Equity Research Report Ways2Capital 24 July 2018

 

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INDIACEM:
Overall trend of the Stock is bearish for long term . For short-medium term stock is in some consolidation phase. Last week stock started on negative note and traded with sideways movement throughout the week. Stock is forming falling wedge price pattern on daily chart . It can show good positive move in coming weeks if it manages to trade above 105 levels. On intraday chart it has showed a good buying from lower levels.
For this week, traders can adopt buy on lower level strategy in it and above the level of 105 it can test the level of Rs. 112 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 101.80

ADANIPORTS:
Overall trend of the Stock is bullish for long term . For short-medium term stock was in some correction phase . Last week stock started on negative note but from lower levels good buying was seen in it. On daily chart it has gave breakout of its major resistance level of 378 and trading above this levels. It has also gave breakout of its down word trend line. In intraday it showed a good positive move.

For this week, traders can adopt buy on lower level strategy in it and above the level of 381.50 it can test the level of Rs. 396 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 373.40

Nifty:Fundamentals:

After two weeks of rally, the Indian equity markets seem to have taken a breather as indices ended almost unchanged. Benchmarks failed to carry forward the momentum as tumbling rupee, weak global cues and the no confidence motion in the monsoon parliament session dented the sentiment across the street. However, it was the midcap and small cap space that came alive towards the fag end of the week.

Sentiment was also partially hit after index heavyweight like Bajaj Auto and Kotak-Mahindra Bank missed market expectations. While Ultratech Cement and CEAT managed to beat estimates, Bajaj Finance, Bajaj Finserve and Hindustan Unilever announced results which were inline.

On the Economic front USD/INR gain show its strength as it closed on positive note on weekly basis.. Nifty P/E ratio was in the range of 27.17 to 27.36 for the past week.

Technical outlook:

Equity benchmarks Nifty witnessed range bound activity as the Nifty ended the session at 11024.85 , up 4 points on weekly basis. It started the week on positive note but it got stuck in between 10938 to 11073.75 levels from last eight trading sessions and requires a range breakout to commence the next leg of rally. On the weekly charts it registered a Doji Cross kind of formation suggesting indecisiveness and lack of direction throughout the week. The index has to continue to hold above 11000 levels to extend its gains towards 11100 then 11200 levels while on the downside supports are seen at 10938 & 10850 levels. On the option front, maximum Put open interest was seen at 11000 followed by 10800 strike while maximum Call OI was at 11100 followed by 11200 strike.

For this week, traders can adopt buy on lower level strategy in it and above the level of 11074. It can test the level of Rs. 11195 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10974.

: Bank Nifty:
The Nifty Bank index opened on negative note on Monday but it reclaimed the 27000 mark in the next trading session. Nifty Bank index corrected in last couple of trading session to give a closing of range bound week with a marginal loss of 0.23 %. The index in the last 9 sessions has been consolidating in the range of 26689.90 and 27233 levels. We expect the Bank Nifty to form a higher base in the current consolidation, which is likely to act as a launch pad for the next leg of the up move. The index is currently consolidating near the higher band of the last nine weeks consolidation range of 27233-26000. We expect it to witness a breakout above the upper band of the range and head towards 26400 coming weeks.
For this week, traders can adopt buy on lower level strategy in it and above the level of 27100. It can test the level of Rs. 27400 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26900.

Last Week ACC Jul Futures started the week at and made low of 1256.45 during the week. It traded negative for the entire week and closed at 1294.95 with the overall loss of 3.28% on weekly basis. Technically analysis ACC broke the major resistance level of 1300 last week & closed below the same with the negative technical indicators. For this week, we can expect further downside movement in it.
For this week, traders can adopt sell on high level strategy in it and below the level of 1294.95 it can test the level of Rs. 1304 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 1321
Last week IDBI Jul Futures started the week at 57.05 and made high of 60.20 during the week. It witnessed choppy movement for the entire week and closed at 58.25 with the overall gain of 1.31% on weekly basis. Technically IDBI is in consolidation phase and also broke the major downward trend line last week. For this week, we can expect good upside movement in it.

For this week, traders can adopt buy on lower level strategy in it and above the level of 58.35 it can test the level of 62.35 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.57.35

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