Reliance Securities
Published on 23/11/2017 12:05:49 PM

Derivatives Snapshot

* Nifty managed to recover post an initial decline on back of buying in selected frontline majors and finally, ended in green with the increase of 15 points at 10,342 level. Among the Nifty stocks 23 stocks advanced and 27 declined during the day.

*  Sectorally, PSU Bank and Media gained by 1.3% and 2.6% respectively, while profit booking was witnessed in Metal and Pharma to decline by 0.7% each.

* Broader market indices remained flat with NIFTY 100,200 and 500 to close up by 0.1% average while Mid-Cap index ended flat, Small-Cap outperformed the benchmark Nifty with the gain of 0.5%.

* Nifty November futures ended with 16 points of premium at 10,358 mark, while on the other hand, Bank Nifty November future ended with the premium of 26 points at 25,793 level.

* We believe that Nifty will cross the all-time-high provided it stays firm above 10,300 level, as Nifty 10,300 PE has seen highest OI (i.e. 54 Lac shares). However on the higher side 10,500 capping the upside, as Nifty 10,500 CE has 61 Lac shares OI.

Sectoral Activity: Amongst sectoral index, PSU Bank and Media remained in focus with positive momentum.

Stock Activity: Canara Bank and ZEEL observed build up in long position. 

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Reliance Securities
Published on 23/11/2017 12:05:13 PM

NSE-NIFTY OUTLOOK

* NSE-NIFTY closed above the make-or-break level 10,300 for straight second trading session in a row, where index managed to fill the recent positive gap and rose to 11-day closing high. Fall in the fresh market participation, negative market breadth and oversold Stochastic are signaling lack of buying interest in the market at this juncture. However, rise in RSI is indicating strength in the index. Despite mixed signals, our view will remain up-beat on NIFTY and we continue to believe that index will soon revisit the life-time-high of 10,490 level. In case of decline, index will find support at 10,100 and then at 10,000 levels.

* As for the day, support is placed at around 10,300 and then at 10,270 levels, while resistance is observed at 10,385 and then at 10,430 levels.

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Enrich Commodities India Pvt.Ltd
Published on 23/11/2017 10:33:12 AM

Technical outlook

Trading Pattern analysis according to the previous session, Nifty movement formed Doji Candle. The past two days of market indecisiveness chart pattern requires follow through confirmation to signal the trend. This can be treated as reversal signal if there is follow through on the next day. Nifty is expected to cross 10,380 on a closing basis and a new uptrend would commence, otherwise the market will react downside. Nifty managed support at 10320. We recommend, Nifty sell around 10380 target-10320- 10280. Maintain a stop loss at 10400 closing bases.

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Enrich Commodities India Pvt.Ltd
Published on 23/11/2017 10:32:12 AM

Pre-Market Thursday! Asian market positive territory Nifty50 on the SGX were trading at 10371 +17 points on indicating flat opening for the NSE. The Nifty rose 15.40 points or 0.15% to settle at 10,342.30, The index gained 41.80 points or 0.4% at the day’s high of 10,368.70. The index shed 17.35 points or 0.17% at the day’s low of 10,309.55.

The biggest gainers of the session on the Nifty50 were Zee Entertainment Enterprises Ltd., which rose 4.04% or 21.80 points to trade at 562.05 at the close. Adani Port and Special Economic Zone Ltd added 3.42% or 13.70 points to end at 414.50 and GAIL Ltd was up 2.20% or 10.10 points to 469.05 in late trade.

Biggest losers included Tech Mahindra Ltd, which lost 2.28% or 11.25 points to trade at 482.60 in late trade. Bajaj Finance Ltd declined 1.98% or 35.80 points to end at 1773.95 and Bharti Infratel Ltd shed 1.45% or 5.55 points to 376.45.

The breadth, indicating the overall health of the market, NSE 1355 fell and 1270 advanced, while 165 ended unchanged.

Rupee desk: The USD/INR was UP 0.01 to 64.94.


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Choice International Ltd
Published on 23/11/2017 10:30:19 AM

Bank Nifty Outlook

* The market traded in tight range and settled flat, closing at, 25766.70 gaining of 9.20 points.

*  On a daily chart, the Bank Nifty is trading between the confined range of 25680-25920 and either side movement can decide the direction of the index.

*  A daily momentum indicator RSI reading is at 64.70, trending above the average line which points out for a positive breath in the index.

*  Based on the above technical, we are expecting an upside movement in the Index up to the level of 26200 while downside support comes at 25500.

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Choice International Ltd
Published on 23/11/2017 10:29:47 AM

Nifty Outlook

* The Nifty index ended the session on a flat note, settled at ,10342.30 gaining of 15.40 points.

* On an hourly chart, the index opened on a positive note and tested the support of 20 hour exponential moving average during the session.

* However, the index has formed a doji candle stick which does not gives any clear direction.

* A daily momentum indicator RSI reading is at 62.83 with a positive crossover with ample volume which points out for a positive breath in the index.

*  Based on the above technical, we are expecting an upside movement in the Index up to the level of 10450 while downside support comes at 10260.

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Angel Broking Pvt Ltd
Published on 23/11/2017 10:19:47 AM

Nifty Bank Outlook - (25767)

The Nifty Bank index too continued its consolidation phase and traded in a narrow range to end the session near its previous session’s close.

As we have been mentioning since last couple of days, the index is witnessing a consolidation phase while the stock specific moves within the banking space are providing better trading opportunities. Unless we see any signs of a directional move, we continue with our advice to keep a stock specific approach in this sector. The recent gap area of 25680-25495 is a support range for the Nifty Bank index whereas resistance is seen around 25925.

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Angel Broking Pvt Ltd
Published on 23/11/2017 10:19:12 AM

Sensex (33562) / Nifty (10342)

Despite extremely strong cues from the US as well as major Asian bourses, our markets opened slightly higher and then consolidated within a narrow range throughout the session. However, as mentioned in the previous articles, selective midcap counters are continuing their dream run and are certainly enjoying their outperformance as compared to large cap names.

Now, due to last three days of consolidation, we can now see a defined range of 10250 – 10368 for the Nifty and only a sustainable move on either side would dictate the near term direction. Since, the index is hovering around the 61.8% retracement of the recent down move; we continue to remain skeptical as long as 10368 remain unbroken. On the flipside, 10250 would be seen as a key support and a breach of this support would resume a corrective move to test sub-10200 levels. Traders are repeatedly advised to focus on some midcap pockets that are likely to provide better trading opportunities.

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GEPL Capital
Published on 23/11/2017 9:55:55 AM

Key Highlights:

NIFTY trades little changed as intermediate SUPPORT @ 10230-10250 & RESISTANCE @ 10340 – 10380, still bind it to a place…

* The NIFTY opened @ 10350.80, a gap up opening by 25 points over the Tuesday. Unlike the earlier day, the Nifty had a choppy first half that saw NIFTY toggle through the par on both sides. The second half was more structured as NIFTY rose in clear sequence of higher top & higher bottom formation. In the final hour Nifty remained little changed, as it shut shop @ 10342.30 UP by 15.4 points or 0.15%.

* The broader indices, once again moved in line with the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN minorly by 0.02% to close @ 19825.80; the NIFTY SML100 FREE closed UP by 0.52% to close @ 8538.45. The broader move clearly looked even-stevens, with 928 advances to 863 declines. The INDIA VIX, regained further, as it moved up by 2.35% to close @ 14.0375 mark.

* The sectoral & thematic indices traded MIXED. On the BULL side NIFTY MEDIA & NIFTY PSU BANKS moved UP by more than a percent; the BEAR side saw corrections in NIFTY PHARMA, followed by NIFTY METAL.

* The dynamics of the market still remain largely unchanged, as although the index moved past the 10340 mark & closed above it, the quantum is miniscule. The Index still remains bound by the resistance around 61.8% retracement of recent fall placed at 10340 levels. The dice too seems to be in a fix & yet seem to be still favoring the bears as the bullish momentum is seen waning at higher levels. Going ahead, 10210 will be crucial support as any move below the same would result in reinforcement of bears pushing Index back towards 10100 levels. At the same time, the on-going exuberance in the market with respect to the recent Moody's upgrade that suggests the chances of Index retesting all-time high levels cannot be ruled out. In that case, we will now closely watch 10380 mark on the higher side as a sustained close above the same can indicate an end of correction pushing Index towards a new high. Overall we sense that we are in a middle of riddle and for the next few sessions we will have a wait and watch in Index front until we see a clear directional trend.

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Religare Securities Limited
Published on 23/11/2017 9:47:18 AM

Nifty Outlook

The positive momentum continued as the Nifty ended higher for fifth straight session. Amongst the broader market indices, BSE Smallcap rose in line with benchmark indices, while BSE Midcap index underperformed, closing marginally lower. The sectoral indices exhibited a mixed trend. Auto, Consumer Discretionary and Capital Goods were the top gainers, while Metals, Telecom and Healthcare witnessed some profit taking. Amongst the global markets, the Asian indices ended in the green, while European markets were trading on a mixed note.

The underlying sentiments remain positive and the index could continue to extent gains tomorrow. However, with the markets trading near the record highs, some profit taking at higher levels could take place. Volatility is expected to remain high ahead of key events like Q2FY18 GDP data, RBI monetary policy and upcoming state elections in Gujarat. Traders should keep their leveraged positions hedged, while investors can continue to focus on quality counters on dips.

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