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More grist for the growth scare mill from a new Goldman note:
11 point Checklist – Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day. “Selling rallies” is the new dynamic vs. buying dips.
1. Weak Seasonals – Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year. August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&P is up at least >10% thr
Entering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction
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Day trading guide: 2 stock recommendations for Monday
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Last Updated: Apr 18, 2021, 01:23 PM IST
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The index has retraced about 61.8% of the previous decline, and needs a decisive breakthrough above 14,700 to continue its recent rally, according to Amit Trivedi.
ETMarkets.com A decisive breakthrough above the 14,700 mark is required for the Nifty50 index to continue its recent rally, writes Amit Trivedi.
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The Nifty50 index ended higher for a straight third session, however, after marking the day’s high at 14,698, it failed to cling on to higher levels. After a two-day rally, momentum in the index seems to be stalling near the 14,700 zone. Eventually, the Nifty formed an indecisive candle with a comparatively large upper shadow. It has retraced about 61.8 per cent of the previous decline. Hence, the index requires a decisive breakthrough above 14,700 to continue its recent rally.
BUY ESCORTS | CMP: Rs 1,267 | Target: Rs 1,420-1,450 | Stop Loss: Rs 1,200 The stock has witnessed a decent correction, bottoming out near the trendline support zone of 1200 level. The trend is currently indicating a trend reversal to improve the bias. The chart looks attractive with the RSI also improving the bias and indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of 1,400-1,450 keeping the stop loss of 1,180.
BUY SCHNEIDER ELECT | CMP: Rs 96.50 | Target: Rs 114-120 | Stop Loss: Rs 90 The stock has corrected well from the peak levels and is now consolidating. It has made a double bottom formation pattern near 90 levels to form a strong base and has picked up momentum to improve the bias. The RSI too has indicated a trend reversal to signal a buy and we anticipate further upward movement from here on. We suggest to buy and accumulate this stock for an upside target of 114-120 keeping the stop loss of 90.
BUY SPARC | CMP: Rs 152 | Target: Rs 175-185 | Stop Loss: Rs 138 The stock has witnessed a decent correction from the peak of 194 levels and has currently bottomed out near 140 levels, indicating a trend reversal to improve the bias. The chart looks attractive with the RSI also improving the bias and indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of 175-185 keeping the stop loss of 138.
BUY SBI CARDS | CMP: Rs 974 | Target: Rs 1,100-1,140 | Stop Loss: Rs 920 The stock has witnessed a decent correction from the peak of 1139 levels and has bottomed out near 920 levels indicating a trend reversal to improve the bias. The chart looks attractive with the RSI also improving the bias and indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of 1100-1140 keeping the stop loss of 920.
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