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RepleteBell Indian Market Review

Indian Equity Market Review for Thursday, 30th November 2017

Indian equity benchmarks staged biggest single-day fall in over two months led by losses in Reliance Industries, ICICI Bank, Kotak Mahindra Bank and HDFC twins

The S&P BSE Sensex fell 1.53 percent or 453 points to 33,149 and the NSE Nifty 50 Index slumped 1.3 percent or 135 points to 10,226.55. In November, Nifty declined over 1 percent and Sensex fell 0.19 percent.

All sector gauges compiled by BSE ended lower led by the S&P BSE Bankex Index’s 1.88 percent drop.

India’s GDP: The Indian economy bounced back after five straight quarters of decline in growth, suggesting that the impact of twin shocks – demonetisation and the Goods and Services Tax – has started to fade, albeit slowly.

The economy grew at 6.1 percent in gross value added (GVA) terms in the second quarter ended September, data released by the Ministry of Statistics and Programme Implementation showed. Growth picked up from a three-year low of 5.6 percent in the first quarter, but remained lower than the 6.8 percent a year ago.

The number was largely in line with estimates. A Bloomberg poll of 46 economists had pegged GVA growth at 6.2 percent. GVA has become a preferred measure of economic growth as it strips out the impact of indirect taxes and subsidies.

Gross domestic product (GDP) growth, the more commonly used measure, stood at 6.3 percent compared to 5.7 percent in the first quarter of the financial year.

Among key sectors, growth picked up in manufacturing and mining but slowed in agriculture.

  • The agriculture sector grew at 1.7 percent in Q2 compared to 2.3 percent in Q1
  • The manufacturing sector grew at 7 percent compared to 1.2 percent
  • The construction sector grew at 2.6 percent compared to 2 percent
  • The financial services sector grew at 5.7 percent compared to 6.4 percent
  • The government spending linked public administration segment grew at 6 percent in Q2 compared to 9.5 percent in Q1

Fab Four Stocks Of The Day

Safari Industries: The Mumbai-based bag maker was locked in 20 percent upper circuit at a record high of Rs 573.65 after it reported strong September quarter earnings.

Revenues up 19% at Rs 88 crore versus Rs 74 crore

Net profit up 268% at Rs 3.5 crore versus Rs 0.95 crore

EBITDA up 98 % at Rs 8.3 crore versus Rs 4.2 crore

Margins at 9.4% versus 5.7%

HealthCare Global Enterprise: The Bangalore-based medical and surgical services provider rose as much as 5.8 percent to Rs 299.25 after Goldman Sachs upgraded the stock to ‘buy’ and hiked target price to Rs 355.

IL&FS Transportation: The Mumbai-based highway operator rose over 8 percent to Rs 85.40 after the company said that its subsidiary won a claim of Rs 547 crore in a dispute with NHAI

Seya Industries: The Mumbai-based chemical maker was locked in 20 percent upper circuit at a record high of Rs 762.60 on the report that the company’s management will meet SBI MF, Goldman Sachs AMC, Motilal Oswal AMC, Ashish Kacholia and others today.

*News Source- Bloomberg

Technical summary by Replete equities for 1st December 2017

Indian Equity

We saw a sharp downfall in Nifty due to increasing in Fiscal deficit numbers. The Nifty started the day lower at 10,332.70, traded in the range of 10,211.25-10,332.70. and lost 1.30% to end at 10,226.55. you can see 10180-10100 is strong support zone for now. Close below this level will only open the new gate for the bull. On HOURLY chart RSI is in an Oversold zone. so expecting some bounce back from here. But there is no clear indication for fresh entry at current levels so we suggest wait and watch until market will not give you a good reason to entre.

Stay tunes for an update regarding Fresh entry.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,871.61 is increasing. The Relative Strength Index is at 44.99 in the neutral territory. The Relative Momentum Index is at 62.42 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 54.68, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 50.81. This value is in the neutral territory.

Additional information:-

Tomorrow’s projected High: 10,279.63, the projected Low:10,158.17. The top 21-day Bollinger band is at 10,472.29 while the bottom 21-day Bollinger band is at 10,130.87.

DISCLAIMER: – we are not a SEBI research analyst. Views posted here only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline to interpreting specified analysis methods.  This information should only be used by investors and traders who are aware of the risk inherent in securities trading.

About Sachin Siwal

Sachin is NSE Certified & AMFI Registered Financial Advisor. Having an experience of more than 8 years in Indian Share Market. A well-known face on Social Media, Technical Analyst, A option writer, Educator, Strategy Builder and a keen follower of Indian Share Market.

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