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Last Updated : Jun 15, 2020 07:27 AM IST | Source: Moneycontrol.com

Slideshow | Check out analyst views on market for this week

Last week, BSE Sensex shed -506.35 points (1.47 percent) to close at 33,780.89, while the Nifty50 rose 169.25 points (1.66 percent) to end at 9,972.9 levels.

The market ended the volatile week with a over 1 percent loss and broke the two week winning streak on the back of mixed global cues.

The market ended the volatile week with a over 1 percent loss and broke the two week winning streak on the back of mixed global cues.

Nifty50

Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors | Nifty is trading above 20 DMA and mid-term moving average 50 DMA indicating bullish bias, at the same further rally can come only once Nifty closes above 100 DMA standing around 10200 levels. Andrew Pitchfork on recent swing pivot points on the daily chart of Nifty shows the middle line of the fork is standing around 10700 marks. This line acts as a magnet to prices hinting us that price can trade higher to 10700 to touch it. However, on a lower side, crucial support is seen at 20 DMA standing around 9600 marks and any decisive move below this zone can push the index lower towards 50 DMA around 9300 marks.

Chandan Taparia, Vice President - Analyst-Derivatives at Motilal Oswal Financial Services | Going forward, 9544 would act as a strong support for the index and we may see an up move towards 10200 zone. Thus, traders are advised to look for buying opportunities on dips.

Chandan Taparia, Vice President - Analyst-Derivatives at Motilal Oswal Financial Services | Going forward, 9544 would act as a strong support for the index and we may see an up move towards 10200 zone. Thus, traders are advised to look for buying opportunities on dips.

Sensex_Nifty

Sumeet Bagadia, Executive Director at Choice Broking | Momentum Indicator RSI reading at 59.62 with positive crossover which points out strength in the index. At present level index has having good support at 9550 level while resistance comes at 10100 levels.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in | Nifty from current levels should ideally consolidate around these levels with upsides capped towards its 100 day moving average which is around 10206 levels and unless Nifty registers a fresh breakout above 10328 levels one should not expect bigger upsides in the near term. On the downsides today’s low of 9544 shall remain a sacrosanct support in the short term breach of which on closing basis shall be read as a trend reversal sign in favour of bears. For time being short term traders are advised to remain neutral on index for next session by shifting their focus on stock specific opportunities.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in | Nifty from current levels should ideally consolidate around these levels with upsides capped towards its 100 day moving average which is around 10206 levels and unless Nifty registers a fresh breakout above 10328 levels one should not expect bigger upsides in the near term. On the downsides today’s low of 9544 shall remain a sacrosanct support in the short term breach of which on closing basis shall be read as a trend reversal sign in favour of bears. For time being short term traders are advised to remain neutral on index for next session by shifting their focus on stock specific opportunities.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking | We continue to remain upbeat and construe this decline as a retracement of the recent up move, which was very much needed to provide the strength for the next leg of the rally. As far as supports are concerned, 9900 continue to be seen as key support on closing basis, while a bigger support zone of 9900 – 9544 for the coming week. On the flipside, we expect Nifty to again go back to recent highs of 10150 – 10300 or may even head towards 10600 – 10800 levels.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking | We continue to remain upbeat and construe this decline as a retracement of the recent up move, which was very much needed to provide the strength for the next leg of the rally. As far as supports are concerned, 9900 continue to be seen as key support on closing basis, while a bigger support zone of 9900 – 9544 for the coming week. On the flipside, we expect Nifty to again go back to recent highs of 10150 – 10300 or may even head towards 10600 – 10800 levels.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Technically, after a sharp fall from 10325, the market received a support near 20-day SMA, which clearly indicates medium term trend is still positive. But the sharp fall from 10325 suggest that bulls may start losing interest above 10300. Hence, strong possibility of a range bound price action in the near term is not ruled out. For the short term, 9850 should act as a trend decider level, above which we can expect uptrend wave up to 10100-10150 levels. However, trading below 9850 could possibly open another correction till 9650.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Technically, after a sharp fall from 10325, the market received a support near 20-day SMA, which clearly indicates medium term trend is still positive. But the sharp fall from 10325 suggest that bulls may start losing interest above 10300. Hence, strong possibility of a range bound price action in the near term is not ruled out. For the short term, 9850 should act as a trend decider level, above which we can expect uptrend wave up to 10100-10150 levels. However, trading below 9850 could possibly open another correction till 9650.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities | Nifty as per weekly chart formed a minor negative candle with long lower shadow. This pattern indicates buy on dips action in the market. The short term trend of Nifty is positive. Having witnessed strength to move up sharply from the lower support of 9550-9600 levels, there is a possibility of some more upside in the near term. Immediate supports to be watched around 9900-9880 and the next upside resistance after 10,000 is placed at 10150, which could be tested in the near term.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities | Nifty as per weekly chart formed a minor negative candle with long lower shadow. This pattern indicates buy on dips action in the market. The short term trend of Nifty is positive. Having witnessed strength to move up sharply from the lower support of 9550-9600 levels, there is a possibility of some more upside in the near term. Immediate supports to be watched around 9900-9880 and the next upside resistance after 10,000 is placed at 10150, which could be tested in the near term.

Ajit Mishra, VP - Research, Religare Broking | The recovery in the market shows that participants are still buoyant on the growth prospects. Considering the present scenario, we advise not to go overboard and maintain a balanced approach.

Ajit Mishra, VP - Research, Religare Broking | The recovery in the market shows that participants are still buoyant on the growth prospects. Considering the present scenario, we advise not to go overboard and maintain a balanced approach.

Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote | The index needs to decisively close above 10,150 to reclaim some momentum strength. We maintain a bearish outlook for the markets going ahead. Traders should sell on rally. The important number to watch out for going ahead is India VIX which is currently at 30-32 levels. In the weeks to come, markets are likely to remain under pressure and VIX is likely to rise which will determine the speed of the market movement. We recommend investors to preserve cash and not to jump the gun in this phony rally and wait for markets to correct.

Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote | The index needs to decisively close above 10,150 to reclaim some momentum strength. We maintain a bearish outlook for the markets going ahead. Traders should sell on rally. The important number to watch out for going ahead is India VIX which is currently at 30-32 levels. In the weeks to come, markets are likely to remain under pressure and VIX is likely to rise which will determine the speed of the market movement. We recommend investors to preserve cash and not to jump the gun in this phony rally and wait for markets to correct.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas | The weekly chart is showing signs of weakness as the index has formed a bearish outside bar near the key weekly moving averages. Thus the recent high of 10328 becomes a major hurdle for the Nifty. On the flip side, Friday's low of 9544 will assume the role of a short term support.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas | The weekly chart is showing signs of weakness as the index has formed a bearish outside bar near the key weekly moving averages. Thus the recent high of 10328 becomes a major hurdle for the Nifty. On the flip side, Friday's low of 9544 will assume the role of a short term support.

First Published on Jun 15, 2020 07:27 am
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