Equity Research Report Ways2Capital 30 April 2018

 

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ADVENZYMES
Last week, ADVENZYMES started the week on positive note and continued the same for the entire week. It made a high of 261.00 during the week and closed at 254.60 with the overall gain of 13.50% on weekly basis. Although it's in overall bearish trend but for short term, we can expect good upside movement in it because of the formation of technical reversal pattern on lower levels. Stock is also trading above its 21, 50 & 100 days moving averages.

For this week, if it breaks the level of 262.00, then it can test the level of 272.00 during the week. One can make buy position in it by maintaining a SL 257.00
IPCALAB:
IPCALAB is in overall bullish trend and from last couple of weeks, consolidating on higher levels. Last week, it started the week on positive note and traded with bullish sentiments throughout the week. Stock is trading near its major resistance levels of 740 with the good consolidation and also trading above its 21, 50 & 100 days moving averages. On daily chart, stock is forming triangle pattern and for this week, we can expect upside movement in it.

For this week, if it breaks the level of 742.00, then it can test the level of 784.00 during the week. One can make buy position in it by maintaining a SL 722.00

Bank Nifty:
Bank Nifty May Futures continued its correction phase in the 1st half of the last and index observed a fall of more than 350 points from its high. However it managed to recover from its lower level in 2nd half of the week and closed on positive note. Going ahead, index has formed Cup & Handle price pattern on daily chart and if it manages to cross its major resistance levels of 25450 than we can expect good upside movement in it.
For this week, if it breaks the level of 25450, then it can test the level of 25700/ 25800 during the week on the upside. One can make buy position in it by maintaining a SL 25290.

Nifty: (Fundamental)
Last week was very encouraging for Indian benchmark index, as after reaching the strong resistance levels of 10600-10650 there was a lot of uncertainty was seen in investors and trades about the clear direction. But Nifty Index showed a lot of positivity despite some week global cues and underperformance in some of the major international index. FII DII activity remains contrast to each other for whole week. Nifty P/E ratio was in the range of 26.57 to 26.24 for the past week.

On the Economic front USD/INR continues its strong hand as Indian Rupee once again closed on negative note with respect to US Dollar. Some of the private sector bank heavyweights showed good numbers in their quarterly results. Crude oil price were remain on higher side. For this week on Macroeconomic front; important economic data like Federal Fiscal Deficit, Infrastructure Output, Nikkei Markit Manufacturing PMI will provide further direction to the market

Nifty (Technical outlook):
Nifty future started the last week on a sideways note but ended the Monday trading session with some volatility ahead of April series future & options expiry. Index did noting in remaining part of the week except Friday's trading session where it opened on a gap up note and showed some good positive movement throughout the day which led index to close on positive note on weekly basis. Nifty managed to crosses its major resistance levels of 10650 and tested 10700 levels in past week. Going ahead if index manages to sustain above the levels of 10750 than it is heading towards 10800 & 10900 levels where the major resistance are placed while downside 10500 will act as a major support levels.

For this week, traders can adopt buy on lower level strategy in it and above the level of 10750. It can test the level of Rs. 10900 & 11000 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 10630
Last week, ICICIBANK started the week on negative note but till the end of the week, all of its earlier losses were erased and it closed in positive on weekly basis. Although ICICIBANK is in overall bearish trend but for short term, we can expect good upside movement in it because of the formation of technical reversal candle pattern on lower levels coupled with the trend line breakout.

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