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Market Commentary
Market may see further pressure in Nifty : Epic Research
Posted On : 2019-06-06 23:21:27( TIMEZONE : IST )
Mr. Mustafa Nadeem, CEO, Epic Research
Nifty posted the biggest loss after more than 100 days on a closing basis as profit booking intensified above 12000 levels. This is the biggest loss on a closing basis that has been recorded since last December on a closing basis on the Index. This further Indicates that there is intense pressure on bulls around 12K mark to keep up the momentum; which they have failed again.
The RBI coming out with a rate cut gift and changes to Repo rate also failed to cheer the street. Since a lot of this was priced in there was a profit booking post announcement.
Derivatives market saw expiry with a long built up in lower strikes of Put such as 11700 - 11800 which indicates that we may see further pressure in Nifty. Further addition in strikes of 11900 - 12000 signifies the writer's presence.
Markets have discounted a lot of things in the last few days; From elections to exit polls, The verdict and mandate and then on economic front GDP numbers followed by Monsoon expectations. And Finally, the RBI meet. All these are the most important elements for the trend that is in place. It is a matter of time we may see either a continuation or a profit booking. For traders 11750 is the support on the Index while 12000 is haunting the bulls.
CHAMBLFERT - Stock has given a breakout of the falling wedge on the hourly chart on a closing basis with average volumes and closed in green. We recommend buying around 184 for the target of 188 with the stop loss of 180.
IBREALEST - Stock is forming a second shoulder on the daily chart of an inverted head & shoulder formation on the daily chart and closed in green. We recommend buying above 132 for the target of 140 with the stop loss of 130.
BATAINDIA - Stock took the support of the trendline on the daily chart and trading at the resistance level of the trendline. We expect it will break the resistance level in upcoming sessions. We recommend buying above 1405 for the target of 1420 with the stop loss of 1395.
