Equity Research Report Ways2Capital 7 May 2018

 

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TORNTPOWER
Last week TORNTPOWER May Futures started the week on positive note and after that it witnessed choppy movement for the remaining part of the week. It closed near to the previous week closing with the positive bias. Technically on daily chart, it has given a good trend line breakout coupled with the consolidation and for this week we can expect upside movement in it.
For this week, if TORNTPOWER May Futures breaks the level of 244.00 on the upside, then it can test the level of 251.00 during the week. One can make buy position in it by maintaining a SL 239.90

TITAN
Last week TITAN May Futures started the week on positive note and after that it witnessed downside movement for the remaining part of the week. It made a low of 956.60 during the week and closed at 964.30 with the overall loss of 1.33% on weekly basis. Technical Titan in consolidating on higher levels with the positive RSI & for this week we can expect upside movement in it.

For this week, if TITAN May Futures breaks the level of 985.00 on the upside, then it can test the level of 1005.00 during the week. One can make buy position in it by maintaining a SL 975.00
PFC
Last week, PFC Cash started the week on positive note, but till the end of the week, all of its earlier gains were erased and it closed at 84.20 with the overall loss of 2.43% on weekly basis. Technically it’s consolidating on lower levels with the positive bias coupled with the positive divergence in the RSI and for this week, we can expect positive movement in it.

For this week, if PFC Cash breaks the level of 86.70 on the upside, then it can test the level of 90 during the week. One can make buy position in it by maintaining a SL 84.90

HINDALCO
Last week, HINDALCO Cash witnessed sideways to negative movement for the entire week and closed in negative. Technically it's consolidating near to major resistance level of 239.00 with the positive RSI and also taking support of Moving Averages. For this week, we can expect positive movement in it from the lower levels.

For this week, if HINDALCO Cash breaks the level of 239.20 on the upside, then it can test the level of 247.90 during the week. One can make buy position in it by maintaining a SL 234.20

Bank Nifty
Last week BANK NIFTY May 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 25753.70 during the week and closed at 25701.15 with the overall gain of 1% on weekly basis. We saw almost 8% gain in bank nifty in last 5 week & technically we can expect further upside movement in it if it breaks the major resistance level of 25760.
For this week, if BANK NIFTY May breaks the level of 25760 on the upside, then it can test the level of 26000/ 26100 during the week. One can make buy position in it by maintaining a SL 25598.00

Nifty Fundamentals:
After 5 weeks of continues bullish run, Indian Equity market ended its positive streak as index closed first time on negative note in last one month on weekly basis. Underperformance in most of the major Global market was the key reason for market to close on negative note. Market is also waiting for a big political event Karnataka Assembly Election which is going to take place next 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. Nifty P/E ratio was in the range of 26.57 to 26.24 for the past week.

Technical outlook:
NIFTY May Future started the last week on positive note on Monday but could not continue its bullish run in next trading session as index saw some profit booking from higher levels which led index to close on negative note on weekly basis. Nifty index managed to give closing above its important support levels of 10600. Going ahead if index manages to sustain above the levels of 10650 than further upside movement can seen in it. Major resistance levels are placed at 10780 while down side support is placed at 10600 levels.

For this week, traders can adopt buy on lower level strategy in it and above the level of 10700, it can test the level of Rs. 10850 & 10950 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10598.’
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