New Delhi: Nifty50 snapped a two-day dropping streak and ended above the 10,350 mark on Friday, forming a Doji on the day by day chart.
Rohit Singre of LKP Securities says Nifty has a robust hurdle within the 10,500-10,600 zone for the approaching week. “Once the index manages to sustain above this level, it may see a smooth move towards the 11,000 mark,” he stated.
“Nifty’s support exists near the 10,300-10,200 zone and the overall base stands at the 10,000 mark. Any dip near the 10,000 mark will again be a good buying opportunity,” he stated.
Jimeet Modi of SAMCO Securities stated the index appears to be dealing with a serious hurdle at 10,550 degree and this degree coincides with the 61.Eight per cent Fibonacci retracement of the autumn from the highest to the current backside.
“Though the trend is upward now, we expect the upside to remain limited going ahead. Nifty will test the lower end of the channel drawn from the bottom, which comes at 9,700 level,” he stated.
That stated, right here’s a have a look at what a few of the key indicators are suggesting for Monday’s market motion:
US stocks tumbled on Friday
The broader US stock market tumbled on Friday as buyers grew more and more anxious in regards to the financial outlook. The Dow tanked 730 factors, or 2.8%, whereas the Nasdaq misplaced 2.6% and the S&P 500 — the broadest measure of Wall Street — fell 2.4%.
European shares noticed tempered positive factors
European stocks rose on Friday, however positive factors had been tempered by a report rise in coronavirus circumstances within the US. The Stoxx Europe 600 index rose 0.4% to 361 after 0.7% acquire on Thursday whereas German DAX rose 0.2%, the French CAC 0.5% and the FTSE100 0.78%.
Tech View: Nifty hurdle seen at 10,550
Nifty50 superior on Friday however shaped indecisive candles on day by day and weekly charts. Whereas the index shaped a Doji sample on the day by day chart, opening and shutting virtually on the similar ranges, it made a Spinning Prime candle on the weekly scale, suggesting that it continued to battle at larger ranges. Within the coming week, the 10,550 degree will likely be a key hurdle to be careful for.
F&O: Nifty vary at 9,800-10,800
On the choices entrance, most Put open curiosity stood at 9,000 degree adopted by 10,000, whereas most Name OI was at 11,500 adopted by 10,500 ranges. Marginal Name writing was seen at 11,200 and 10,800 ranges, whereas there was Put writing at strike price 10,000 after which 9,500. Choices knowledge steered a wider buying and selling vary between 9,800 and 10,800 ranges.
Stocks displaying bullish bias
Momentum indicator Shifting Common Convergence Divergence (MACD) on Friday confirmed bullish commerce setup on the counters of Tata Energy, Infosys, Mangalore Chemical compounds, Mindtree, NIIT Applied sciences, Nucleus Software program, Bhansali Engg, Crompton Greaves, Saksoft, Refex Industries, California Software program, Vishnu Chemical compounds, Vipul, TTK Status, AMD Industries, Abbott India, Bannari Amman Spinnings, Garware Tech Fibres, Linc Pen, Raj Tv Community, Pilani Funding and Zenith Exports.
Stocks signalling weak point forward
The MACD confirmed bearish indicators on the counters of Sumitomo Chemical, Hexaware Applied sciences, InterGlobe Aviation, Firstsource Answer, Praj Industries, MTNL, Star Cement, Raymond, Ramco Techniques, Time Technoplast, Mahanagar Fuel, Precision Camshafts, Jubilant Life Sciences, Zensar Applied sciences, Inox Leisure, Aegis Logistics, Shemaroo Leisure, Anant Raj, GHCL, Setco Automotive and Amrutanjan Well being, amongst others.
Friday’s most energetic stocks in value phrases
Bajaj Finance (Rs 3712.14 crore) , RIL (Rs 2471.02 crore) , HDFC Bank (Rs 2081.86 crore) , Infosys (Rs 1926.04 crore) , IndusInd Bank (Rs 1661.31 crore) , ITC (Rs 1437.61 crore) , Axis Bank (Rs 1378.65 crore) , TCS (Rs 1319.93 crore) , ICICI Bank (Rs 1215.29 crore) and Vodafone Concept (Rs 1128.77 crore) had been among the many most energetic stocks on Dalal Street on Friday in value phrases.
Friday’s most energetic stocks in quantity phrases
Vodafone Concept (shares traded: 109.27 crore) , BHEL (shares traded: 9.04 crore), Ashok Leyland (shares traded: 7.58 crore), ITC (shares traded: 7.19 crore) , Tata Motors (shares traded: 5.63 crore) , UCO Bank (shares traded: 5.19 crore) , SBI (shares traded: 4.92 crore) , Indian Oil Corp (shares traded: 4.65 crore) , Indiabulls Housing Finance (shares traded: 4.61 crore) and Tata Energy (shares traded: 4.60 crore) had been among the many most traded stocks within the session.
Stocks seeing shopping for curiosity
IOB, Ruchi Soya Industries, Alok Industries, Omaxe and Gujarat Fuel witnessed sturdy shopping for curiosity from market individuals as they scaled their recent 52-week highs on Friday signalling bullish sentiment.
Stocks seeing promoting stress
B.C. Energy Controls and Touchwood Leisure witnessed sturdy promoting stress in Friday’s session and hit their 52-week lows, signalling bearish sentiment on these counters.
Sentiment meter favours bulls
Total, market breadth remained in favour of bulls. As many as 260 stocks on the BSE 500 index settled the day in inexperienced, whereas 240 settled the day in crimson.
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