Equity Research Report Ways2Capital 15 May 2018

 

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WEEKLY FUTURES: INDUSINDBANK
Overall trend of the Stock is bullish for medium-long term .For last couple of weeks stock was in some consolidation phase on daily charts. Last week stock started on positive note and traded with bullish movement throughout the week. Stock is trading near its major resistance levels of 1909 if it crosses this resistance levels than it can test 1950 & 2000 levels. On daily charts it is sustaining above 21 days EMA and 50days EMA.
For this week, traders can adopt buy on lower level strategy in it and above the level of 1909 it can test the level of Rs. 1950 during the week. Traders can make buy position in it by maintaining a Stop Loss of Rs. 1879.

WEEKLY FUTURES: TATASTEEL
TATASTEEL may future is looking bullish on long term charts. It started the last week on positive note and showed good positive rally on upside. On daily chart it showed a good consolidation and formed double bottom pattern. On intraday chart stock has showed good positive movement. Stock is trading above its 21 and 50 days moving averages. Currently stock is in buy & hold positions.

For this week, traders can adopt buy on lower level strategy in it and above the level of 619 it can test the level of Rs. 632 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 612.

WEEKLY CASH: TATASTEEL
TATASTEEL is looking bullish on long term charts. It started the last week on positive note and showed good positive rally on upside. On daily chart it formed double bottom pattern. On intraday chart stock has showed good positive movement & formed Inverse H&S price pattern. Stock is trading above its 21 and 50 days moving averages. If it gives breakout of its major resistance levels of 615 than further upside move can seen in it.

For this week, traders can adopt buy on lower level strategy in it and above the level of 615 it can test the level of Rs. 634 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 603.

WEEKLY CASH: BIOCON
BIOCON cash is looking bullish on long term charts. In short term stock was is some consolidation phase as it was trading in a rage of 640 to 612. Now Stock has gave breakout of this range and looking positive on daily chart. On intraday chart stock has showed good positive movement. If it gives breakout of its major resistance levels of 645 than further upside move can seen in it.

For this week, traders can adopt buy on lower level strategy in it and above the level of 645 it can test the level of Rs. 663 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 633.

Bank Nifty:
Nifty Bank Fut continued its bullish run in Monday's trading session where index surged more than 200 points from its opening and gave closing on positive note. Index was remained bullish throughout the week backed by one of the major private sector bank which showed good positive numbers, which led index to gave closing on positive note on weekly basis. Going ahead index has crossed its major resistance levels of 26500 on daily chart. If it manages to sustain above this levels than it can head towards 26800 & 27000 levels while on down side 26350 & 26100 will act as a strong support for index.

For this week, traders can adopt buy on lower level strategy in it and above the level of 26565. It can test the level of Rs. 26800 & 27000 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26365.

Nifty:
Fundamentals:
Equity benchmark index Nifty showed good strength in last week backed by major Global markets which performed in tandem. Most of the Global markets were in green on weekly basis. On the Economic front crude oil price remained on upside, USD/INR continues its strong hand as Indian Rupee once again closed on negative note with respect to US Dollar. Nifty P/E ratio was in the range of 26.20 to 26.70 for the past week. FII DII activity was remain contrasting to each other as DII showed buying while FII remain on sell side for whole week. Exit polls of Karnataka elections predicting BJP's win was also the major event in the past week.

Technical outlook:
Nifty future started the last week on positive note on Monday but could not continue its bullish run in next trading session. For next couple of trading sessions it traded with sideways movement but on last trading session it showed a good positive movement which led index to close on positive note on weekly basis. Nifty index managed to give closing above its important support levels of 10800. Going ahead if index manages to sustain above the levels of 10800 than further upside movement can seen in it. Major resistance levels are placed at 11000 while down side support is placed at 10700 levels.

For this week, traders can adopt buy on lower level strategy in it and above the level of 10850. It can test the level of Rs. 11000 & 11150 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10750.
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