RepleteBell Indian Market update

Daily Market Review

The Indian market frittered away from the promising start and remained in the negative territory throughout the session. The investors remained shy to take new positions in the stock, before the earnings release.

The Nifty started the day at 10,364.90 and lost 0.27% in today’s trading session. After trading in the range of 10,323.95-10,367.70 it ended the day at 10,335.30. The BSE Sensex also observed a subdued performance today, as it opened at 33,254.93 and traded in between 33,164.28 and 33,294.30 to finally settle at 33,213.13 with a loss of 0.16%. Both indices observed a lower trading volume today, compared to yesterday’s trading session.

The broader indices bucked the trend, as the Nifty Midcap and Small cap gains were 0.12% and 0.49%, respectively.

The market breadth, which indicates the overall health of the market was in favour of gainers. On the NSE, 780 stocks advanced, compared with 760 stocks declining and 50 stocks remaining unchanged.

Talking about the sector performance, stocks from Realty, Private Banks, and FMCG continue to show great demand as the sector advanced 2.89%, 0.67%, and 0.20%, respectively. On the flip side, Nifty PSU Bank, Metal, and Auto sector underperformed the benchmark indices by deflating 2.14%, 1.71%, and 0.49%, respectively.

Vedanta’s executive chairman announced about their capital expenditure plans to invest USD 9B in India. The investment will help the company in expanding its hydrocarbons and metals business. This will help the Company in meeting the country’s commodities demand, going forward, and increase its sales revenue.

Escorts announced its Q2 FY 2018 earnings today, the Company reported solid numbers as the standalone net profit grew about 150%, y/y, due to increase in sales.

The Nifty and the Sensex dropped one distribution day today, due to ageing. Thus, the total distribution day count stands at two, for the Nifty, while one for the Sensex. The Indian market remains in Confirmed Uptrend.

*Source-MarketSmith India

Technical summary for 1st November 2017


Nifty is facing some resistance at higher levels. expecting a some range bound activity for some more days.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,710.24 is increasing. The Relative Strength Index is at 66.56 in the neutral territory. The Relative Momentum Index is at 76.66 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 218.21, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 77.38. This value is in the overbought territory.

We have detected an Isolated High at 10,384.50 one bar ago; this is usually a bearish sign that is not to be used alone!


Additional information:-

Tomorrow’s projected High: 10,351.50, the projected Low:10,307.75. The top 21-day Bollinger band is at: 10,514.48 while the bottom 21-day Bollinger band is at: 9,829.50.

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.

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