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Tomorrow might the important day that most of investors are waiting for. After falling below its crucial support level of 10100 bulls have taken charge in Index and pull Nifty future back towards 10180 levels in the last hour today which shown sign of positivity for bulls as bears couldn’t hold Nifty future at lower levels and finally lost its momentum to bulls.
In last 3 trading session we had seen that Bank Nifty future has not fall as much as Nifty future and whenever market shown recovery then Bank Nifty future has recovered fast as compare to Nifty future.
Bears are losing their hand and this is an opportunity for investors and traders. Risk reward ratio is in our favor at current scenario. This is the time to accumulate quality stocks.
24500 and 10100 is very crucial support level for both Bank Nifty future and Nifty future on closing basis and if Nifty future manages to sustain beyond 10290 levels then we might see Nifty future trading 10600 and Bank Nifty future at 26000 level soon.
|BANK NIFTY FUTURE||24799.80||25069.90||24770.00||25031.25|
Gujarat Fluorochemicals Limited (GFL) is a part of the $3 billion INOX Group of Companies. INOX Group is a family owned, professionally managed business group, with market leadership in diverse businesses including Industrial Gases, Refrigerants, Chemicals, Cryogenic Engineering, Renewable Energy and Entertainment. Within Chemicals, exposure is further diversified to PTFE (Polytetra flouro-ethylene, 38 percent), caustic soda (23 percent), Chloromethane (14 percent) and refrigerant gases (16 percent).
Company’s standalone business which is mainly constitutes chemicals business reported sales jump of 38 percent YoY in Q1 FY19 backed by higher pricing growth in refrigerators (21 percent), chloromethane (32 percent), PTFE and value-added products. PTFE value-added grade, in particular, had a strong volume (18 percent) and pricing growth (28 percent).
Operating margins improved to 30.8 percent (from 20.8 percent in Q1 FY18) on account of better realizations and value-added share (14.6 percent vs. 9.2 percent in Q1 FY18).Company’s chemical business contribution to operating profit has increased to 60 percent from 51 percent in Q1 FY18.
Positive prospects for PTFE and caustic soda industry end markets are among the key drivers. In the case of the caustic soda industry, supply-demand imbalance (supply cut in China and Europe) has been favourable for product prices. In addition, end markets like paper industry, water treatment and alumina industries are also doing well.
From late Jan 2018 stock has been trading in range between 890-730. In the week gone by we had seen strong buying movement in stock giving breakout of the range on closing basis despite sell off in Index. With more than 55% stock has been taken for delivery by investors in last 8 days. We had seen huge volume in stock on 17th and 12th OCT, which had been seen in OCT 2017.
Technical indicators like:
MACD is showing buying crossover on daily chart which shows bullish signal in stock
RSI has given trend line breakout which also given bullish signal in stock
PARABOLIC SAR and Momentum Oscillator both showing buying strength in the stock
From the above evidence we conclude that stock may move up above the level of 900 and may test 930-955 levels in the week with a stop loss below 864
RESISTANCE AND SUPPORT
RESITANCE 1- 900 SUPPORT 1- 865
RESISTANCE 2-940 SUPPORT 2-830
With a roller coaster movement we have observed in index it has finally managed to show some sort of relief to investors with bulls took all the control in the market from bears. Indian market rallied on Friday despite a weakness in the US markets, where the Dow closed over 500 points lower on Thursday which also help other currencies to recover against USD.
After bleeding Index finally took support of Trend line and 100 days moving average which we can see in charts below. With a movement of 353.35 points in Nifty future and 1229.55 points movement in Bank Nifty future throughout the week.
WEEKLY INDEX SNAP SHOT
|BANK NIFTY FUTURE||24444.70||25514.55||24285.00||25406.95|
On weekly charts, this week Bank Nifty future had engulf the body of previous week candle with strong bullish candle suggesting bulls had taken control and market may remain positive for next week. Whereas Nifty future had formed hammer candlestick pattern after taking support of 100 days moving average and trend line support.
Now both Bank Nifty future and Nifty future is at crucial resistance levels. For Bank Nifty future resistance is at 25550 and for Nifty future resistance is at 10520 levels which will be very crucial for next week.
If both indices breaks their crucial level and also sustain above it then we may see Nifty future to test 10700-10800 level next week with crucial support of 10400 followed by 10150.
Nifty future now at crucial trend line support level after it breaks 200 DMA, will this trend line will be act as a savior for your money?
Lots of questions are there as how long will Indian market fall? And many more
For investors who want to park their money for huge profit in short term should use these dips to acquire quality fundamentals stock like Reliance Capital, Reliance Infra with PE ratio of just 5x and stock price is just half of their book value and many more
The trend line you are watching in chart below is crucial for market and if Nifty future respect and sustain above the trend line than we believe that you have a serious chance of making money in short time and utilize the market fall only by acquiring quality stocks.
Market is now fearful and I remember the quote of most successful investor that “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” by Warren Buffet, you know what I mean.
Slowly park your money in quality stocks at dips and for intraday traders market has lot to offer for both buy side and sell side we just need to identify the trend and follow the wind.
stock future Friday market was in the favor of bulls with midcaps along with auto mobiles and pharma supported the rally. A strengthening rupee also helped the market recover. Cooling off of oil prices and some reported dollar selling by private banks erased some losses for the currency. Today top gainers are hero moto corp, Bajaj Auto and Bharti Airtel and top losers are Yes Bank, Sun Pharma and Adani Ports.
Monday market is expected to be in bullish trend but Nifty future may test its immidiates support level around 11620-11610 and immediate resistance for Nifty future is 11650, if Nifty future break 11650 level then we may see Nifty future testing 11750-11800 next week
Shares of Bharat Forge were higher by 3 percent on Thursday morning as investors cheered Credit Suisse’s maintaining outperform rating on the stock with a target of Rs 750. The stock touched an intraday high of Rs 681.95 and an intraday low of Rs 669.70. The global research firm highlighted how the macro situation is still favourable amid strong execution by the firm as well. With the depreciation in rupee, it reckons that companies exporting to developed markets will benefit. It also observed that 60 percent of the revenues come from exports to the US and Europe.
Bulls have taken control in the last leg of the market which help Nifty future and Bank Nifty future to narrow some loss and formed hammer candlestick pattern around support level. Tomorrow market may remain in bullish trend and Nifty future may test 11600-11620 level and Bank Nifty future may test 27750-27800 level tomorrow. Market is moving in a trend and we suggest you that either you are trading in stock or index follow the trend and if trend change then wait for confirmation before entre in any trade. Strategy to be follow for Thursday market is buying on dips
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Indian market started today session with negative note due to global market as US stocks drop on downbeat earnings, trade tensions and after that today Asian markets declined following Wall Street after Chinese company reported a fall in quarterly profit. Today Rupee 1st time ever cross the historic psychological level of 70 per dollar the currency witnessed a depreciation of depreciated 10 percent in 2018 so far. Most of the market traded in sideways movement today with total advances of 685 shares and 1063 shares decline today and 323 shares unchanged today, but both nifty future and bank nifty future sustained above its crucial levels which is positive for Friday market » Read more