Equity Report

Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading higher at 16003 +219 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 2.65%, while the BSE Sensex 30 index fell 2.61%.

The biggest gainers of the session on the Nifty 50 were ITC Ltd, which rose 3.32% or 8.85 points to trade at 275.65 at the close. Dr. Reddy’s Laboratories Ltd added 0.61% or 23.65 points to end at 3,929.45 and Power Grid Corporation of India Ltd was up 0.37% or 0.85 points to 228.75 in late trade.

The biggest losers included Wipro Ltd, which lost 6.25% or 30.10 points to trade at 451.15 in late trade. HCL Technologies Ltd declined 5.99% or 64.30 points to end at 1,009.40 and Infosys Ltd shed 5.44% or 82.05 points to 1,427.15.

The breadth, indicating the overall health of the market, 2385 fell and 828 advanced, while 119 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.19% to 77.67.

Technical outlook

Nifty daily chart has formed a "Descending broadening wedge" pattern. The Nifty was trading lower on a gap down, only to close in slight red. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up, to continue on bullish momentum, once the same break above the current resistance level near 15950. The upside rally could be testing all the way up to 16100-16250 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the current support holds near 15700. A slide to 15550-15400 is also a possibility if the price makes or breaks below the current support level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Technical outlook

Bank nifty daily chart has formed a "Descending broadening wedge" pattern. Bank Nifty was trading lower on a long gap down, only to close in slight red. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up to continue on bullish momentum, once the same break above the current resistance holding near 33500. The upside rally could be testing up to 33800-34100 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then the prices would most likely retest the same and revise the trend to bearish/sideways mode once again. Current support holds near 33100. A slide to 32800-32500 is also a possibility if the price makes or breaks below the current support level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Pre-Market Thursday! Asian market negative trading, Nifty50 on the SGX were trading lower at 15921.20 -315.80 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.12%, while the BSE Sensex 30 index fell 0.20%.

The biggest gainers of the session on the Nifty 50 were Tata Consumer Products Ltd, which rose 2.73% or 20.05 points to trade at 754.30 at the close. Hindustan Unilever Ltd. added 2.07% or 46.40 points to end at 2,291.40 and UltraTech Cement Ltd was up 2.06% or 126.00 points to 6,233.75 in late trade.

The biggest losers included Power Grid Corporation of India Ltd, which lost 4.50% or 10.75 points to trade at 227.90 in late trade. Bharat Petroleum Corp. Ltd. declined 3.08% or 10.55 points to end at 331.90 and Tech Mahindra Ltd shed 2.18% or 26.15 points to 1,172.05.

The breadth, indicating the overall health of the market, 1847 rose and 1392 declined, while 112 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.32% to 77.60.

Technical outlook

Nifty daily chart has formed a "Descending broadening wedge" pattern. The Nifty was trading higher, only to close in slight red. Technically, Market volatility will be still prevalent. The market is expected to open on a gap down, to continue on bearish momentum, once the same break below the current support level near 16150. The downside rally could be testing all the way up to 16000-15850 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again as long as the current resistance holds near 16350. A slide to 16500-16650 is also a possibility if the price makes or breaks above the current resistance level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Technical outlook

Bank nifty daily chart has formed a "Descending broadening wedge" pattern. Bank Nifty was trading higher, only to close in slight red. Technically, Market volatility will be still prevalent. The market is expected to open on a gap down to continue on bearish momentum, once the same break above the current support holding near 34000. The downside rally could be testing up to 33700-33400 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then the prices would most likely retest the same and revise the trend to bullish/sideways mode once again. Current resistance holds near 34500. A slide to 34800-35100 is also a possibility if the price makes or breaks above the current resistance level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Pre-Market Wednesday! Asian market positive trading, Nifty50 on the SGX were trading lower at 16252.50 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 rose 2.63%, while the BSE Sensex 30 index climbed 2.54%.

The biggest gainers of the session on the Nifty 50 were Hindalco Industries Ltd., which rose 9.58% or 37.45 points to trade at 428.40 at the close. Tata Steel Ltd added 7.72% or 85.20 points to end at 1,188.70 and Coal India Ltd was up 7.48% or 12.85 points to 184.55 in late trade.

The biggest losers included Tata Consumer Products Ltd, which lost 0.17% or 1.25 points to trade at 734.25 in late trade. Dr. Reddy’s Laboratories Ltd added 0.40% or 15.60 points to end at 3,904.00 and Shree Cements Ltd. gained 0.54% or 119.15 points to 22,100.00.

The breadth, indicating the overall health of the market, 2527 rose and 699 declined, while 121 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.44% to 77.47.

Technical outlook

Nifty 4hr chart has formed a "Descending broadening wedge" pattern. The Nifty was trading higher as expected, only to close in green. Technically, Market volatility will be still prevalent. The market is expected to open on a gap down, to continue on bullish momentum, once the same break above the current resistance level near 16300. The upside rally could be testing all the way up to 16450-16600 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the current support holds near 16100. A slide to 15950-15800 is also a possibility if the price makes or breaks below the current support level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Technical outlook

Bank nifty 4hr chart has formed a "Descending broadening wedge" pattern. Bank Nifty was trading higher as expected, only to close in green. Technically, Market volatility will be still prevalent. The market is expected to open on a gap down to continue on bullish momentum, once the same break above the current resistance holding near 34400. The upside rally could be testing up to 34700-35000 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then the prices would most likely retest the same and revise the trend to bearish/sideways mode once again. Current support holds near 34000. A slide to 33700-33400 is also a possibility if the price makes or breaks below the current support level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Pre-Market Tuesday! Asian market neutral trading, Nifty50 on the SGX were trading higher at 15885.20 +20.25 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.38%, while the BSE Sensex 30 index added 0.34%.

The biggest gainers of the session on the Nifty 50 were Eicher Motors Ltd., which rose 7.62% or 185.30 points to trade at 2,617.95 at the close. Apollo Hospitals Enterprises Ltd. added 3.92% or 138.95 points to end at 3,686.75 and NTPC Ltd was up 2.81% or 4.05 points to 148.20 in late trade.

The biggest losers included UltraTech Cement Ltd, which lost 2.97% or 183.75 points to trade at 6,012.80 in late trade. Shree Cements Ltd. declined 2.59% or 584.50 points to end at 21,980.85 and Asian Paints Ltd. shed 2.09% or 64.10 points to 2,999.90.

The breadth, indicating the overall health of the market, 2155 rose and 1130 declined, while 177 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.42% to 77.81.

Technical outlook

Nifty 4hr chart has formed a "Descending broadening wedge" pattern. The Nifty was trading lower, only to close in slight green. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up, to continue on bullish momentum, once the same break above the current resistance level near 16000. The upside rally could be testing all the way up to 16150-16300 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the current support holds near 15700. A slide to 15550-15400 is also a possibility if the price makes or breaks below the current support level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Technical outlook

Bank nifty 4hr chart has formed a "Descending broadening wedge" pattern. Bank Nifty was trading lower, only to close in slight green. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up to continue on bullish momentum, once the same break above the current resistance holding near 33800. The upside rally could be testing up to 34100-34400 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then the prices would most likely retest the same and revise the trend to bearish/sideways mode once again. Current support holds near 33200. A slide to 32900 is also a possibility if the price makes or breaks below the current support level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Pre-Market Monday! Asian market neutral trading, Nifty50 on the SGX were trading higher at 15888.20 +8.25 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 lost 0.16% to hit a new 6-month low, while the BSE Sensex 30 index fell 0.26%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 8.60% or 32.00 points to trade at 404.30 at the close. Sun Pharmaceutical Industries Ltd. added 3.82% or 32.50 points to end at 882.50 and Mahindra & Mahindra Ltd. was up 2.80% or 24.25 points to 889.50 in late trade.

The biggest losers included Hindalco Industries Ltd., which lost 4.40% or 17.85 points to trade at 388.00 in late trade. JSW Steel Ltd declined 3.90% or 24.35 points to end at 600.45 and State Bank of India shed 3.89% or 18.00 points to 444.65.

The breadth, indicating the overall health of the market, 2113 rose and 1111 declined, while 131 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.05% to 77.48.

Technical outlook

Nifty 4hr chart has formed a "Descending broadening wedge" pattern. The Nifty was trading lower once again, only to close in red. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up, to continue on bearish momentum, once the same break below the current support level near 15700. The downside rally could be testing all the way up to 15550-15400 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again as long as the current resistance holds near 16000. A slide to 16150-16300 is also a possibility if the price makes or breaks above the current resistance level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Technical outlook

Bank nifty 4hr chart has formed a "Descending broadening wedge" pattern. Bank Nifty was trading lower once again, only to close red. Technically, Market volatility will be still prevalent. The market is expected to open on a gap up to continue on bearish momentum, once the same break below the current support holding near 33000. The downside rally could be testing up to 32700-32400 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then the prices would most likely retest the same and revise the trend to bullish/sideways mode once again. Current resistance holds near 33500. A slide to 33800-34100 is also a possibility if the price makes or breaks above the current resistance level.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.