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Equity Research Report 24 July 2017 Ways2Capital .pdf



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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - Last Week Nifty Index made an all time high of 9913 and closed at 9886. Infra
Power and Banks were among the top sectors for the week. The Indian market rebounded from the day
low after plunge in WPI on last week trading sessions, which may again spur the rate cut hopes by the
RBI and it gained more momentum after some reports of Govt extending more sops to the export
sector amid ongoing strength in INR and some report of optimism over Indian economy, political
stability and Govt’s ongoing effort of incremental reform have boosted the sentiment, prompting for
more forced P-Note F&O short covering and some value buying. Last Day, Nifty Index made an all
time high of 9928 and closed at 9916 after making a low of 9895. The benchmark Index Nifty gave
away all its losses and closed at 9900 on Wednesday 19th July. The Index Opened at 9856 and made a
high of 9905.The Index closed 73 points up from its Tuesday’s close of 9827. Although Indian
benchmark Index Nifty is now eyeing for the 10k Mt’ Everest, valuations may be already quite
stretched and the Q1FY18 earnings may not help much this time also. There are various disturbing
signs that Indian/Global bull market cycle may be at its peak and going forward subdued earnings. The
benchmark Index Nifty opened at 9920 and made a high of 9922.50. The Index closed at 9873 after
making a low of 9863 Thursday trading session. Last Week Nifty Index made an all time high of 9928
and closed at 9915. Market is expected to move further with increase in quarterly earnings of most of
the companies. Time & Price action suggests that, Nifty has to sustain over 10005 area for further rally
towards 10050-10115 & 10195-10250 in the short term. On the flip side, sustaining below 9985-9960
area, Nifty index may fall towards 9905/9870-9820 & 9760- 9715 area in the short term.
BANK NIFTY : - Bank Nifty also made an all time high of 23965 last week and closed at 23938.PNB
up by 6.55%,ICICI Bank by 2.95%, State Bank 4.11%, Axis Bank 1.95% were among the top movers
in the Banking Index last Week. Bank Nifty also made an all time high 24299 last day and closed at
24257 after making a low of 24066. ICICI Bank PSB were among the movers in the Banking Index.
Bank Nifty made new all time high of 24181 Wednesday and closed at 24152. Reserve Bank of India
is expected to push for resolution of bad loans worth around Rs. 8 lakh crore by March 2019, a move
that could bring down the NPAs and improve the financial health of banks, a study by Assocham said.
Bank Nifty made fresh all time high of 24300 Friday and closed at 24257. The Index opened at 24153
and did not made new low. As of Now Bank Nifty has to sustain over 24350 area for further rally
towards 24500-24700 & 24875-25050 area in the near term. On the flip side, sustaining below 24250
area, Bank Nifty may fall towards 24150/24000-23900 & 23700-23500 area in the near term.

Monday 24 July 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY

R2

R1

PP

S1

S2

9980

9894

9808

9636

R1

PP

S1

S2

10022

9886

9750

9478

R2

R1

PP

S1

S2

11044

10194

9769

9344

R2

R1

PP

S1

24289

24238

R1

PP

S1

S2

24506

24120

24734

23962

R1

PP

S1

S2

25071

23802

23189

21264

100 DAYS

200 DAYS

10152
WEEKLY

R2
10294

MONTHLY

8494

BANK NIFTY
DAILY

24442

WEEKLY

24340

R2
25278

MONTHLY

R2
27609

MOVING AVERAGE

21 DAYS

50 DAYS

S2
24136

NIFTY

9762

9617

9390

9061

BANK NIFTY

23754

23310

22499

21267

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

9719

9472

8976

BANK NIFTY

23372

23015

20455

PATTERN FORMATION ( NIFTY )

Detail of Chart - The Nifty closed the week on a bullish note. It has been closing above the 5 day
moving average for last two weeks. In this rally, , we can see that Nifty has consolidated after every 200400 points of rallies. Hence there is possibility of consolidation next week. But, that will happen if market
suddenly goes sideways or price closes below 5 day moving average which presently stand at approx.
9878 or below middle Band of Bollinger Band, which presently stands at approx 9753. Simultaneously
we have to look-out for hourly CCI going below 50, or daily CCI moving below 0 or fast stochastic and
RSI moving back to normal zone from overbought level. We should keep on looking for bearish
candlestick reversal pattern formation in daily chart. On the other hand there is a good possibility that the
market may continue the uptrend and move higher towards psychologically important 10000-10120 level
in Nifty.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -Bank Nifty opened on Monday with a gap up, breaking out from the small consolidation
range. Then Bank Nifty retraced to 23512 which was close to hourly mid Bollinger line and from there
rallied around approx. 200 points. Then again price retraced towards 34 hourly moving average and
bounced again (approx 23520 to 23940). Then again on Friday, Bank Nifty came near to hourly midBollinger line approx 23736 and bounced 180-200 points by day end. So, even Bank Nifty was very much
trending this week and gave multiple opportunities based on hourly support zones. There is a possibility
that Bank Nifty breaks out next week above previous resistance zone. Daily CCI has moved above 100
and daily fast RSI is in overbought zone. If that happens Bank Nifty may move towards approx. 24425
which is 100% projection of last up move from approx. to approx. 23898, projected from recent low
approx. 22996. On the downside 20 dma and 34 dma may act as a support in 23480-23520 zone. Below
that, 50 dma, presently at approx. 23266, may act as a strong

NSE EQUITY DAILY LEVELS
COMPANY NAME

R2

R1

PP

S1

S2

EQ
EQ

1755
392

1739
388

1724
385

1708
381

1693
378

AMBUJACEM
EQ
ASIAN PAINT
EQ
AXISBANK
EQ
BAJAJ-AUTO
EQ
BANKBARODA
EQ
BPCL
EQ
IOC
EQ
BHARTIARTL
EQ
BOSCH LTD
EQ
BHARTI INFRATEL
EQ
CIPLA
EQ
COALINDIA
EQ
DRREDDY
EQ
GAIL
EQ
GRASIM
EQ
HCLTECH
EQ
HDFC
EQ
HDFCBANK
EQ
HEROMOTOCORP
EQ
HINDALCO
EQ
HINDUNILVR
EQ
ICICIBANK
EQ
ITC
EQ
INDUSIND BANK
EQ
INFY
EQ
INDIABULLS HOUSING fINANCE
EQ

272
1166
550
2840
167
475
384
423
24297
420
581
267
2840
383
1081
918
1656
1760
3742
217
1170
308
299
1574
1002
1162
1016
1185
1400
69523
7594
168
167
25
662
1646
518
44
296
581
276
2533
468
84
557
158
1636
567
392
272

270
159
545
2829
165
470
381
417
24128
416
575
265
2794
381
1070
914
1649
1739
3717
216
1165
305
295
1566
998
1153
1004
1181
1392
69273
7576
166
165
25
657
1629
515
44
293
578
276
2521
466
84
555
156
1609
561
388
270

267
1149
542
2816
163
467
379
412
24001
410
568
263
2741
377
1059
910
1640
1717
3699
214
1160
303
292
1558
994
1143
998
1176
1384
69090
7535
164
163
24
652
1607
512
43
292
574
274
2502
464
83
551
154
1593
553
385
267

265
1142
537
2805
161
462
376
406
23832
406
562
261
2695
375
1048
906
1633
1696
3674
213
1155
300
288
1550
990
1134
994
1172
1376
68840
7517
162
161
24
647
1590
509
43
289
571
274
2490
462
83
549
152
1566
547
381
265

262
1132
534
2792
159
459
374
401
23705
400
555
259
2642
371
1037
900
1624
1674
3656
211
1150
298
285
1542
988
1124
899
1167
1368
68657
7476
160
158
23
642
1568
506
42
288
567
272
2471
460
82
545
150
1550
539
378
262

ACC
ADANI PORTS

KOTAKBANK
LT
M&M
MRF
MARUTI SUZUKI
ONGC
NTPC
RCOM
RELCAPITAL
RELIANCE
RELINFRA
RPOWER
SBIN
SUNPHARMA
TATA MOTORSDVR
TCS
TATAMOTORS
TATAPOWER
TATASTEEL
UNIONBANK
YES BANK LIMITED
ZEEL
ADANI PORTS
AMBUJACEM

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

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

WIPRO LIMITED
COAL INDIA
LIMITED
AXIS BANK
LIMITED

266

292

247

263

510

542

TCS

2395

2515

ZEEL

524

548

HCL TECH

868

908

RELIANCE

1551

1622

YES BNK LIMITED 1547

1599

HDFC BANK

1682

172

CIPLA LIMITED

556

570

HINDALCO

209

214

ASIAN PAINTS
TATA MOTORS
LTD

1125

1149

454

463

BHARTI AIRTEL

408

415

IOC

373

379

% CHANGE

+ 9.44 %
+ 6.48 %
+ 6.22 %
+ 5.00 %
+ 4.70 %
+ 4.68 %
+ 4.53 %
+ 3.33 %
+ 2.79 %
+ 2.52 %
+ 2.41 %
+ 2.11 %
+ 2.10 %
+ 1.79 %
+ 1.57 %

TOP 15 LOOSERS
SR.NO

SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

1

ITC LIMITED

325

293

- 9.73 %

2

4347

4199

- 3.42 %

3

ULTRATECH
CEM
NTPC

168

164

- 2.17 %

4

GAIL LIMITED 386

377

- 2.15 %

5

418

410

- 2.07 %

6

BHARTI
INFRATEL
TATA STEEL

559

550

- 1.75 %

7

INDUSIND BANK 1581

1553

- 1.72 %

8

HEROMOTO
CORP
VEDANTA

3764

3701

- 1.68 %

269

265

- 1.50 %

9
10

HDFC LIMITED 1652

1634

- 1.07 %

11

ACC LIMITED

1733

- 0.78 %

12

BHARAT PETRO 467

465

- 0.37 %

13

SBIN

293

292

- 0.32 %

14

TATA POWER

83

82

- 0.18 %

15

BAJAJ AUTO

2821

2819

0.05 %

1747

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS
✍ TOP UPDATES OF THE WEEK India's GDP could rise to about $8 trillion over next 15 years: Arvind Panagariya - India's GDP
could rise to about $ 8 trillion over the next 15 years if the country registers an economic growth of 8
per cent annually and come very close to eliminating abject poverty entirely, NITI Aayog Vice
Chairman Arvind Panagariya has said here. He said with that level of economic growth, living
standards and amenities that are taken for granted in the west will become accessible to a very large
part of the population in India in the coming 15 years. Today, the Indian economy is among the major
economies, the fastest growing economy, it has now left China behind. It grew in real dollars in the last
15 years ending 2016-17 about 9 per cent," Panagariya said. "Once we correct for the exchange rat, in
real dollars India's growth rate in the last 15 years has been about 9 per cent," he said at an interactive
multi-stakeholder panel hosted by India's Permanent Mission to the UN, the NITI Aayog and thinktank Research and Information System for Developing Countries yesterday. He added that if one were
to "make a very conservative assumption that over the coming 15 years, India would grow eight per
cent GDP would rise from 2.3 trillion dollars today to close to about $ 8 trillion," with an average
income of over $ 5,000.
India likely to clock 7.5% growth this fiscal: Arvind Panagariya - India is likely to clock a 7.5 per
cent economic growth in the current fiscal, NITI Aayog Vice Chairman Arvind Panagariya has said,
even as he acknowledged that creation of "good jobs" in the country remains a big challenge. "For the
current fiscal year of 2017-18, I expect that we will be back to at least 7.5 per cent and as you get
towards the last quarter of the year probably we will begin to touch eight per cent. But the average for
the year would be about 7.5 per cent, Panagariya told, who had presented India's 'Voluntary National
Review Report on Implementation of Sustainable Development Goals' at the UN High Level Political
Forum on Sustainable Development 2017 last week, however, said that job creation in the country,
especially at the lower, semi-skilled level, "truly is the biggest challenge, probably bigger than growing
at eight per cent." He said it is unfortunate that India's better performing sectors such as automobile,
auto parts, engineering goods, petroleum refinery, pharmaceuticals and IT enabled services, are not
very employment-intensive. "All these are either very capital intensive or skill labour intensive. There
is a big need for good jobs at the lower, semi-skilled level. There we have got a big challenge," he said.
Indian banks need at least $2.8 bln extra provisioning for bankruptcy cases: India Ratings Indian banks taking 12 of the country's largest defaulters to bankruptcy court under a central bank
directive, will need to make additional provisioning of at least 180 billion rupees, India Ratings and


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