RepleteBell Weekly

Weekly Market Review 23th October – 27th October 2017

Key Indices started the week on a strong note and remained bullish, for most of the days, in the week. Markets touched fresh highs, for most of the days, in the week. The week observed the Nifty closing above 10,300 mark, while the Sensex also crossed the 33k mark on a closing basis.

The Nifty started the week at 10,176.65 and traded in the range of 10,124.50-10,366.15. The index closed for the week at 10,323.05, up 1.74% from last week’s close. After opening at 32,411.86 the Sensex gained 2.36% this week to settle at 33,157.22. The index traded in the range of 32,312.74-33,286.51.

This week the Nifty lost one distribution day; thus, taking the distribution day count to 3 in the Nifty, while the distribution day count remains 4 on the Sensex and the Indian Market remains in confirmed uptrend.

Broader indices also extended their gains this week, as the Nifty Midcap and the Smallcap indices advanced 2.93 % and 3.77%, respectively.

In the Sectoral chart, Nifty PSU Bank, Media, and Metal were the top-most gainers for the week with gains of 28.96%, 6.57%, and 2.38%, respectively. The only two losers, for the week, were Nifty PVT Bank and IT with loses of 0.62% and 0.44%, respectively.

On Tuesday, the government announced the bank recapitalizationplan to help the banks to overcome their bad loans problem. This news led the Nifty PSU bank indices to gain almost 30% in three trading sessions.

Next week, on Wednesday and Friday, the Nikkei Market Manufacturing Purchasing Managers Index (PMI) and Nikkei Services PMI are expected to release data, respectively. This could turn out to be a market mover in the next week.

Leaders Up on Volume: National Peroxide (+15%),Ajmera Real.& Infra Ida. (+12%), Gail (India) (+8.74%),

Leaders Down on Volume: Leel Electricals Ltd (-4.52%), Balkrishna Industries (-2.95%), Federal Bank (-3.34%)

Approach for the coming week

The market made healthy gains during the week. The week gone has been a good one, for the investors in the recent time, as the market status is back to Confirmed Uptrend.

*source-MarketSmith India

Technical Summary for 30th October – 3 November


NSENIFTY is long term Bullish as the 144 days moving average of 8,585.55 is increasing. The Relative Strength Index is at 68.52 in the neutral territory. The Relative Momentum Index is at 85.81 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 534.47, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 83.07. This value is in the overbought territory.

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

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 10,417.97 while the second resistance level at 10,512.88. The first weekly support level is at 10,176.32 while the second support level is at 10,029.58.

Additional information:-

Weekly’s projected High: 10,465.43, the projected Low:10,223.78. The top 21-day Bollinger band is at: 10,277.87 while the bottom 21-day Bollinger band is at: 9,444.83.

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

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