Equity Research Report Ways2Capital 22 jan 2019
Added: (Tue Jan 22 2019)
Pressbox (Press Release) -
Fundamental Outlook After a somber note opening , Indian Equity market managed to push the index back above crucial resistance levels in last week. The Nifty which opened at 10,807 rose to a weekly high of 10,930. The Nifty hit weekly low of 10692.35 before closing the week at 10,906. On weekly basis, Nifty rose by about 1 percent. The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices. This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise. Brent crude, the global benchmark, was trading at USD 61.90 per barrel, higher by 1.18 per cent.On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.
Technical Outlook The Nifty which started on a negative note on Monday managed to push the index back above its crucial resistance levels in the week gone by, which was largely positive for the bulls. The Nifty reclaimed its crucial resistance level of 10,900 and closed the week with gains of 1.04 percent. The index formed a ‘Small Bearish’ candle on intraday basis on daily charts as the closing level was lower than the opening level while on the weekly charts, the index formed a bullish candle for the second consecutive week in a row.
Nifty Analysis The index is currently forming a consolidation pattern and is likely to witness a range breakout soon. The current trading range has been 10,950-10,550 levels. It has formed a higher base which is structurally positive. The Nifty has formed multiple bullish reversal candlestick at the support zone which has kept the bulls interested. A decisive move above 10,950 would be a bullish sign and will take the index higher towards 11,150-11,300 levels. On the options front, maximum Put OI is placed at 10700 followed by 10500 strikes while maximum Call OI is at 11000 followed by 10900 strikes
Technical Outlook The Nifty Bank index started the last week on negative note on Monday but it recovered all its previous day's in loss in next trading session and showed some consolidation near its major resistance levels throughout the week. Bank Nifty witnessed some profit booking as it has declined from its recent highs and likely to see some consolidation in the near term. It has formed an Inside Bar candle on daily scale and Doji candle on weekly scale which suggests some indecisiveness in the index. Price patterns indicate strong support levels around the 27,300-27,050 levels on the downside which likely to provide a support in case of a decline. Now till it holds above 27,500 levels it can extend its move towards 27,750 then 27,950 levels.
LUPIN CASH( Call of the Week )
Technical Outlook Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week, it started on negative and showed good buying from lower levels throughout the week. On daily chart stock has gave breakout of its major trend line upside. In intraday stock has showed god buying. If it manages to sustain above the levels of 880 than further upside move can be seen in it.
DRREDDY CASH ( Call of the Week )
Technical Outlook Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week stock started on negative note and showed good consolidation near its major resistance levels throughout the week. On daily chart stock has gave breakout of its major resistance levels. If it manages to trade above 2645 levels than further upside move can be seen in it. In intraday it showed a good positive move.
GODREJCP FUTURES( Call of the Week )
Technical Outlook Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week, it started on negative and showed good consolidation throughout the week. On daily chart stock has gave breakout of its major resistance levels of 790. In Intraday chart it has formed flag price pattern and If it manages to sustain above the levels of 805 than further upside move can be seen in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 805 it can test the level of Rs. 825 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 795.
NIITECH FUTURES ( Call of the Week )
Technical Outlook Overall trend of the Stock is bullish for long and short term. Last week, it started on positive and showed good buying throughout the week and closed the last week at 1225.75 with overall gain of 4.96%. On daily chart stock has gave breakout of its major resistance levels of 1240 and trading above this levels. If it manages to sustain above the levels of 1260 than further upside move can be seen in it
For this week, traders can adopt buy on lower level strategy in it and above the level of 1274 it can test the level of Rs. 1294 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1262.
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