RepleteBell Indian Share Market Update

Indian Share Market Update 09th November,2017

Indian shares rose marginally higher after fluctuating between early gains and mid-afternoon losses with an equity benchmark snapping a three-day losing streak.

The S&P BSE Sensex rose 0.1 percent to 33,250 while the NSE Nifty 50 rose less than 0.1 percent to 10,308. The market breadth was skewed in favour of the buyers at close by at least 2:1 on the NSE.

Fourteen of the 19 sector gauges compiled by the BSE Ltd. rose led by the S&P BSE Consumer Durables Index’s 3.23 percent jump, the most since Nov. of last year. The S&P BSE Healthcare index was the worst performer, down 0.27 percent.

Gold Demand In India Seen Revisiting 7-Year Low

Gold consumption this year in India, the world’s second-biggest user, is on track to revisit the seven-year low recorded in 2016 after tax and regulatory changes damped demand, according to the World Gold Council.

Global jewelry demand fell 3 percent in the third quarter mainly because of India’s introduction of a uniform goods and services tax in July and after an anti money-laundering act was briefly imposed on the sector in August.

Rupee Extends Gains

The rupee advanced by 11 paise to 64.85 against the dollar at the interbank forex market today on increased selling of the U.S. currency by exporters and banks.

A weak dollar against other currencies overseas supported the rupee gains. Stocks markets opening with gains also bolstered the domestic currency, a dealer said.

Yesterday, the rupee had staged a mild recovery after a two-session fall and ended higher by 7 paise at 64.96 against the US currency.

Stocks Moving On Heavy Volumes

  • L&T Technology: The engineering services company rose 2.9 percent to Rs 901.75. Trading volume was over 20 times the 20-day average
  • Sona Koyo Steering Systems: The automobile part maker rose 14 percent, the most in a year, to Rs 127. Trading volume was over 60 times the 20-day average. It has returned 110 percent so far this year.
  • TTK Healthcare: The pharmaceutical company fell 2.1 percent to Rs 881.95. Trading volume was 153.7 times the 20-day average. It has returned less than 1 percent so far this year.
  • Crest Ventures: The real estate investment company rose 20 percent, the biggest move since September 2016, to Rs 248. Trading volume was 38.7 times the 20-day average. The stock trades at 17 times trailing 12-month earnings per share and 15 times its estimates for the coming year.

*Source-Bloomberg

Technical Summary for 10th November 2017

Indian Stock

NSE NIFTY is taking support at 10300 levels. Only close below will lead to lower levels.

NSENIFTY is long term Bullish as the 144 days moving average of 9,773.18 is increasing. The Relative Strength Index is at 56.25 in the neutral territory. The Relative Momentum Index is at 72.38 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 130.57, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 1.03. 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.

Additional information:-

Tomorrow’s projected High: 10,338.70, the projected Low:10,237.20. The top 21-day Bollinger band is at: 10,513.57 while the bottom 21-day Bollinger band is at: 10,033.04.

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.

About Sachin Siwal

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