RepleteBell Equity Market Update

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Equity Market update 01 November 2017

Indian equity benchmarks extended their record-breaking run for the second day after a report by World Bank showed that India made it easier to do business while better-than-expected corporate earnings also boosted the investor sentiment.

Gains in today’s session were led by Bharti Airtel, which rose most in over seven years and banking stocks like ICICI Bank and State Bank of India.

The S&P BSE Sensex rose 1.17 percent to 33,600 and the NSE Nifty 50 Index advanced 1 percent to 10,440.

Thirteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index’s 3.9 percent surge. It was followed by the S&P BSE Bankex Index which rose 2 percent. On the flipside, the S&P BSE Consumer Durables Index was the top sectoral loser, down 0.6 percent.

India Manufacturing PMI Slips In October

The Nikkei India Manufacturing Purchasing Managers’ Index, or PMI, eased in October, pointing to a stagnation of activity in the manufacturing sector.


The composite indicator of manufacturing performance stood at 50.3 in October, down from 51.2 in September.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

“Disappointingly, manufacturing production rose at the weakest pace in the current sequence of growth,” said Aashna Dodhia, Economist at IHS Markit, which compiles the survey. “Inflows of new orders stagnated as the negative effects arising from the implementation of GST (goods and services tax) continued to dampen demand levels. Furthermore, overseas demand for Indian goods dipped to the greatest extent since September 2013,” Dodhia said.


Fertiliser Shares Gain As Cabinet Okays Subsidy Payment To Companies

Shares of fertiliser manufacturers rose after the Union Cabinet approved payment of outstanding subsidy payment of Rs 10,000 crore to fertilizer companies for the financial year 2016-17.

  • Rashtriya Chemical and Fertiliser up 5.3 percent
  • Zuari Agro Chemicals up 3.2 percent
  • Fertilisers and Chemicals Travancore up 3.7 percent
  • Southern Petrochemicals up 3.8 percent

IIFL Holdings Rises Most In Over Four Months On Fund Infusion In Broking Arm

Shares of the Mumbai-based financial services company rose as much as 10.45 percent to Rs 676 after its board decided to infuse Rs 150 crore by way of additional equity capital into India Infoline Limited, the broking subsidiary of the company to meet its business requirements, the company said in a stock exchange filing.


*Source: Bloomberg

Technical Summary for 02 November 2017

Nifty made a new high today, achieved our weekly target of 10417.97 (shared in Replete Weekly). We advise some profit booking here. or you can hold with revise stop loss of 10300.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,720.32 is increasing. The Relative Strength Index is at 71.57 in the overbought territory. The Relative Momentum Index is at 77.90 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 239.44, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 85.65. This value is in the overbought territory.

We have detected an Isolated Low at 10,323.95 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 10,417.97 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:-

Tomorrow’s projected High: 10,480.38, the projected Low:10,411.78. The top 21-day Bollinger band is at 10,530.45 while the bottom 21-day Bollinger band is at 9,862.35.

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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