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Equity Research Report 23 January 2017 Ways2Capital .pdf


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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - NIFTY - Benchmark Index Nifty closed strongly above its weekly breakout level of 8306
at 8400 on Friday trading session. Indian benchmark Index Nifty went into a consolidation zone as it traded
between 8450 to 8380 in last two trading sessions. The range of the market is significant as the FII's are still
sellers in the cash market having sold Rs. 3008 crore for the month of January, while the benchmark Index has
gone up by 300 points. The benchmark index Nifty was stuck in a trading range with no major triggers moving
the markets. The past few days have seen sideways movement and FII and Pro have been buyers in Index
options for the January series which should support the markets at lower levels and this should support Nifty at
8350-8460. Markets are expected to remain in a range of 8450 on the upside and 8375 on the downside. Nifty
holds 8400 in a narrow trading range over past five trading sessions. The benchmark Nifty saw profit booking
from range high of 8460 to give back most of the gains to finally close flat at 8430, a gain of 17 points. The
past five trading sessions have seen a range of 85 points which suggests that prices might give a breakout of the
upper range or lower range of 8460 and 8375 respectively soon. The triggers could be the announcement of
Trump policies and Pre or post budget rally. Nifty is trading range bound at 8450-8375, budget expectations to
give either side breakout. A range bound trading session was witnessed Thursday where Nifty moved in a range
of 45 points and as results of larger cap companies are coming out some volatility is expected to return on the
markets. The past six trading sessions has seen a movement of 85 points which suggests that a big move either
side is on the cards and with budget date on Feb 1 a pre budget rally can be expected. For any strength Nifty
has to sustain over 8420-8460 area for further rally towards 8545-8585 in the short term. If the Nifty is
sustaining below 8400-8350 zone, It may further fall towards 8310-8260 area in the near term.

BANK NIFTY : - The Banking Shares Index Bank Nifty opened in a flat note on Monday trading Session
down by 13 points at 18899 level. Bank Nifty rallied 3.50% last week made high of 18966 and closed at
18912. All three high weighted banks State Bank of India, HDFC Bank and ICICI bank rallied 2.03%, 3.25%
and 3.83% respectively. Banking stocks went into consolidation after sharp run up of 500 points. Banking
Stocks were mildly positive after a positive opening with Bank Nifty made a high of 19200 before a pullback
was witnessed. Tuesday was the first time in January, when the Bank Nifty Index corrected by more than 200
points from its recent highs. Banking stocks have been outperforming and the Bank Nifty Index after making a
high of 19276 corrected by 150 points and this has been second consecutive day that Bank Nifty has corrected
by 150 points or more suggesting some profit booking is on the cards. The Crucial levels for Bank Nifty is
19144-19567 is Up side and 18712-18380 is Down side.

Monday, 23 January 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

S2

8594

8448

8375

8302

8156

R2

R1

PP

S1

S2

8714

8495

8387

8278

8060

R2

R1

PP

S1

S2

9292

8642

8317

7992

7342

R2

R1

PP

S1

S2

19576

19144

18928

18712

18280

R2

R1

PP

S1

S2

20264

19418

18995

18572

17726

R2

R1

PP

S1

S2

22978

20098

18658

17218

14338

BANK NIFTY
DAILY

WEEKLY

MONTHLY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

8286

8272

8313

8269

BANK NIFTY

18596

18597

18642

18337

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

8304

7924

7963

BANK NIFTY

18563

17606

16569

PATTERN FORMATION ( NIFTY )

Detail of Chart -On the Above given Chart of Nifty We can see that Nifty index has been trading in
the Range of 8200-8420 Range in Whole Week. . We also see that the index is building a Bearish
Kind of’ Pattern. The Bullish Pattern had made in the levels of 8350 after which it created a high of
8400. If Trend is Followed, Nifty would trade in negative zone for next trading session and can touch
the level of 8300. The Bollinger Band is Also giving Signal that if it is not Sustaining the Level of
8340 could drag the Nifty toward the 8300 level. The support for the Nifty is 8351-8325-8300 and the
resistance to the up move is at 8460-8500-8535-8557 levels

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of BANK NIFTY has Applied the Bollinger Band
along with MACD. Both are the Indicators trading in Negative Territory and it is clearly visible if the
banking Index is not able to Sustain the level of 18850 can drag the index toward the 18700-18480
level in near term. From this level we are Expecting the If Bank Nifty is able to Sustain the Level of
18950 may go Further Up side to the level of 19120-19280 Level for Next week or sustaining below
18900 zone, Bank Nifty may further fall towards 18700-18550 & 18200-18120 area for next week
trading Session. The support for Bank Nifty is at 18825-18734 and the resistance to the up move is at
19185-19280-19330-19435 levels

NSE EQUITY DAILY LEVELS
COMPANY NAME

R2

R1

PP

S1

S2

ACC
ADANI PORTS

EQ
EQ

1376
300

1354
293

1342
288

1320
281

1308
276

AMBUJACEM
ASIAN PAINT
AXISBANK
BAJAJ-AUTO
BANKBARODA
BPCL
BHEL
BHARTIARTL
BOSCH LTD
BHARTI INFRATEL
CIPLA
COALINDIA
CAIRN INDIA LTD
DRREDDY
GAIL
GRASIM
HCLTECH
HDFC
HDFCBANK
HEROMOTOCO
HINDALCO
HINDUNILVR
ICICIBANK
ITC
INDUSIND BANK
INFY
IDEA CELLULAR
KOTAKBANK
LT
M&M
MRF
MARUTI SUZUKI
ONGC
NTPC
RCOM
RELCAPITAL
RELIANCE
RELINFRA
RPOWER
SBIN
SSLT( VEDL)
SUNPHARMA
TATA MOTORSDVR
TCS
TATAMOTORS
TATAPOWER
TATASTEEL
UNIONBANK
YES BANK LIMITED
ZEEL

EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ

222
990
466
2740
162
681
133
329
21482
359
597
310
273
2958
476
889
860
1251
1253
3146
178
880
272
258
1245
956
68
738
1466
1226
53026
5791
205
175
32
471
1042
526
46
264
248
649
338
2319
532
81
473
143
1389
483

220
979
458
2723
158
672
132
325
21255
357
589
307
267
2944
469
878
852
1242
1243
3095
176
870
268
256
1235
953
69
732
1440
1216
52353
5726
201
173
32
461
1034
516
45
257
243
645
333
2304
528
79
464
139
1375
476

218
967
453
2702
157
667
131
321
21123
355
583
304
264
2936
461
870
846
1236
1233
3070
174
862
264
255
1225
949
70
726
1427
1206
51877
5684
198
171
31
455
1029
509
44
254
240
642
329
2284
524
78
458
137
1363
470

216
956
445
2685
153
658
130
314
20896
352
575
301
258
2928
455
864
838
1227
1223
3019
172
852
260
253
1215
946
71
720
1401
1196
51204
5619
194
169
31
445
1021
499
43
247
235
638
281
216
956
445
2685
153
658
130

214
944
440
2664
152
653
129
307
20764
349
569
298
255
2921
448
852
830
1221
1213
2994
170
844
256
252
1205
942
72
712
1388
1186
50728
5577
191
167
30
439
1016
492
42
244
232
635
276
214
944
440
2664
152
653
129

TOP 15 ACHIEVERS
SR.NO

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

SCRIPT NAME

PREV
CLOSE

//
CMP

ULTRATECH CEM

3319

3471

HUL

827

860

IDEA CELLULAR

68.80

71.50

ASIAN PAINTS

933

967

YES BANK LTD.

1318

1358

ITC LIMITED

249

255

AMBUJA CEMENT

213

217

GRASIM INDUS

846

863

TATA STEEL

446

454

GAIL (INDIA) LTD.

452

460

TATA MOTORS

514

523

TCS

2249

2285

POWERGRID

197

199

BHARAT PETRO

657

664

INDUSIND BANK

1215

1220

% CHANGE

+ 4.58 %
+ 3.93 %
+ 3.92 %
+ 3.64 %
+ 3.08 %
+ 2.30 %
+ 2.09 %
+ 2.04 %
+ 1.83 %
+ 1.74 %
+ 1.62 %
+ 1.60 %
+ 1.14 %
+ 1.08 %
+ 0.38 %

TOP 15 LOOSERS
SR.NO

SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

1

RELIANCE INDS.

1090

1025

- 5.92 %

2

AXIS BANK LTD.

472

450

- 4.66 %

3

TECH MAHINDRA 488

468

- 4.06 %

4

COAL INDIA LTD. 315

303

- 3.59 %

5

ADANI PORTS

294

284

- 3.37 %

6

INFOSYS

975

948

- 2.78 %

7

TATA POWER CO. 79

77

- 2.21 %

8

ZEEL

477

467

-2.18 %

9

BANK OF BARODA 157

154

- 2.16 %

10

M&M

1217

1192

-2.12 %

11

LUPIN LTD.

1496

1465

- 2.07 %

12

ONGC

201

197

- 1.99 %

13

SUN PHARMA

653

641

- 1.75 %

14

ICICI BANK

268

263

- 1.72 %

15

L&T

1438

1414

- 1.67 %

4
3
2
2
2
1
1

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )
NSE FUTURE
NSE FUTURE : BUY HAVLLES FUTURE ABOVE 402 TGT 412 SL 397
NSE FUTURE :BUY CESC FUTURE ABOVE 707 TGT 720 SL 700
NSE FUTURE :SELL TORNTPHARMA FUTURE BELOW 1300 TGT 1250 SL 1325

NSE CASH
NSE CASH : BUY ABAN CASH ABOVE 260 TGT 280 SL 250.
NSE CASH : BUY RBL BANK CASH ABOVE 385 TGT 405SL 375.
NSE CASH : BUY RUCHISOYA CASH ABOVE 28 TGT 33 SL 25 .

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
High tax revenues reflect mop-up from income disclosure scheme: SBI - Stating that the official
estimate of a 7.8 per cent economic growth in the last quarter of this fiscal was unrealistic, an analysis
by a State Bank of India think tank says the spurt in tax revenues also reflect collections from income
disclosure scheme. Commenting on the advance GDP estimates of Central Statistics Office and tax
mop-up numbers of the Finance Ministry, SBI Ecowrap says 7.1 per cent growth estimated by
the CSO translates into 6.1 per cent and 7.8 per cent growth respectively, in third and fourth
quarters of this fiscal. "This means that the impact of demonetisation has been possibly somehow
reflected in the third quarter data, but the 7.8 per cent growth in the fourth quarter is quite unrealistic,"
says the publication, anchored by the SBI Group's Chief Economic Advisor Soumya Kanto Ghosh.
The think tank also said that it has never happened in the past that GDP jumped by 1.7 percentage
points between two successive quarters. It only happened in the first and second quarters of fiscal year
2012-13, but due to a change in base year. "These are the dangers of projecting GDP data on past
data."
India's cash crunch seen biting into economic growth - India's economy lost momentum in the
final three months of 2016 after Prime Minister Narendra Modi's ban on high-value notes hurt
consumption and businesses but it is set to pick up this quarter, Having posted growth of above 7 per
cent for six consecutive quarters, India's gross domestic product is expected to have expanded just 6.5
per cent in the October-December quarter - the weakest in nearly three years. The poll also suggested
growth would remain below 7 per cent in the first quarter of 2017, at 6.9 per cent. India's GDP for the
fiscal year to March 2017 is expected to grow 6.9 per cent, according to the poll of over 20
economists. That is higher than the International Monetary Fund's estimate of 6.6 per cent. "If
the demonetisation exercise has led to some permanent supply-side disruptions, growth could be
weaker for longer," said HSBC, in a note.
Budget 2017: Government may accord infrastructure status to low-cost housing - The
government may tweak the definition of the infrastructure sector in the upcoming budget to include
low-cost or affordable housing, a move that would reduce costs for developers and attract investors,
two people with the knowledge of the matter told ET. The change is being proposed about a month
after Prime Minister Narendra Modi announced concessions on interest rates for low-cost
housing loans under the Pradhan Mantri Aawas Yojana. "If we want housing for all by 2020,
Re-categorising affordable housing as infrastructure is essential. The government had sought feedback
about this about a week ago," a person familiar with the development said. "I see this happening in the
upcoming budget.


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