Equity Research Report Ways2Capital 16 Apr 2019
Added: (Tue Apr 16 2019)
Pressbox (Press Release) -
FUNDAMENTAL
Last week our Indian Equity market opened on negative note on Monday but after some consolidation it again and continuing its previous week's momentum. It remained bullish till Friday and give closing at 11703.last week nifty moves in volatile trend at election takes place. Volatiity index of nifty close at 21.02 after gaining of almost 10% which also suggest volatility in nifty index. Apart from global cues, nifty heavy weight gives a positive movement like IT and Metals.
Due to rise in crude oil prices in global market and indian market oil marketing companies feel pressure and drag down 2-3 % over last week .apart from this due to positive movement in global market nifty can also moves towards it life time high. Gain in rupees as compare to us dollor also suggest positiveness in indian market
As a caution due to up coming election in india can increase volatility in nifty.
Technical Outlook
Last week nifty index started on negative note but after some consolidation it again gain it long term trend that is positive trend and give closing above 11700.
Last week nifty moves in in the range of 11550 to 11700 and give closing above 11700 which indicate 11550 is major support for nifty and 11700 is major resistance for nifty and nifty able to give closing above 11700 we can expect further upside movement in nifty till the level of 12000
For next week traders can make long position in any dip in the market above the level of 11720 for the TGT of 11850 with the SL of 11590.
BANK NIFTY ANALYSIS:
Technical outlook:
The Nifty Bank index started the last week on negative note and after some consolidation it continued its bullish run for next three trading sessions of the week and index hits weekly high of 30435 on Wednesday's trading session. In Friday's trading session Bank Nifty able to hold above 30000 and give closing above 30,000
Which is crucial resistance for nifty bank.,last week bank nifty moves in the range of 29772-30064 which indicates bank nifty moves in consolidation phase.
If bank nifty sustained above the level of 30000 it can go further in upcoming trading session
For next week traders can make long positions above the level of 30200 with the TGT of 31000 with SK of 29990
WEEKLY FUTURES: BUY HDFC BANK FUTURES ABOVE 2290 TGT 2350, SL 2260
Last week HDFC bank Futures open at negative note moves in negative note till the end of Tuesday trading session. But after making a low of 2250 it indicate reversal movement and firmed bullish harami pattern and continue in bullish trend till the end of Friday trading session 2300 is crucial resistance for it if it can go upward this level and sustain on this level it can touch it previous high of 2340 we can expect upside movement in it above the level of 2300
For next week traders can make long position in it above the level of 2290-2300 with the tgt of 2350 with sl of 2260
WEEKLY FUTURES: BUY KSCL FUTS ABOVE 498 TGT 508,518 SL 492
Last week KSCL futures open in negative note and it can remain in negative trend till the end of Tuesday trading session. After that it indicate reversal from there and find its original trend which is positive trend and remain in this trend till end of Friday trading session we can expect further upside movement
In it .
For next week traders can adopt buy on dip strategy on it from the level of 498 with TGT of 508 with SL of 492.
WEEKLY CASH: BUY ADANIPOWER CASH ABOVE 53.60 TGT 55.60 SL 51.50
Last week ADANIPOWER cash opened at negative note and moves in consolidation phase after making bullish engulfing pattern on daily chart it gain positive trend and moves in this direction till the end of Friday session. We can expect further upside movement in it
For next week traders can adopt buy on dip strategy in it above the level of 53.60 with the TGT of 55.60 with SL of 51.50
WEEKLY CASH: BUY IDFC LTD CASH ABOVE 47.30 TGT 48.30,49.30 SL 46.30
Last week IDFC LTD open in negative note and moves in very tight range of 45.50 to 47.70 which shows consolidation in it on the other hand on weekly chart of it it give major trade line breakout and sustain above this trend line we can expect above this trend line it can give sharp movement in upward direction.
For next week traders can adopt buy on dip strategy in it above the level of 47.30 with the TGT of 49.30 with SL of 46.30
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