Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Market Commentary

| More

Large caps and blue chips leading momentum for coming week market : Epic Research

Posted On: 2018-08-05 22:04:05

Mr. Mustafa Nadeem, CEO, Epic Research

Nifty ends up the week for the second time extending the gains and closing on a strong note at 11360 after making a fresh all-time high of 11390. Momentum kicked in as the Nifty bank continued its outperformance on the back of buying in Private banks and accumulation in PSU banks from lower levels. The heavyweights continue to outperform and lead the market with an overall contribution of 60%-70% in Index. A surge in PSU banks backed by PSU heavyweight SBI along with continued momentum in PVT banks has further sparked up the directional play in Nifty for a higher trajectory.

Frontliners, FII, and momentum are the few factors that we are seeing in equity markets right now. Overall scenario Technically is very strong and is in favor of the bulls and directional players. This is a classic bullish rally which is lead by frontliners/heavyweights on the back of accumulation. The earnings have been good and as per expectations while the growth expected in coming quarters is expected to be in double digits (Except PSU banks). The buying in the market was contributed majorly by HDFC, AXIS, ITC, ICICI, KOTAK, Reliance, and TCS. In numbers, its around 70% contribution by these frontliners. This is technically happening since 10500 levels and post its breakout and increase in momentum we have seen it building up aggressively. That is also reflected in breadth as well as Derivatives data. 10400 to 10450 is a zone of resistance since there are multiple confluences in terms of resistance but any pullback in this market is being bought aggressively. So a breather may happen but the momentum may continue towards a higher target of 11500 - 11600

The global markets are seeing mixed cues on the back of escalated trade war while another rate hike indication by Fed reserve has further pulled some string in Asian markets. A positive momentum despite global uncertainty makes it more concrete for short term to medium term. Derivatives data suggest a range expansion is in play with higher strikes at 11500 - 11600 seeing a fresh addition in long built up while writing is seen shifting from 11200 to 11300.

The support which was previously seen at 11150 - 11200 seems to have formed in recent correction at 11250 - 11240 while the upside is now seen towards higher targets of 11450 to 11600. Focus remains in the large caps and blue chips that are leading the momentum and directional play on the long side is advised in same stocks.

We would suggest utilizing any dips that are more than a percent in broader indices. A recent correction towards 10300 was seen and if we are able to sustain this for a second consecutive day we suggest to create/hold the long position for next target of 11450 - 11500. A close above 11450 would confirm us for an extension to 11600. 11250 Being the stop loss.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Nifty has a strong support for 11295-11235 for coming week - Equity99

Keep using declines, further legs to unfold: Angel Broking

Economy Update: Monetary Policy - Kotak

Nifty eying 11400 - 11500, keep participating without any hesitation: Angel Broking

RBI policy leading the coming week market : Epic Research

Nifty enters uncharted territory, still long way to go: Angel Broking

Hitting record highs is merely a formality now: Angel Broking

Heavyweights results will drive market for next week : Epic Research

Market gearing up for new highs: Angel Broking

Midcap index is in process of bottoming out: Angel Broking

Expect choppy moves in index, better to continue with stock centric approach: Angel Broking

Crude price and its impact will drive coming week market - Epic Research

Benchmarks once again stuck in a range: Angel Broking

Metals, real estate and fertilizers to perform well in July series : Epic Research

Majority of longs have been lightened - The Rollover Report: Angel Broking

Markets in a corridor of uncertainty: Angel Broking

10650 - Probably a trend deciding level: Angel Broking

All's well that ends well: Angel Broking

OPEC meet and trade war fear will keep the markets jittery : Epic Research

10700 - 10650 remains to be a crucial support: Angel Broking

Boredom continues as index gyrates in a slender range: Angel Broking

US-Sino trade war hits risky assets hard: Angel Broking

North Korea and the US finally smoke the pipes of peace: Angel Broking

IIP gets closer to 5% mark for April: Angel Broking

Stronger hands writing Index Puts - Angel Broking

Index continues its lethargic move: Angel Broking

Nifty reluctant to remain below 10558: Angel Broking

Market Quote by Anita Gandhi, Whole Time Director at Arihant Capital Markets

Market Quote by Gaurav Jain, Director, Hem Securities

Karnataka Election and Q4 Result is trigger for coming week market - Epic Research

Some hopes built ahead of Karnataka elections: Angel Broking

Market outlook - Sanjeev Zarbade, Vice-president-PCG Research at Kotak Securities

10690 earns respect from traders: Angel Broking

Some life seen in PSU banks: Angel Broking

DBS Economics & Strategy: This Week: Firm growth, hawkish undertones

Market outlook by Teena Virmani, Vice President - Research at Kotak Securities Ltd.

Q4 result will drive market in coming week : Epic research

Action pack week coming up next - Rahul Sharma, Senior Research Analyst at Equity99

10800 remain to be a sturdy wall: Angel Broking

Week gone by - Market Quote - Anita Gandhi, Whole Time Director at Arihant Capital Markets.

Week gone by - Market Quote - Gaurav Jain, Director, Hem Securities

Long Rollovers hints extension of ongoing move: Angel Broking

Reliance is widely expected to post an increase in Q4 - Epic Research

Nifty reclaims 10700, courtesy to Reliance and banking counters: Angel Broking

Market outlook - Sanjeev Zarbade, Vice-president - PCG Research, Kotak Securities

Weekly Market Outlook - Rahul Sharma, Senior Research Analyst - Equity99

Expiry factor pushed index beyond 10600: Angel Broking

DBS Macro strategy: INR volatility weighs on carry appetite

Market View - April 25, 2018 - Mr. Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund

Market View - BNP Paribas Mutual Fund - April 23, 2018





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018