RepleteBell Indian Equity Market Review

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Wednesday,22nd November 2017

Indian equity benchmarks rose for the fifth day in a row, posting longest winning streak so far this month. Meanwhile, in today’s session upside was capped as gains in State Bank of India, ITC and HDFC were offset by losses in private sector lenders like ICICI Bank, Axis Bank and Kotak Mahindra Bank.

The S&P BSE Sensex rose 0.25 percent to 33,561.55 and the NSE Nifty 50 Index advanced 0.15 percent to 10,342.30.

Eleven out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Industrial Index’s 0.47 percent gain. On the other hand, the S&P BSE Telecom Index was the top sectoral loser, down 1.15 percent.

Fab Four Stocks Of The Day

  • Teamlease Services: The Bangalore-based professional service company rose as much as 16 percent to Rs 2,190 after T Rowe bought 5 percent stake in the company.
  • Gujarat Pipavav: The Mumba-based shipping port operator rose as much as 11.2 percent to Rs 156.50 after brokerage house Emkay upgraded the stock to ‘buy’ for a target price of Rs 174.
  • Mcleod Russel: The Kolkata-based tea producer stock rose for the fifth day in a row rising as much as 3.87 percent to Rs 200 to fresh 52-week high.
  • Brigade Enterprises: The Bangalore-based real estate developer rose as much as 10 percent, the most in five months, to Rs 317 on the back of heavy volumes. Trading volume was 16.4 times its 20-day average.

Stocks Moving On Heavy Volumes

  • Thyrocare: The Mumbai-based diagnostic lab operator fell as much as 2.2 percent, the most in over a month, to Rs 668. Trading volume was 28.9 times its 20-day average.
  • Timken India: The Bangalore-based fabricated metal and hardware maker rose as much as 3.4 percent, the most since Nov. 21, to Rs 889. Trading volume was 17.2 times its 20-day average.
  • Gujarat Pipavav: The Mumbai-based shipping port operator rose as much as 11.2 percent, the most in three months, to Rs 156.50. Trading volume was 18.1 times its 20-day average.
  • Brigade Enterprises: The Bangalore-based real estate developer rose as much as 3.6 percent, the most since Nov. 17, to Rs 298.80. Trading volume was 10.4 times its 20-day average.

Zee Entertainment Rises As Macquarie Maintains ‘Outperform’

Shares of the entertainment channel rose as much as 3.27 percent to Rs 557.90 after foreign brokerage maintained its ‘outperform’ rating on the stock.

Macquarie says:

  • Growth set to rebound starting the second half of the current financial year.
  • A Large part of Phase 3 digitisation will be monetized in the next two financial years.
  • Expect a turnaround in three key loss-making segments – &TV, Tamil and Music in the next financial year.
  • Over-The-Top (OTT) offering, movie acquisitions and expansion of regional franchise will be key focus areas.
  • Zee5 (OTT) lends an optionality to the business and will be a key monitorable.
  • Expect earnings per share to grow at a compound annual growth rate of 20 percent till March 2020, led by sports sale, rebound in ad growth and ongoing digitisation.

*News Source- Bloomberg

Technical Views By Replete Equities for 23rd November 2017

We saw some range bound activity today. 10310-10360 is the range on the 15MIN chart which needs to break for further move. On Daily, chart momentum is increasing. The overall trend is positive.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,830.16 is increasing. The Relative Strength Index is at 57.78 in the neutral territory. The Relative Momentum Index is at 59.87 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 88.41, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 94.64. This value is in the overbought 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:-

Tomorrow’s projected High: 10,355.50, the projected Low:10,296.35. The top 21-day Bollinger band is at 10,436.21 while the bottom 21-day Bollinger band is at 10,102.83.

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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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