EQUITY WEEKLY NEWSLETTER 27th JULY 2018 STOCK /COMMODITY/FOREX/WEALTH MANAGEMENT Technical based Trading and investment call Entry- Exit Trend Reversal+ Proper Stop loss
NIFTY: 11278.35 (+2.44%) Markets traded with a positive bias right through the day with the Nifty, and Bank Nifty closing at record high levels. Across-the-board buying was witnessed on all major counters, with ICICI Bank posting strong gains ahead of its quarterly (Q1FY19) earnings. The market breadth ended in the favor of advances with advance-decline ratio closing at 2:1.Nifty has undergone a healthy consolidation (11080 -10925) and formed a higher base formation around 10700, which set the stage to challenge the all -time high of 11172, going ahead. In the coming session, we expect the Nifty to trade with a positive bias amid stock specific action as Q 1FY19 earning season remains in focus. Nifty has given a symmetrical triangle pattern and already rally more than 300point till now and the next target would be 11350-11400. Market would see reversal only if it closes below 11000 levels and until then Bulls would have a upper hand but would struggle in the resistance zone of 11270-11300 as bear would try hard to break the negative momentum.
Friday 27th JULY, 2018
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