Equity Research Report Ways2Capital 27 Nov 2018

 

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Last week, MARUTI Nov Futures started the week on positive note and after that it witnessed sideways movement for the remaining part of the week. It made a high of 7475 during the week and closed above the psychological level of 7400 with the marginal gain of almost 1% on weekly basis. Technical it's consolidating above the major psychological resistance level of 7400 with the RSI trading near to 50 and for this week, we can expect upside movement in it.

For this week, traders can adopt buying from consolidation breakout strategy in it and above the level of 7530 it can test the level of 7630 during the week. Trades can make buy position in it by maintaining a Stop Loss of 7470.

Last week, CESC Nov Futures started the week on negative note and after that it witnessed sideways movement for the remaining part of the week. It made a low of 679.05 during the week and closed near to previous week's closing at 686. Technical it's consolidating in the range of 708 – 670 from last one month and for this week, we can expect major consolidation breakout in it.

For this week, traders can adopt sell from consolidation breakout strategy in it and below the level of 675 it can test the level of 645 during the week. Trades can make sell position in it by maintaining a Stop Loss of 695
( ASIANPAINTS NSE CASH:
Overall trend of the Stock is bullish for long term . For short term stock is correction phase. Last week, it started on negative note and traded with sideways movement throughout the week. On daily chart it has formed a flag pattern on higher levels and trading above its major resistance levels of 1330. If it manages to trade above the levels of 1355 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 1355 it can test the level of Rs. 1395 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1329.

IRB NSE CASH:
Overall trend of the Stock is bearish for long term . For short-medium term stock is in recovery phase . Last week stock started on positive note and showed good buying from lower levels throughout the week. On daily chart it has gave breakout of its major trend line. If it manages to trade above 147 levels than further upside move can be seen in it. 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 147 it can test the level of Rs. 154 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 143.

Fundamentals:
Last week our Indian Equity market opened on a gap up note but Nifty failed to hold on to its important resistance levels of 10700 and saw a sharp correction in the last 3 trading session that dragged the index below 10,550. The Nifty index closed at the week's low level of 10,511 down by almost 1.46 %. Broad-based selling was seen in cement, pharma, technology and metal stocks that kept indices under pressure. Selective buying interest was seen in auto and banking sector but in Thursday's trade, ahead of Bank Nifty weekly expiry, profit booking was seen in banking share . With the election season kicking off with a poll in Chhattisgarh, politics will take center stage for Indian Equity markets for a couple of weeks, investors will be keenly watching these elections as they can provide a clue to the mood of the country for upcoming general elections. Polls in Chhattisgarh is already over. Polling in Madhya Pradesh and Mizoram will be held on November 28, while Rajasthan and Telangana will vote on December 7. On global Economic front The rupee closed at 70.69 to the dollar, the highest level since August 29, 2018, The Indian currency gained 219 paise or 3 percent against the US dollar in seven trading sessions as the US dollar weakened against some currencies overseas. Brent crude futures, the international benchmark for oil prices, fell over a percent to trade around $62.77 a barrel amid global growth concerns and rising US crude inventories, at the time of writing this article. Oil prices corrected 27 percent from October 3rd closing of 86.29 a barrel, the highest level since November 2014.

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