Equity Research Report Ways2Capital 4 Dec 2018

 

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Fundamentals:
Last week our Indian Equity market opened on positive note and remained bullish throughout the week. Nifty recorded positive close for a fifth consecutive day on Friday as index posted more than 3 percent gain for the week ended November 30. Positive November expiry, falling crude oil prices, appreciating rupee, ongoing polling in five states, and positive global cues are some of the factors that helped the market to close positive in each session of the week. On a weekly basis, the rupee gained 1.5 percent (Rs 1.08) against the dollar as it ended at 69.59 on November 30 against November 22, closing of 70.67 against the dollar. India's GDP grew 7.1 percent in July-September, down from 8.2 percent in the previous quarter as high fuel prices, a sliding rupee and relatively weaker rural demand seem to have applied the brakes on the economy. The Nifty IT index has outperformed other sectoral indices with a gain of 5.8 percent during the week. TCS gained the most in terms of market value, followed by Reliance Industries, HDFC Bank and Infosys. The next week promises to be full of action as all eyes will be on the two-day G20 summit, while the monthly auto sale numbers and PMI readings will also keep traders on the edge. In addition, the RBI policy meet, which is scheduled on Dec 6.
Technical outlook:

Nifty:
Last week nifty index started on positive note on Monday and remained positive throughout the week as it touched 10949 levels 1st time since 3rd Oct 2018. Nifty surged 376 points to give closing on positive note on weekly basis with gain of 3.57%. The index continued to hold 10,800 levels for the second consecutive session and maintained positive trend for fifth straight trading day. Nifty has formed Doji kind of pattern on the daily charts and robust bullish candle on the weekly scale. one can remain positively biased and look to buy dips as long as Nifty sustains above levels of 10,780-10,747 whereas negative stance should be maintained if Nifty closes below its 200-day moving average (10,755). In case strength continues beyond 10,950 then upside shall get extended up to 11,090 levels. On the option front, maximum Put OI is seen at 10,200, followed by 10,500 strikes. Maximum Call OI is seen at 11,000 strikes.

For this week, traders can adopt buy on lower level strategy in it and above the level of 10,950. It can test the level of Rs. 11,050 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,890.

Bank Nifty:
The Nifty Bank index started the last week on positive note on Monday and extended its positive run in most of the trading session in the week . The Bank Nifty ended the November F&O expiry on an optimistic note and well above the previous hurdle of 26,400 to give index closing at 26,914 on positive note on weekly basis with gain of 3.50%. Participation was seen in both private and PSU banks with HDFC Bank the major contributor to the gain followed by other heavyweights. Bank Nifty is facing major resistance levels of 27,035 upside while support is placed at 26,400 levels. If It manages to trade above 27,040 levels than it can moves towards 27,300 and 27,600 in coming trading sessions.
For this week, traders can adopt buy on lower level strategy in it and above the level of 27,050. It can test the level of Rs. 27,650 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26,750.

AUROPHARMA NSE CASH:
Overall trend of the Stock is bullish for long term . For short term stock is in consolidation phase. Last week, it started on positive note and traded with sideways movement throughout the week. On daily chart it has formed ascending triangle price pattern and trading above its psychological levels of 800. If it manages to trade above the levels of 818 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 818 it can test the level of Rs. 848 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 799.

TITAN NSE CASH:
Overall trend of the Stock is bearish for long term . For short term stock is in consolidation 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 resistance levels of 934. If it manages to trade above 935 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 935 it can test the level of Rs. 964 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 914.
Last week, KSCL DEC Futures started the week on negative note but till the end of the week, all of its earlier loss were erased and it closed at 520.65 with the overall gain of 5.90% on weekly basis. Technically it's forming Symmetrical Triangle Pattern on the daily chart and volume is also consolidating. For this week, we can expect upside movement in it.
For this week, traders can adopt buying on the pattern breakout strategy in it and above the level of 532 it can test the level of 542 during the week. Trades can make buy position in it by maintaining a Stop Loss of 526

Last week, TECHM DEC Futures started the week on positive note and consolidated for the entire week. It made a high of 711 during the week and closed at 706.60 with the overall gain of 2.75% on weekly basis. Technically it's had given breakout from weekly resistance with the trend line breakout and for this week, we can expect upside movement in it.
For this week, traders can adopt buying on the basis of Consolidation Breakout strategy in it and above the level of 713 it can test the level of 723 during the week. Trades can make buy position in it by maintaining a Stop Loss of 703.

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