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Replete Weekly Market Review( 20th November- 24th November)

India’s benchmark put behind last week losses, to end the week in gain. Market witness subdued volume session as compared to last week. The market opened higher on Monday and held firm in the positive terrain throughout the week. This is the seventh consecutive session where both the benchmark indices closed in the positive territory.

The Nifty started the week at 10,287 and traded in the range of 10,261-10,404.50 to end at 10,389.70, up 1.03% from last week’s close, whereas the Sensex ended the week with a gain of 1.01% to settle at 33,679.24. The index was in the range of 33288.21-33738.53.

Mirroring the benchmark, broader indices also ended in positive territory as the Nifty Midcap posted a weekly gain of 1.72%; whereas the Smallcap indices surged the most with a weekly gain of 2.52%.

Among sectoral indices on the NSE, the Nifty Media gained the most momentum as indices posted a weekly gain of 4.10%. Solid gains from the other sectors include Nifty Energy (+3.23%) and Pharma (+2.21%). On the flip side, only Nifty PSU(-1.51%) and Nifty Metal (-0.05%) ended the week in red.

This week, the Nifty aged its previous distribution day to remain the count to two, whereas no change is observed on the Sensex distribution count of two. As both the indices are comfortably above their 50-DMA and 200-DMA with less number of distribution days, we remain comfortable keeping the Indian Market status at Confirmed Uptrend.

The headline news for today was, President, Ram Nath Kovind, has approved the ordinance to amend the Insolvency and Bankruptcy Code (IBC). This Ordinance will prevent defaulters from bidding for their assets in resolution proceedings and take control. In simple terms, it prevents backdoor entry to the promoter who has defaulted. Willful defaulters, or those who have their accounts classified as NPA’s for one year or more to keep, will be away from the resolution process. If a promoter wants to take part in a resolution process, he can pay and turn non-performing asset into performing asset.


Meanwhile, the Cabinet Committee on Parliamentary affairs recommended that the Winter Session of Parliament will be held from December 15, 2017, to January 5, 2018. The Winter Session will have a total of 14 sittings, over a duration of 22 days. During the session, three bills will be taken up to replace three ordinances namely: The Goods & Services Tax (Compensation to States) Ordinance, 2017 Insolvency & Bankruptcy Code (Amendment) Ordinance, and Indian Forest (Amendment) Ordinance 2017.

The following data release could turn out to be a market mover in the next week:

-GDP Quarterly data for Q2 will be out on November 30, 2017.

  • Nikkei Manufacturing PMI data will be released on December 1, 2017.

Leaders Up on Volume:, Puravankara (+56.64%),Action Construction Equ. (+39.6%), Ajmera Real.& Infra Ida. (+15.64%),

Leaders Down on Volume: National Peroxide (-8.02%), Dewan Housing Finance (-0.88%), Infibeam Incorporation (-2.4%)

*Source- MarketSmith India

Technical Summary by Replete Equities for 27th November – 01st December 2017

Whole week NIFTY traded in a range only. Monthly Expiry is on Thursday so expect some volatile week ahead. On Friday NIFTY break it’s range and closes above 10370. According to Open Interest 10500-10300 is the range for this expiry. Close above 10400 will lead to 10500 and some more higher levels. Nifty is not giving any BUY signal at the current stage so we are not advising any fresh long or short position in NIFTY.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,844.93 is increasing. The Relative Strength Index is at 61.11 in the neutral territory. The Relative Momentum Index is at 63.47 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 113.31, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 100.00. This value is in the overbought territory.

We have detected an Isolated Low at 10,307.30 one bar ago; this is usually a bullish sign that is not to be used alone!

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 10,386.80 while the second resistance level at 10,490.00. The first weekly support level is at 10,137.20 while the second support level is at 9,990.80.

Stocks for your portfolio:-


Ajanta Pharma Limited is a holding company. The Company is a speciality pharmaceutical company engaged in developing, producing and marketing a range of branded and generic formulations. Its business includes branded generics in emerging markets of Asia and Africa, generics in the developed markets of the United States and Institutional sales. The branded generics business is spread in India and over 30 emerging countries across Africa, Commonwealth of Independent States (CIS), the Middle East and South East Asia. The Company serves a range of therapeutic segments, such as anti-biotic, anti-malarial, anti-diabetic, cardiology, gynaecology, orthopaedics, pediatric, respiratory and general health products. Ajanta has six formulations manufacturing facilities located in India and 1 in Mauritius. In addition, the Company also has an API manufacturing facility located in Waluj, India. The Company’s subsidiaries include Ajanta Pharma (Mauritius) Ltd. and Ajanta Pharma USA Inc.

AJANTA PHARMA has posted a good result in Sep quarter, Quality is good and valuation attractive.

On technical front Giving a range breakout, Giving buy signal on Ichimoku Indicator too. close above 1360(Above 144 Moving Average) will lead to 1503,1621 & 1740. you should keep a stop loss of 1250.

AJANTPHARM is long term Bearish as the 144 days moving average of 1,353.97 is decreasing. The Relative Strength Index is at 66.70 in the neutral territory. The Relative Momentum Index is at 77.22 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 72.48, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 79.24. This value is in the overbought territory.

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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Sachin Sival is the founder and CEO of Replete Equities, an options trading company that specializes in delta hedging. A self-taught trader, Sachin has a passion for volatility trading and stock trading. Sachin loves to hone his skills by reading up on new strategies and techniques as well as taking part in industry events. In addition to being a successful entrepreneur, Sachin also takes pleasure in photography - as a hobby.

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