RepleteBell Market Update

Market Update 05th October 2017

Indian share Market ended lower on Thursday, snapping a four-session gaining streak, dragged down by financials like ICICI Bank Ltd amid a lack of recent triggers after the central bank maintained rates as expected.The Nifty closed down 0.26 % at 9,888.70, whereas the benchmark Sensex 0.25 % lower at 31,592.03.

The shopper’s Shop stock is up near 6 % on reports that Future Retail is about to acquire HyperCity, a premium chain of 19 hypermarkets from the company, for Rs 700 crore through a combination of cash and shares to further consolidate his footprint in western India.

Mahindra & Mahindra (M&M) scrip gained over 2 as investors cheered ratings upgrade by CLSA. the global brokerage firm upgraded its rating on the stock to outperform and raised the target to Rs 1,610 per share.

Prataap Snacks has debuted on the exchanges at Rs 1,300 per share as against its issue price of Rs 938 per share.The packaged snack, chips and namkeen food company’s Rs 482-crore IPO was sold 47.39 times throughout Sept 22-26.

Advisory firm Stakeholders Empowerment Services (SES) has alleged that Infosys violated company governance norms at the time of Nandan Nilekani’s appointment. In August, Nilekani was appointed the Chairman once MD and CEO Vishal Sikka resigned. according to SES, Nikekani was appointed without a proper board meeting, even before the directors met. “Decisions at the board level are taken after due deliberations within the board meetings and this has been given a go-by,” SES said.

Reliance Communications’ aborting the conceive to merge with Aircel is credit negative for the Anil Ambani-led firm because it was crucial to pare debt, Moody’s Investors Service said. RComm and Aircel had in September last year signed a binding agreement to merge their mobile businesses. But, on Sunday, RComm proclaimed that the agreement had lapsed owing to legal and regulatory uncertainties, objections by interested parties and delays in receiving relevant approvals.

Housing sales fell by 35th across eight major cities within the July-September quarter this year as demand slowdown continued in the property market, says research firm PropEquity. Housing sales stood at 22,699 units during the third quarter of 2017 in eight major cities as against 34,809 units in the previous quarter. These eight cities are Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru and Chennai.

The Uday Kotak-led committee has submitted its report on corporate governance to SEBI. The recommendations assume significance in light of corporate governance-related issues at major companies such as Tata Sons and Infosys. Among the key suggestions include splitting the Chairman and managing director posts at listed companies.

Technical Summary for 06th October 2017

we saw nifty traded in a narrow range and close below 9900 which is not a good sign for bull

NSENIFTY is long term Bullish as the 144 days moving average of 9,582.22 is increasing. The Relative Strength Index is at 47.60 in the neutral territory. The Relative Momentum Index is at 42.94 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -18.69, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 46.17. This value is in the neutral territory.

Aditional Information

Tomorrow’s projected High: 9,917.32, the projected Low:9,853.22. The top 21-day Bollinger band is at 10,161.84 while the bottom 21-day Bollinger band is at 9,673.96.

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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