Equity Research Report 04 September 2017 Ways2Capital.pdf
TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Indian Benchmark Index Nifty closed in green after consecutive 4 days of negative
close In last week. The Index moved up by 74 points and closed at 9852. Nifty opened at 9803 and made a low
of 9787. Metals & Minnig remained the top performing sector. Indian Benchmark Index Nifty gave a lackluster
movement ahead of 3 days holiday on Ganesh Chaturthi and Weekend. The index closed 9857 after making
low of 9849; Nifty made a high of 9882 and opened at 9881. Indian Benchmark Index Nifty opened at 9886
and closed at 9794 after making low of 9784. The Index ended 117 points lower from its previous close of
9912. The Sell Off pressure was generated on rising geopolitical concern from North Korea. North Korea fired
a missile that flew over Japan, however the execution did not cost any sort of loss to mankind and property.
The 40 companies has been sent to National Company law Tribunal as these companies loans turned to NPA
since 2016. Indian Benchmark Index Nifty rallied for the second day and closed at 9917, 33 points above its
wednesday’s close of 9884. The Index opened at 9906 and made a high 9925. The Index has closed above its
week one high of 9884, immediate target for the Index is at 9948 which is a two week high of Nifty. The Indian
gross domestic product GDP grew 5.7 percent in April-June, badly lower than last years 7.9 percent expansion
in the same quarter where in previous quarters 6.1 percent growth, this signals that India is still under the
pressure of demonetisation and GSTs effect on business. Time & Price action suggests that, The Nifty has to
sustain over 9980 area for further rally towards 10030-10075. On the flip side, sustaining below 9960 area,
Nifty may fall towards 9905-9800- 9750 area in the short term .
BANK NIFTY : - Bank Nifty too gave a lackluster movement and closed at 24274 after making a low of
24225. Canara Bank up by 1.5%, Bank Baroda zoomed by 1.35% and SBI moved up by 1.20%. Bank Nifty
closed at 24317 after making a high of 24350, the Index opened at 24085 and made a low of 24074. PNB Bank
rose 3.33%, Canara Bank jumped 2.60%, IDFC Bank moved up by 2.20%. Bank Nifty opened at 24351 and
closed at 24377 after making a low of 24301. The index was up by 103 points from its previous close of 24274.
Bank Nifty opened at 24253 and closed at 24309 after making a low of 24241. The Index was up by 180 points
from its previous close of 24129. Bank Nifty opened around its 5 High DMA 24355 approx the 31st of August.
The Index traded in a narrow range of 147 points throughout the day and closed marginally above the 5 DMA
of 24281 approx. Public sector banks have taken loan recovery action under Sarfaesi law against 5,954 wilful
defaulters owing about Rs 70,000 crore to the lenders. At the end of March 31, 2017, 21 banks together have
taken action against 5,954 wilful defaulter under Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, as per data collated by the Finance Ministry.Bank Nifty has to sustain
over 24400 area for further rally towards 24525-24575 & 24675- 24775. On the flip side, sustaining below
24350 area, Bank may fall towards 24200-24000 & 23850-23700 area in the near term.
Monday, 4 Sep 2017