for the day:

Supports: 9890, 9850

Resistances: 9950, 9990

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
 www.shristocktips.com

Comments

Popular posts from this blog

Market Update: PSU bank index outperforms as PNB, Syndicate Bank jump 2-5%; JP Associates zooms 11%

The market breadth was in favour of the advances with 957 stocks advancing while 668 declined and 383 remained unchanged. On the other hand, in the BSE, 1176 stocks advanced and 888 declined and 108 remained unchanged.

The Indian markets on Friday morning were trading flat with the Nifty shedding 51 points or 0.49 percent  while the Sensex was down 178 points.

The Nifty PSU banking index was up 0.6 percent led by stocks like Syndicate Bank which jumped 5 percent followed by Allahabad Bank which gained over 3 percent. IDBI Bank and OBC were the other gainers. PNB gained 2.38 percent.

The top Nifty gainers included Mahindra & Mahindra and Aurobindo Pharma which were up 1.7 percent each followed by UPL, Yes Bank and Zee Entertainment.

The top Nifty losers included IOC and BPCL which fell 2 percent each followed by HPCL, Tata Motors and NTPC.

The most active Nifty stocks included IDBI bank which jumped over 3 percent while JP Associates zoomed over 10 percent after Rakesh Jhunjhunwala…

Nifty could slip towards 9,900; 3 stocks which could give up to 11% return

A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

The Nifty index Futures continued to slide lower for the second month in a row making it 10 percent decline from the record highs. Further, it has broken down from a broadening wedge pattern along with a close below the 200-DMA, affirming weakness dominant in the markets at the moment.

A sustained trade below 10,050 can accelerate the fall to levels of 9,930-9,700. However, a close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

Moreover, the relative strength index or the RSI has turned down from the neutral levels of 50 on two occasions in recent pullbacks suggesting further weakness in the coming trading sessions.

Here is the list of stocks which can give up to 11 percent return:

Arvind Ltd: SELL| Target Rs345| Stop Loss Rs410| Return 11%

On the weekly chart, Arv…

HDFC Sec retains sell on Bharti Infratel, reduces target to Rs 310 despite 22% fall in last 2 months

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

Bharti Infratel shares declined 1.5 percent to close at Rs 368 on Tuesday after HDFC Securities has reiterated its Sell rating on the stock with revised target price at Rs 310 (from Rs 387 per share) despite sharp fall in last two months. INDIAN STOCK TIPS

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

"Target price is based on 20x Dec-19E EPS (Rs 356) for business as usual (versus 24x earlier) less impact of Rs 60 per share from Vodafone-Idea merger (versus Rs 39 per share earlier) and likely acquisition of Vodafone-Idea stake in Indus at enterprise value of Rs 50 lakh per tower (+Rs 15 per share)," the research house said.

It further said the key reason for the de-rating is instant loss of tenancies on merger of Vodafone-Idea and impact of Reliance Communications and Aircel businesses’ scaling down.

This would push back Bharti Infrat…