Cadila HC is in process of forming a classic Cup & Handle pattern. Any close above 385 will confirm the pattern, Once confirmed our Target will be 433 and Stoploss will be 365
Bharti Airtel
Bharti Airtel should be watched above 588. It is coming out from consolidation. Bull Trigger above 588 Target possible 593, 612 StopLoss 575
Siemens
Siemens has given a breakout on daily charts. Bull trigger above 1175. Target 1208, 1245 StopLoss 1130
Grasim
Grasim has been range-bound for a few weeks. Bull trigger above 645. Targets possible 663, 691, 714 StopLoss 620
Tech Mahindra
Tech should be watched for a breakout. Bull trigger above 575 Target possible 606 StopLoss 560
Indian Oil Corporation
IOC is recovering from low as crude has started performing well. Bull Trigger above 90.9 Target Possible 93 96. StopLoss 88
Balkrishna Industries
The stock has given breakout on daily & weekly charts. Stock could be bought at CMP and on dips towards 1300. Target 1358, 1400. StopLoss 1270
India Mart is trading near support, Positional traders can keep an eye 2150 & 2100 as support levels.
Balkrishna Industries
Balkrishna Industries is trading near 52 week high. Momentum traders can buy above 1300 for 1350/1365 targets. Stoploss below 1280.
Torrent Pharma
Torrent Pharma is near support levels 2315 & 2280. Reversal traders can enter at support levels with 2-4% of SL.
City Union Bank
City Union Bank is trading at support levels. RSI & Price action shows there has been some buying at lower levels. Reversal traders can enter at CMP with 118 SL for 138 targets.
MotherSon Sumi
Momentum traders can enter Motherson Sumi above 99 for 101.5 & 102 targets.
US Markets closed in positive. Dow Jones was up .85%. Nasdaq was up 1.87%.
Prime Minister addressed nation yesterday at 4pm. Thought no major announcement was made related to markets.
Technical Setup for Nifty50
Yesterday Nifty50 was trading range-bound for most of the session but we saw good profit booking at the end of the closing hour. Nifty took good support at 10270 and rebounded 30+ points.
Support 10270-10280, 10180, 10000 Resistance 10330, 10410
We can expect some short covering only above 10400 levels.
FIIs Data
FIIs have booked some of their shorts yesterday but they have again sold heavily in the cash market. They are selling continuously for the last 4 sessions. Therefore we can expect the market to remain range-bound till expiry.
ICICI Lombard has shown good buying at lower levels. Support 1220
Deepak Fertilizers
Rounded bottom formation in Deepak fertilizer + stock is near resistance Above 126, breakout possible
Dabur
Dabur is trading near resistance zone and if 476 is broken we will near all time high across the counter. There is news Dabur will be added to Nifty50 from Aug series.
AshokLey
Ashokley will be reporting monthly sales in first week of July. Support level @ 43.5 & 46.6
Good Morning Folks, Global markets traded and closed in deep green with high expectation of second stimulus package.
Nasdaq closed at 9874 with a 1.2% gain. Dow Jones closed at 25595 with 2.32% gains.
Important Event
Prime Minister will address nation at 4pm today.
Nifty 50 Technical Analysis
Yesterday, the market traded in a very small range of 120 points. Nifty50 took support at 10210-10220 levels and closed at the opening price. The overall market looks weak as declines were greater than the advances.
Nifty50 Support 10220, 10150 Nifty50 Resistance 10330, 10400, 10540
FIIs Data
FIIs have reduced their long position to all month low, and it is a very bearish sign for Indian markets. They have been net sellers for the last 3 sessions with the sold value of around 3740 crores.
Traders should avoid overnight long position and stay hedged until the situation becomes clear.
Heavy Buying was seen in BDL last week. The stock has already given breakout after large consolidation.
Buying Range 265-300 Stop Loss 245 Target 350
Godrej Agrovet
Godrej Agrovet is uniquely placed in the agro sector. Reversal spotted at lower levels. Buying range 420-465 Stop Loss 410 Target 550
IPCA Laboratories
Pharma space is in a continuous bull run since the start of the COVID19 pandemic. We think IPCA Laboratories is well placed in pharma space. Buying range 1650-1720 Stop Loss 1595 Target 1825
Gillette India
Gillette India has been reversing from lower levels. One can accumulate for a higher target with a small stop loss. Buying range 4950-5000 Stop Loss 4800 Target 5300
Mindtree Ltd
India IT industry has recovered well from march 2020 low levels and have continuous outperformed Nifty50 for last 5 years.
Buying range 940-970 Stop Loss 930 Target 1025
Infosys Ltd
Buying range 730-755 Stop Loss 710 Target 790/810/ 840
The global market fell heavily in yesterday’s session as fear of the second wave of selling kicked in. Dow closed around 3% down whereas Nasdaq was down 2.1%
Nifty50 Technical Setup
Nifty shredded 250 points from the day high after 4 days of the continuous nonstop rally. We saw a heavy profit booking at 10500 levels. On daily charts, we failed to close above 10330 levels and Nifty formed bearish engulfing which is a clear indication this rally is going to pause for a while. 10220-10250 levels needed to watch for tomorrow, if it is broken we might see another 150-200 move on the downside. If we see a heavy gap down opening then close watch on global markets should be maintained as they could decide the next course of markets.
Today all these companies will be publishing their respective results. Apollo Hospitals Enterprises, Ashok Leyland, Bank of India, Container Corporation of India, Endurance Technologies, Engineers India, Future Supply Chain Solutions, Galaxy Surfactants, Gravita India, Hindustan Aeronautics, Indiabulls Ventures, ICRA, IDFC, Indian Terrain Fashions, Insecticides India, Indian Overseas Bank, JB Chemicals, Lincoln Pharmaceuticals, Prince Pipes and Fittings, Sintex Industries, Somany Ceramics, Star Cement, TTK Prestige, V2 Retail, Varroc Engineering, Zuari Global, etc
FIIs Data
FIIs have decreased index futures long positions but bought heavily in the cash market. There is a possibility that they are trying to hedge their long position with a short one. For time being Nifty50 upside looks capped and the downside is open till 10000 levels. Traders should avoid heavy long positions till we don’t close above 10350 levels.
US markets performed well in yesterday’s session. Nasdaq closed at all-time high levels. There have been significant developments in the US as Trump administration has removed H1B, H-4 visas. Due to this news DowJones and Nasdaq futures fell 1-2% in the morning session. Therefore it is advisable to watch for global cues before taking an intraday position.
Trading Setup for Nifty50
Yesterday Nifty50 opened with a gap up and broke its important resistance of 10330. Bank Nifty overperformed Nifty50 and on an intraday basis jumped till 22,000. The rally was not able to sustain as it gave all gains by the closing of the session. 10275 will be a key support for Intraday and must be watched out.
Yesterday FIIs have increased their long position in Index marginally. Diis have sold heavily in cash market. We can assume 10,000 to 10,500 will be range for Jun series.
Global Markets closed on the mixed bias on Friday. Nasdaq almost closed flat and Dow Jones traded with negative bias.
In India, there have been significant improvements in recovery rates of COVID Patients.
Trading Setup for Nifty50
Nifty50 1Hr
Nifty50 crossed its important resistance levels i.e. 10150 and closed at day high. We can expect the momentum to continue. The important level to watch is 10330, once crossed we can easily climb to 10550.
Reliance, Bajaj Finance, Maruti, HDFCBank were top gainers and witnessed a huge rise in volumes on Friday. In fact, all these stocks contributed significantly to the Nifty50 movement.
Maruti & Bajaj Finance, Bajaj Finserv closed well above their crucial resistance.
Support Levels: 10150, 10020, 9950 Resistance Levels: 10330, 10550
Trading Setup for Bank Nifty
Bank Nifty 2H
Bank Nifty has outperformed Nifty last week and the same momentum should continue for this week as well. ICICI Bank, HDFCBank, and SBI were top-performing banks last week. All 3 closed above their resistance levels and reflected huge buying in the cash market. There are high chances BankNifty will touch 22000, 22500 this week itself.
FIIs have created a fresh long position in Index and also increased long positions in stock futures as well. FIIs were net buyers in the cash market after heavy selling of almost 8 trading days. Therefore we can expect a new high in Nifty & BankNifty.
Stocks to Watch
PSU banking space and PSU stocks performed well last week. We can see momentum to continue in stocks like BEL, SBI, Coal India & PNB. PNB posted results after market hours. Asset quality improved and its losses narrowed.
ICICIBank, Bajaj Finance, Bajaj Finserv and Maruti should be under your watchlist for coming week.
PSU Banking SpaceNifty CPSE
Results This Week
Info Edge, Asian Paints, Berger Paints, Indian Bank, Page Industries, Union Bank of India, GAIL, General Insurance of India, India Cement, IOC, PFC, Prestige Estates, Apollo Hospital, Ashok Leyland, Bank of India, HAL, ICRA, Coal India, Emami, HUDCO, Glenmark Pharma, IFCI, IRCTC, ITC, Oil India and NHPC.
