RepleteBell Indian Equity Market Update

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Indian Equity Market Update 07nd November 2017

Indian equity benchmarks fell most in over a month dragged by losses in pharma and energy shares.

The S&P BSE Sensex fell 1.07 percent to 33,370.76 and the NSE Nifty 50 Index declined 0.97 percent to 10,350.

Seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Healthcare Index’s 3.5 percent drop. On the other hand, the S&P BSE Information Technology Index was the top sectoral gainer, up 2 percent tracking fall in the Indian rupee against the U.S. dollar.

Rupee Falls Most In Over One Month Against U.S. Dollar

The Indian rupee fell as much as 0.52 percent, the most in over a month, to 65.01 against the U.S. dollar.

Lupin Falls Most In 19 Months On Warning Letters From U.S. FDA

Shares of the Mumbai-based drugmaker fell as much as 13 percent, the most in over seven months, to Rs 900 after U.S. FDA issued a combined warning letter for its Goa and Indore-Unit II plants.


Combined warning letters for the company means that future drug approvals for will not happen from these plants.

Biocon Gains On Resubmitting Biosimilars With EMA

Shares of the Bangalore-based bio-pharmaceutical company rose as much as 2.2 percent to Rs 421.05 after its partner Mylan resubmitted two biosimilars Trastuzumab and Pegfilgrastim with the European regulator, EMA, the company said in an exchange notification.

Just Dial Falls Most In Two Months As Profit Declines In Q2

Shares of the Mumbai-based local search engine fell as much as 8.47 percent, the most in over two months, to Rs 437.85 after its net profit declined in July-September quarter.

  • Revenue up 2.4 percent at Rs 194.5 crore.
  • Net profit down 1.8 percent at Rs 37.5 crore.
  • EBIT up 19.7 percent at Rs 39.5 crore.
  • Margin at 20.3 percent versus 17.4 percent.

*Source- Bloomberg

Technical summary for 08th November 2017

NSE NIFTY is taking some resistance at higher levels. According to Elliot wave. Wave 3 complete, the projected target for wave 4 is 10336 and Wave 5 is 10569. but close below 10336 will lead to more downside due to panic selling. so hold your longs with a tight stop loss of 10330.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,758.08 is increasing. The Relative Strength Index is at 60.13 in the neutral territory. The Relative Momentum Index is at 80.41 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 215.24, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 50.92. This value is in the neutral territory.

We have detected an Isolated High at 10,490.45 one bar ago this is usually a bearish sign that is not to be used alone!

Additional information:-

Tomorrow’s projected High: 10,417.95, the projected Low:10,273.00. The top 21-day Bollinger band is at 10,554.71 while the bottom 21-day Bollinger band is at 9,977.81.

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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