RepleteBell Indian Equity Market Review

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Indian Equity Market Review 16th november 2017

Indian equity benchmarks snapped three-day losing streak and posted their best single day gains in over two weeks led by Reliance Industries, Infosys and State Bank of India.

The S&P BSE Sensex rose 1.06 percent or 346 points to 33,107 and the NSE Nifty 50 Index advanced 0.96 percent or 97 points to 10,215. The gains were broad-based as the S&P BSE MidCap and S&P BSE SmalCap Indices rose 1 percent each.

All the 19 sector gauges compiled by BSE ended higher led by the S&P BSE Information Technology Index’s 2.16 percent surge.

Stocks Moving On Heavy Volumes

  • Astral Polytechnik: The Ahmedabad-based PVC plumbing systems maker rose as much as 3 percent to record high of Rs 814.95. Trading volume was 27.9 times its 20-day average.
  • Reliance Naval and Engineering: The Mumbai-based warship and submarine maker fell as much as 14.89 percent to Rs 37.15. Trading volume was 11.1 times its 20-day average.
  • Himatsingka Seide: The Bangalore-based textile products maker rose as much as 5 percent to Rs 337. Trading volume was 1.4 times its 20-day average.
  • Radico Khaitan: The Delhi-based liquor maker rose as much as 18.8 percent to record high of Rs 259.70. Trading volume was 7.6 times its 20-day average

IT Shares Gain As Rupee Weakens Against Dollar

Shares of information technology companies were trading higher after rupee weakened to 65.32 per dollar against yesterday’s close of 65.21. The Nifty IT Index was the top sectoral gainer, up 1.5 percent.

Reliance Group Shares Extend Selloff On RCom Debt Overhang

Shares of most of the Reliance Group companies promoted by Anil Dhirubhai Ambani extended selloff as group Reliance Communications’ failed to pay a coupon on its 2020 dollar notes before the expiry of a grace period on Monday, according to a person familiar with the matter.


Reliance Group companies are highly over leveraged and there is not much visibility of how they plan to reduce debt, market expert Mehraboon Irani told BloombergQuint.

  • Reliance Naval dropped as much as 14.86 percent, the most in over a year, to Rs 37.15
  • Reliance Capital fell 4.86 percent to Rs 402.25
  • Reliance Communications fell 4.46 percent to record low of Rs 9.65
  • Reliance Infrastructure rose 1.2 percent to Rs 426.30
  • Reliance Nippon Life AMC declined as much as 6.4 percent to fall below its issue price of Rs 237


Technical summary for 17th November 2017

NIFTY reverse exect 50% retracement level today. Now 10300 is strong resistance close above will lead to more higher levels.

NSENIFTY is long term Bullish as the 144 days moving average of 9,802.56 is increasing. The Relative Strength Index is at 48.99 in the neutral territory. The Relative Momentum Index is at 52.91 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 6.18, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 10.48. This value is in the oversold territory.

We have detected an Isolated Low at 10,094.00 one bar ago ; this is usually a bullish sign that is not to be used alone!

Additional information:-

Tomorrow’s projected High: 10,270.02, the projected Low:10,176.97. The top 21-day Bollinger band is at: 10,445.37 while the bottom 21-day Bollinger band is at: 10,051.17.

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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Avatar of Sachin Sival

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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