Replete Weekly

Weekly Update for 2nd October- 6th October

On Monday, the benchmark indices started the week on a bearish note, because the Nifty closed below the 9,900 mark. On Tuesday indices started consolidating because it ended flat on a negative bias. However, after posting heavy losses once more on Wednesday, the benchmark indices reversed their trend as both the nifty and also the Sensex settled with gains on Thursday’s trading session. Friday , the market indices tried extending their previous day’s gains, however throughout the last hour, indices slumped justifying the weak international cues arising because of geopolitical tensions.

The nifty started the week at 9,960.10 and traded within the range of 9,687.55-9,960.50. The index closed for the week at 9,788.60, down 1.76%. After opening at 31,986.40, the Sensex lost 2% in the week to settle at 31,283.72. The index traded within the range of 31,081.83-32,016.52.

This week, the nifty and also the Sensex both dropped, down 3.83% and 4.29%, respectively, from their all-time highs. Broader indices also sold off this week, because the nifty Midcap and also the Smallcap indices lost 1.55% and 1.60%, respectively.

On the sectoral front, barring nifty Metal that gained 1.68%, all the sectors observed heavy distribution in the week. The top three nonperformers were nifty PSU Bank, Pharma, and FMCG losing 3.51%, 3.09%, and 2.93% respectively.

Government reallocates 92,000 tons of raw sugar import quota to southern India. It allowed AN import of 3,00,000 tons raw sugar at a concessional rate of 25th import duty to boost the supply in southern India.

RBI increases the limits for investments by foreign investors in central government securities by INR 8,000 crore and the limit in state development loans has been increased by INR 6,200 crore.

In stock news, Shares of Bajaj Finance, Hindustan petroleum, and UPL gained 2-4% intraday as they find their way into the nifty Index today. Meanwhile, the shares of Bank Of Baroda, Acc, Tata Power and Tata Motors have been taken off from the Nifty index.

Zydus Cadila healthcare has received approval from the USFDA to market its anti-bacteria drug in strengths of 50 mg, 75 mg, and 150 mg. The drug is composed of doxycycline tablets, that is used for the treatment of various types of bacterial infections like acne and eye infection.

Acme solar files IPO application with SEBI to raise INR 2,200 crore. The company plans to use the issue proceeds to pay debt and finance its 200 MW solar power project in Rajasthan.

Next week the market will remain closed on Monday on account of Gandhi Jayanti. This might be the only real reason for the late selloff, that we observed in last trading session.

The rbi interest rate policy meeting on October 4 might serve as market movers in the coming week.

Technical Summary for coming week

NSE NIFTY

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,569.21 is increasing. The Relative Strength Index is at 39.40 in the neutral territory. The Relative Momentum Index is at 38.49 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -99.66, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 8.91. This value is in the oversold territory.

BANKNIFTY

BANKNIFTY is long-term Bullish as the 144 days moving average of 23,141.92 is increasing. The Relative Strength Index is at 41.18 in the neutral territory. The Relative Momentum Index is at 38.78 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -239.42, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 14.27. This value is in the oversold territory

Stock to be consider for your portfolio:-

NIITTECH

NIITTECH is long-term Bullish as the 144 days moving average of 500.24 is increasing. The Relative Strength Index is at 61.52 in the neutral territory. The Relative Momentum Index is at 64.21 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 22.70, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 62.52. This value is in the neutral territory.

SHREECEM

SHREECEM is long term Bullish as the 144 days moving average of 17,606.59 is increasing. The Relative Strength Index is at 58.23 in the neutral territory. The Relative Momentum Index is at 49.19 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 180.27, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 63.32. This value is in the neutral territory.

We have detected a Gann Swing or Pullback that is usually a bullish pattern! It should be used with other indicators.

*For Targets & Stoploss or to work on proper levels just open a Trading account with us.

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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