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Equity Research Report 20 february 2017 Ways2Capital.pdf


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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The benchmark Index Nifty closed at 8794 after making low of 8771 and a high of 8822 on
Last Friday trading session. Nifty traded in a small range of 50 points throughout the day. The equity
benchmark Nifty opened in a positive note on Monday up by 26 points or 0.29 per cent at 8819. Indian
Benchmark Index Nifty traded in a narrow range of 140 points from 8686 to 8826 from last Week. Nifty closed
at 8805 on Monday after made a low of 8754, the Index opened gap up at 8820 and made high of 8827. The
market has fallen a good bit of amount on last few days, The trend has confirmed to the downward. Going by
the dual mandate of Fed and pure text book economics, Yellen may go for multiple hikes in 2017, but in reality,
after all she has to look forward to his present political boss Donald Trump as eventually, Fed may be more
guided by US politics & Trump’s rather than trajectory of US economics. Technically, Nifty is in positive zone
but it is witnessing distribution pattern that means there is high chance of downfall at this point of time. Market
has been consolidating for more than last 7 trading sessions and we could witness a big move, Now. We would
see breakout if Nifty closes above 8850 levels whereas a sharp breakdown would be seen if it closes below
8730 levels. Market would see some positive movement. Now, its a tricky situation. The Nifty would enter into
positive zone once it closes above 8830 levels. So traders can wait for either levels to be breached to take any
further position. Once Nifty closes above 8840 levels, then traders can initiate fresh long positions. The
Significance Resistance for Nifty is 8820-8980 and Support is 8760-8690.

BANK NIFTY : - The Bank Nifty on last week closed at 20214 after making a low of 20167 and high of
20310. The Bank Nifty closed at 20252 after making a low of 20117, the Index opened gap-up at 20273 and
made high of 20309. The Bank Nifty would enter into negative zone once it closes below 20078 levels. Cabinet
has approved merger of State Bank of India with all its 5 associate banks. This is a positive news for SBI. State
Bank of India would see some positive rally and would force Bank Nifty to move somewhat higher but every
positive rally would be an opportunity for traders to go short in the market. Once Bank Nifty closes below
20380 levels, we would see sharp downfall in the Index. Bank Nifty has to Sustain over 20400 area for further
rally towards 20850-21150 area in the near term. On the other side, sustaining below 20400 zone, Bank Nifty
may fall towards 20200-19950 area in the near term .

Monday, 20 Febuary 2017