RepleteBell Indian Equity Market Review

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Indian Equity Market Review 20th November 2017

Indian equity benchmarks swung between gains and losses all through the day, only to end marginally higher, as investors weighed the government’s fiscal position against the nations sovereign upgrade last week.

The S&P BSE Sensex Index closed little changed at 33,359. While the NSE Nifty 50 index climbed 0.15 percent to 10,298.75.

The market breadth was tilted in favour of the buyers. Sixteen of the 19 sector gauges compiled by the BSE Ltd. advanced led by S&P BSE Realty Index’s 2.2 percent jump.

Stock Moving On Heavy Volumes

Bombay Rayon Fashions

  • Stock rose as much as 20 poercent to Rs 159.60.
  • Trading volume was 23.8 times the 20-day average.

Excel Industries

  • Stock rose as much as 17.2 percent to Rs 627.
  • Trading volume was 15.1 times its 20-day average.

Sterling Tools

  • Stock rose as much as 20 percent to Rs 380.60.
  • Trading volume was 11.1 times its 20-day average.

Jai Corp

  • Stock rose as much as 20 percent to Rs 142.10.
  • Trading volume was seven times its 20-day average.

Minda Corp

  • Stock rose as much as 14.7 percent to Rs 210.80.
  • Trading volume was 6.3 times its 20-day average.

Tesla’s Electric Truck A Threat To Bharat Forge?

It’s not just truckmakers and oil producers that Elon Musk’s electric truck Semi threatens to steamroll. Tesla Inc. could shake up the auto components industry, and the ripples may hit India’s Bharat Forge Ltd.

Here’s why Morgan Stanley think it is

Cement Stocks Fall On Concern Pet Coke Ban May Be Extended

Cement companies tumble after Supreme Court on Friday suggested states in addition to Haryana, Rajasthan and Uttar Pradesh should also consider ban on pet coke, furnace oil.

Companies from northern part of India, including Shree Cement, will appeal against court ban, BloombergQuint reported, quoting company managing director H M Bangur.

Stock Check

  • JK Lakshmi Cement -4.1%
  • Shree Cement -4%
  • JK Cements -4.3%,
  • India Cements -2.9%
  • Ambuja Cements -2.2%
  • Mangalam Cement -1.2%
  • Ramco Cements -3.2%
  • UltraTech Cement -1.8%

Money Market Update

Sovereign bonds advanced the most in six months Monday after the Reserve Bank of India on Friday scraped its decision to sell up to Rs 10,000 crore ($1.5 billion) of bonds on Nov. 23.

The yield on the benchmark 10-year bond fell as much as 14 basis points. Yields slid as much as 13 basis points in reaction to Moody’s move, but the euphoria fizzled out as concerns over rising inflation and fiscal discipline — reasons that have put bonds on course for a fourth monthly loss — resurfaced.


Technical Summary For 21st November 2017

Nifty is looking range bound on hourly and daily. Close above 10320 will only lead to further upside. long term tend is UP. According to open Interest data. 10200-10500 is the range for this expiry. we saw some huge Open Interest buildup on 10300 CE on the other hand long Unwinding in 10200PE so more chances to go higher. but we suggest once nifty close above 10320 than only we should initiate our long trades.

NSENIFTY is long term Bullish as the 144 days moving average of 9,815.95 is increasing. The Relative Strength Index is at 54.84 in the neutral territory. The Relative Momentum Index is at 53.53 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 44.10, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 49.29. This value is in the neutral territory.

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.

Additional information:-not directly related to Elliott’s methodology

Tomorrow’s projected High: 10,328.47, the projected Low:10,280.13. The top 21-day Bollinger band is at: 10,436.93 while the bottom 21-day Bollinger band is at: 10,074.63.

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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