RepleteBell Indian Equity Market Update

Indian Equity Market Update 13th November,2017

Indian equity benchmarks fell, while the yield on the 10-year government bond rose to its highest level in over six months anticipating a pick-up inflation.

Retail inflation in October likely rose 3.45 percent compared with 3.28 percent in September, according to a Bloomberg survey.

Selling pressure in index heavyweights like HDFC, Reliance Industries, ICICI Bank and Larsen & Toubro added to weakness in the benchmarks.

The S&P BSE Sensex fell 0.84 percent to 32,299.98 and the NSE Nifty 50 Index declined 0.94 percent to 10,225.

Eighteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Telecom Index’s 1.9 percent drop. On the flipside, the S&P BSE Information technology index was the top sectoral gainer, up 0.18 percent.

StocksTraded On Heavy Volumes

  • Jammu & Kashmir Bank: The Srinagar-based private sector lender rose as much as 13.6 percent to Rs 87.990. Trading volume was 26.3 times its 20-day average.
  • Alembic Pharma: The Vadodara-based drugmaker rose as much as 0.6 percent to Rs 516. Trading volume was 18.2 times its 20-day average.
  • Cera Sanitaryware: The Ahmedabad-based bathroom accessories maker rose as much as 3.6 percent to record high of Rs 3,605. Trading volume was 11.4 times its 20-day average.
  • Pfizer: The Mumbai-based drugmaker fell 1.4 percent to Rs 1,880. Trading volume was 11 times its 20-day average.

Buzzing Stocks

  • Eveready Industries: The Kolkata-based dry battery maker rose as much as 12 percent, the most in nearly 21 months, to Rs 392.30 after the company said that it has entered into a joint venture with tea producer Mcleod Russel through its subsidiary Greendale India to carry out packaged tea business.
  • Hatsun Agro: The Chennai-based dairy products maker rose as much as 20 percent, the most in over two years, to record high of Rs 895 after DSP Blackrock mutual fund bought 18.9 lakh shares (1.2 percent equity) in the company.
  • DLF: The Delhi-based real estate developer fell as much as 6.6 percent, extending its slide to day three, to Rs 194 after it reported weak earnings in September quarter. The company’s net profit fell 93 percent to Rs 14 crore versus Rs 206 crore in the same period a year earlier.
  • Idea Cellular: The telecom service provider fell as much as 6 percent, the most in over a month, to Rs 91.20 after its net loss widened to Rs 1,100 crore compared with estimate of loss of Rs 1,079 crore in September quarter.

RCom Extends Slide To Day 3, Hits New Record Low

Shares of the debt-laden telecom service provider fell for third day in a row to new record low of after it reported loss for fourth quarter in a row. The stock fell as much as 12.10 percent to Rs 12.35.

  • Net loss came in at Rs 2,709 crore compared with a profit of Rs 62 crore (YoY)
  • Revenue from operations declined 49 percent to Rs 2,610 crore versus Rs 5,100 crore (YoY)
  • Total costs came in at Rs 5,488 crore versus Rs 5,258 crore (YoY)

*Source-Bloomberg

Technical Summary for 14th November 2017

Indian Equity

Today we saw a sharp decline in Nifty. On Hourly chart nifty is looking week. our next target is 10176.17. overall trend is positive .

NSENIFTY is long term Bullish as the 144 days moving average of 9,786.79 is increasing. The Relative Strength Index is at 48.61 in the neutral territory. The Relative Momentum Index is at 62.78 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 70.91, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 3.58. This value is in the oversold territory.

We have detected a Gann Swing or Pullback that is usually a bearish pattern! It should be used with other indicators.

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 10,456.77 while the second resistance level at 10,591.78. The first weekly support level is at 10,220.42 while the second support level is at 10,119.08.

Additional information:-

Tomorrow’s projected High: 10,279.55, the projected Low:10,161.65. The top 21-day Bollinger band is at: 10,456.82 while the bottom 21-day Bollinger band is at: 10,088.82.

NOTE- Keep following our daily High/Low levels.

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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