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Equity Research Report 24 April 2017 Ways2Capital .pdf


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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - NIFTY - Last Trading session of previous week Nifty 50 fell by 0.52%, the index opened
at 9226 made high of 9246 and closed at 9151 after making low of 9145. As Government released Industrial
production data for the month of Feb at - 1.20% where expectation was 1.3% and January IIP Numbers were at
2.70%. Consumer price index for the Month of March released at 3.81% where Expectation was at 3.98% and
February Consumer Price Index was at 3.65%. Nifty closed in negative territory for the third consecutive day at
9139 after making a low of 9120. The Index opened at 9145 on Monday trading session and made a high of
9160. As of Now Market may also look into Indian Meteorological Department first official Forecast about
Trajectory of Monsoon this Year. Any forecast of deficient Rainfall because of looming Threat for EI-Nino
may also Spoil the Bull Party in the Coming days. Indian Meteorological Department released its Long Period
Average first stage data in which the department has predicted normal monsoon in Southwest. The World Bank
& IMF predicted tepid GDP Growth for India in FY-18 as 7.2% on the back of Demonetization / Full
Remonetization concerns, Stressed Banking Non-Performing Assets , PSBS recapitalization issues, tepid loan
growth, issues of stressed corporates, and lack of vital policy / Reforms implementations in a time bound
manner These all are the trigger for the Market in near term.
The benchmark Index Nifty 50 on Wednesday traded in narrow range of 45 points, the Index opened at 9112
and made a high of 9120 and closed at 9104 after making a low of 9075. on the back of Donald Trump has
signed an executive order on stricter enforcement & review of H1B visa - this visa has been used by the
technology industry to bring "highly skilled" foreign workers into the US, thus giving them a price advantage.
Most of the sessions was very range bound in the absence of any major fresh Domestic or Global triggers in
this week. Some Regulatory Concern on Chinese stock Market, mixed set of Quarterly Earnings & Political
Uncertainty over french and British election would be main trigger for the Market in upcoming week trading
sessions. The Nifty to trade in bullish trend 9220 would be the important level for Index break above can
witness the 9300-9360 levels. on the Fillip side Sustaining below 9180 may drag the Index towards 9008-8916
in Near Term.

BANK NIFTY : - Bank Nifty last week made new record high of 21787 and closed at 21687, the index made
a low of 21396 and traded in a narrow Range of 167 points from high of 21743 and low of 21577. Bank Nifty
closed at 21647. From last two weeks the Bank Nifty has rallied almost 700-890 points and made a high of
21947 on Tuesday trading session. The Public Sector Bank’s were in demand on the hopes of an earnings
recovery and Reports of more Public Sector Bank’s consolidations after State Bank of India merger, though it’s
still at very Preliminary Discussion Stage. Market is expecting an effective Resolution of Stressed Assets &
Consolidation of Public Sector Bank’s in the coming days and along with that, hopes of a good Q4FY17 report
card may be the prime reasons for such strength in Bank Nifty, although looking quite stretched valuation.
Indian market sentiment was further boosted after some reports of an imminent Net Performing Assets policy
announcement by the Government PSBS rallied quite smartly on the buzz. But, later RBI Dy Gov confirmed
that it may take some more time for a definitive new NPA policy; meanwhile RBI will do more oversight or
implementation of various existing NPA resolution mechanism. Bank Nifty to trade in 21330-21780 range. The
Significance Support is 21260-20880 and Resistance is 21704-21988 for Bank Nifty.
Monday, 24 April 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

S2

9401

9215

9122

9029

8843

R2

R1

PP

S1

S2

9556

9272

9130

8988

8704

R2

R1

PP

S1

S2

9744

9348

9150

8952

8556

R2

R1

PP

S1

S2

22148

21704

21482

21260

20816

R2

R1

PP

S1

S2

23267

22155

21599

21043

19931

R2

R1

PP

S1

S2

23269

22157

21601

21045

19933

BANK NIFTY
DAILY

WEEKLY

MONTHLY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

NIFTY

9131

8988

8797

8587

BANK NIFTY

21416

20903

20252

19465

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

9269

8992

8371

BANK NIFTY

21937

20474

18051

200 DAYS

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given daily Chart of Nifty has Applied Bollinger Band and
Parabolic SAR both are the leading indicators. One Long Unwinding is seen in Nifty at higher
levels on Friday. In daily chart you can see that Nifty broke the Middle Ban which is around its
crucial Support level of 9150, good support now is near 9120. This can be start of down trend on
intraday chart chart. There are 2 important supports for Nifty near 9100 and 8960 apart from the
current level at 9120.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band as
well as Parabolic SAR.On the Above Given Intraday Chart of Bank Nifty which shows that the
Index is trading near its crucial Support level of 21500 if it is able to Sustain current Support level
we may witness some upward movement in the upcoming week. The Bank Nifty Daily Chart is
Showing sideways movement in the Index, While the Index has to Sustain above 21500 level for
further up movement toward 21670-21780, On the Fillip side Sustaining below 21500 level will
drag the index 21440-21320 in near Term.

NSE EQUITY DAILY LEVELS
COMPANY NAME

R2

R1

PP

S1

S2

ACC
ADANI PORTS

EQ
EQ

1520
339

1507
333

1497
328

1484
322

1474
317

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

242
1082
503
2856
182
732
179
349
22825
361
579
283
290
2645
414
1161
828
1543
1527
3230
193
929
276
286
1450
939
88
907
1708
1289
64180
6355
183
170
36
622
1444
590
50
291
238
667
275
2350
453
87
464
160
1581
541

241
1075
495
2840
179
723
176
345
22600
356
571
280
288
2627
406
1144
820
1523
1512
3217
190
918
272
280
1443
931
87
897
1694
1282
63851
6313
182
168
35
615
1425
582
49
286
235
653
272
2331
446
86
457
159
1562
534

239
1065
489
2827
176
719
174
343
22466
350
567
279
286
2617
402
1134
814
1507
1482
3204
187
913
270
276
1436
926
85
887
1687
1268
63430
6248
180
166
35
609
1401
577
48
283
232
644
271
2316
442
84
453
156
1543
530

238
1058
481
2811
173
710
171
339
22241
345
559
276
284
2599
394
1117
806
1487
1467
3191
184
902
266
270
1429
918
84
877
1673
1261
62680
6206
179
164
34
602
1382
569
47
280
229
630
268
2297
435
83
446
155
1524
523

236
1048
475
2798
170
706
169
337
22107
339
555
275
282
2589
390
1107
800
1471
1437
3178
181
897
264
266
1422
913
82
867
1666
1247
61180
6141
177
162
34
596
1358
564
46
278
226
621
267
2282
431
81
442
152
1505
519

TOP 15 ACHIEVERS
SR.NO

SCRIPT NAME

//

PREV
CLOSE

CMP

% CHANGE

TOP 15 LOOSERS
SR.NO

SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

1

GRASIM INDUS

1050

1129

+ 7.53 %

1

SUN PHARMA

692

639

- 7.67 %

2

GAIL LIMITED

379

399

+ 5.21 %

2

ICICIBANK LTD

282

269

- 4.83 %

3

HDFC BANK

1440

1496

+ 3.91 %

3

COALIN LIMITED

291

277

- 4.83 %

4

INDIABULLS

956

989

+ 3.46 %

4

YESBANK LTD

1616

1544

- 4.47 %

5

POWER GRID CORP

200

205

+ 2.80 %

5

AXIS BANK LTD

507

486

- 4.20 %

6

RELIANCE

1364

1402

+ 2.76 %

6

AURO PHARMA

658

633

- 3.78 %

7

HINDALCO

183

188

+ 2.65 %

7

BOSC LIMITED

23272

22406

- 3.72 %

8

HDFC

1474

1507

+ 2.21 %

8

SBIN

291

282

- 3.21 %

9

MARUTI SUZUKI

6077

6185

+ 1.77 %

9

TATA MOTORS

453

440

- 2.81 %

10

ADANI PORTS

320

326

+ 1.73 %

10

TATA STEEL

463

450

- 2.74 %

11

NTPC LIMITED

164

167

+ 1.55 %

11

ONGC

184

180

- 2.46 %

12

ZEEL

521

528

+ 1.35 %

12

AMBUJA CEMENT

245

239

- 2.37 %

13

BHARTI AIRTEL

340

342

+ 0.75 %

13

CIPLA LIMITED

577

564

- 2.22 %

14

IOC

422

425

+ 0.56 %

14

BPCL

731

715

- 2.09 %

15

L&T LIMITED

1678

1687

+ 0.53 %

15

HUL

923

906

- 1.89 %

4
4
3
3
2
2
2

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Paris replacing Mauritius as tax haven, Citi alerts Finance Ministry - Citi, once perceived as
a master in regulatory arbitrage, has drawn the Government’s attention to Paris emerging as a new
tax haven with Mauritius losing its charm. In a recent meeting with officials of the finance
ministry, Citi pointed out how some global banks and funds are taking advantage of India’s treaty
with France to escape tax, sources in the financial market told. In the past few months, a few
leading Foreign Portfolio Investors have set up shop in Paris to attract offshore investors and
issue participatory notes derivatives sold to foreign investors keen to trade in Indian stocks. Till
March 31, Mauritius was the preferred location to carry out such business. But this changed with
the revision in the tax treaty between India and Mauritius: there will be capital gains tax on Indian
securities bought by any Mauritius entity on or after April 1.
Modi government's GST reform an 'act of courage': IMF chief - Describing the ongoing
Goods and Services Tax reform as an "act of courage", IMF chief Christine Lagarde today said
she expects "some positive outcome" as a result of the decision. The GST reform is really an act
of courage," Lagarde told reporters during the annual Spring meeting of the International
Monetary Fund and the World Bank. It really means reforming in-depth in each of the Indian
States in order to substitute the State taxes with overall federal tax, the re-allocation of it and the
digital platform that supports it, she said. So, I am personally impressed by the work that is being
done in that regard and expect some positive outcome.
CPI Inflation Seen at 4.8% in FY18, fears exaggerated: Report - Retail Inflation is expected
at 4.8 per cent for the current fiscal and fears in this regard are exaggerated as the country will
continue to witness benign prices, says a report. According to Report Ecowrap, The Reserve
Bank's inflation forecast of 4-4.5 per cent will be "materially undershot" as CPI inflation is
unlikely to breach the 4 per cent mark till July this year. According to official data, inflation at the
wholesale level eased to 5.7 per cent in March on declining fuel prices and appreciating rupee.
"The decline was accentuated by decline in fuel and power inflation and manufactured products.
It may be Noted that fuel prices were significantly cut on March 31, while the rupee has been on
an appreciating trend since February 2017. These two factors have pushed down fuel and
manufactured product prices," it said.
Economy to grow 7.2% in FY18; GST to have positive impact: World Bank - Having seen a
"modest setback" due to demonetisation last fiscal, the Indian economy will claw back to 7.2 per


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