Market outlook: Nifty50 likely to trade in a range with positive bias




The relative strength index or RSI on the daily chart stood at 52.1715 and continued to stay neutral showing no divergence against the price. NSEBSETata GlobalLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESMercatorLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESL&T FinanceLoading data…

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        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHindalcoLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHDILLoading data…

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            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHindalcoHDILEXPAND TO VIEW ALL The buoyant mode of the domestic equity market was once again interrupted by geopolitical tensions around Korean peninsula on Wednesday, as the benchmark Nifty50 ended the session with a modest loss of 36 points of 0.36 per cent. However, the show remained resilient as the index recovered nearly half of its early morning losses.

            Stock-specific buying was evident in distinct quarters, as the recovery came along with addition of net open interest. On Thursday, we expect the market to see a positive start and oscillate in a limited range with a positive bias. The 9,950 and 10,045 levels will continue to act as immediate resistance for the Nifty. Supports should come in at 9,870 and 9,850 levels

            The relative strength index or RSI on the daily chart stood at 52.1715 and continued to stay neutral showing no divergence against the price. The daily MACD remained bullish as it traded above the signal line. No significant formations were observed on Nifty charts.

            The market has not made any significant and meaningful headway and, therefore, it continues to oscillate in a narrow range. It has formed a small congestion zone, but continues to remain in an overall rising channel where it has been trading for the past couple of months.

            F&O data indicated that there would be limited downsides in the event of any negative global news flow and the Indian market is likely to remain resilient in case of any major downside. As long as the Nifty continues to trade above its short- term 20-DMA and 50-DMA, any sentimental dip is likely to attract buying from lower levels.

            Though the Bollinger bands are getting narrower, they individually do not throw up any reading as of now. Given the overall structure of the market, we continue see some stability and expect the Nifty50 to show modest upsides again and consolidate at higher levels.

            STOCKS TO WATCH:
            Fresh longs were seen on the counters of Tata Global, Equitas, L&T Finance, CG Power and Hindalco. Positive technical setup was observed also on the counters of HDIL, RCF, Trident, Mercator Lines, EIL and HDFC and we may see these counters remain resilient and trade with a positive bias.




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