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Bulls continued to retain upper hand as Nifty50 registered a positive close for seventh session in a row before signing off the day with a 'Hanging Man' kind of indecisive formation," says Mazhar Mohammad of Chartviewindia.in.
The increase hope of stable government at Centre boosted sentiment at FII desk, especially after Balakot air strike by Indian Air Force in February, experts said.
Shabbir Kayyumi of Narnolia Financial Advisors said as long as higher high and higher low formation in the index is intact, he suggests trading with buy on dip strategy.
Shabbir Kayyumi of Narnolia Financial Advisors said going ahead the possibility of a small retracement has increased as majority of oscillators have reached overbought levels.
Option band signifies a shift in higher trading range between 11,150 to 11,450 zones, experts said.
At 01:43 pm, Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.5 per cent, against 1 per cent rise each in Nifty 50 and Nifty Bank indices
"Market gave highest daily closing since October 2018 signifying bulls have taken charge of the Dalal-Street. RSI has given breakout almost after 4 months, which suggest strength in the uptrend," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors told Moneycontrol.
Holding companies often trade at a discount to their intrinsic values. This discount has increased significantly for some companies in recent weeks, making them attractive bets.
Experts said the positive momentum is expected to continue with caution ahead of general elections, though global factors may intermittently cause volatility.
Chandan Taparia of Motilal Oswal Financial Services said Overall price setup suggests bullish bias at the upper band of the trading range but requires a hold above 10,985 to extend its fresh move towards 11,118, then 11,200
On a weekly basis, Nifty50 closed with gains of 1.5 percent while the Sensex rallied over 600 points or 1.6 percent.
The company plans to buyback 20,585,000 shares, which implies 2.1 per cent of the total shares outstanding.
Shabbir Kayyumi of Narnolia Financial Advisors said looking at overbought levels of the majority of oscillators, the possibility of small retracement cannot be ruled out which can fill the bullish gap placed around 10,994-10,998.
Ridham Desai of Morgan Stanley in a report said that the market could start pricing in stronger poll outcome in coming weeks, and the broader market will likely outperform Nifty.
Among the Nifty50 names SBI, ONGC and HDFC Bank were major contributors to PAT growth in the December quarter while HDFC, IOC, and Infosys were major laggards, Elara Capital said in a report.
Shabbir Kayyumi of Narnolia Financial Advisors said any decisive move above the psychological level of 11,000 will push the index towards 11,118.
Among the Nifty50 names, SBI, ONGC and HDFC Bank were major contributors to PAT growth in the December quarter while HDFC, IOC, and Infosys were major laggards, Elara Capital said in a report.
OBV or On Balance Volume indicator is used in technical analysis to measure buying and selling pressure.
Globally, progress on US-China trade war, crude oil and currency movement would be actively tracked by the investors, Jayant Manglik of Religare Broking said.
In February market was weighed down by Indo-Pak tension, trade war concerns, the rise in crude oil prices, concerns regarding lenders selling pledge shares, weak GDP data as well as mixed earnings from India Inc.
Sahaj Agrawal of Kotak Securities said the broader market is relatively strong and the upside remains open for 11,100-11,200 in the near term.
Shabbir Kayyumi of Narnolia Financial Advisors said any decisive move above 200 DMA will push index higher towards 11,000 levels.
Vineeta Sharma of Narnolia Financial Advisors said investor with a short term, one-year horizon may tender shares for the buyback, while those having a long term horizon may continue holding the stock.
In 2019 so far, benchmark indices have not been able to give positive returns to the investors. And some stocks are down many-folds
Shabbir Kayyumi of Narnolia Financial Advisors expects markets to trade with higher volatility in a tight range of 10,760-10,888 levels.
Jayant Manglik of Religare Broking advises keeping limited exposure and continuing a stock-specific trading approach.
For the upcoming sessions, 10860 – 10910 levels might act as an intermediate resistance whereas on the downside 10720 – 10640 zones might again attract some buying interest.
Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in has advised traders to book profits in long positions if the index were to close below 10,720 levels.
The big outperformer was the broader market as both Nifty Midcap and Small-cap indices recorded gains of over 2% each for the week ended February 22
Under a share buyback issue, a company repurchases its shares from shareholders at a higher price than current market price
In growth and valuation matrix, usually high growth with high peer valuations proves to be a better investing avenue, suggest experts.
Sahaj Agrawal of Kotak Securities said investors can gradually accumulate select stocks for an expected breakout on the higher side.
Shabbir Kayyumi of Narnolia Financial Advisors said Nifty trading below crucial support (10,602) will push prices towards 50 percent Fibonacci retracement levels placed around 10,561
Domestic mutual funds turned out to be net equity buyers for January 2019.
"A close above 5-day EMA (10,742) will change the current bearish sentiment," said Shabbir Kayyumi of Narnolia Financial Advisors.
Another aspect that worried investors was a likely rise in funding cost as the acquisition would partly be funded through debt
On the basis of strong fundaments, market experts are advising investors to think of CCL Products, Yes Bank, Greenlam Industries and JK Lakshmi Cement before making any investment decision
Volatility may continue due to lack of positive triggers in the domestic market while rising oil prices will impact domestic macros in the near term, Vinod Nair of Geojit Financial Services said.
Nagaraj Shetti of HDFC securities said the overall weekly chart pattern is indicating a possibility of minor upside bounce, which could be a sell-on-rise opportunity in the market
The RBI has started cutting rates again. This means that now there is very little chance of the FD rates going up in the near future. So, what should you do now?
The 50-stock Nifty is already trading below 10,800 and market experts are speculating a bear run giving support to the markets at 10,690 marks. Twitter Facebook
Apart from Prestige Estates Projects, Dhanuka Agritech and Coal India Limited, investors can think of taking buy position in technology stocks like Infosys, HCL Tech, MPhasis, MindTree, Tata Elxsi and Persistent, say experts.
Kotak advised adding HCL Technologies, L&T Infotech, Mindtree and Tech Mahindra which could return 8-12 percent
Shabbir Kayyumi of Narnolia Financial Advisors said a close below the strong support (10,740) will push prices lower towards 10,680 levels.
Market experts are of the opinion that fundamentals of these five stocks — Sonata Software, Amber Enterprises, Mahindra & Mahindra, Alkem Labs and Dilip Buildcon Limited — are quite strong
The fundamentals of this stock suggest upside potential of 30 per cent , says equity experts.
October had seen the worst sell off to the tune of Rs 28,921 crores. A tepid inflow of Rs 5,981 crores and Rs 3,143 crores followed in November and December.
Trade Setup for Wednesday: Top 15 things to know before Opening Bell
Experts say counters like Minda Industries Limited, Birla Corporation, ACC Limited, Cadila Healthcare Ltd and Majesco seems promising and investors can think of these stocks before making any investment decision.
Linking of risk weights on the exposure to NBFCs will improve flow to the sector and particularly high rated entities, which will boost the credit flow to the sector and lead to consumption financing.
After the closure of Wednesday markets above 11,000 levels, the 50-stock Nifty is now trading in the range of 10,800 to 11,200, says equity experts.
Market experts are expecting a bull run in Marico Limited, Tech Mahindra, Capacite Infraprojects and GAIL counters. An investor can think of these stock before making any invetment decision.
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