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Achiievers Equites Ltd

Published on 23/02/2018 11:40:52 AM

PREVIOUS DAY ROUNDUP (DOMESTIC)

The Indian equities ended marginally lower in bearish trade on Thursday, tracking weak  cues from Asian peers, led by selling in oil&gas and PSU stocks.

Indian equity benchmarks ended the February series derivative contracts on negative note. The broader NSE index fell 0.14% or 14.75 points to  10382.70. On daily charts, Nifty formed small candle which traded and closed within the trading range of previous session’s candle. This clearly  highlights the indecision among the market participants regarding the market direction. Meanwhile, index traded and closed below its trading range of 200  points (10460­10660) indicating that short term bias is still negative. Further, with any weakness below its immediate support of 10200­10280 it may  initiate quick profit booking leading the index towards 10050­10020 and below. If, market managed to sustain above 10020 on closing basis then it  could witness some short covering.

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Enrich Commodities India Pvt.Ltd

Published on 23/02/2018 11:36:31 AM

Technical outlook

Nifty 4-hour chart continues in "Rectangle chart” pattern. The last few sessions ended up consolidated but still indicates bullish momentum. The market is expected to continue bullish trend. The upside rally could test all the way through 10500-10600 levels in the upcoming weeks. Alternatively, if the market breaks below the support level at 10300, then it might turn bearish once again. The downside rally could test 10150-10000 levels. Resistance holds at 10610.

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Enrich Commodities India Pvt.Ltd

Published on 23/02/2018 11:36:10 AM

NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading higher at 10400 +14.50 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 declined 0.14%, while the BSE Sensex 30 index lost 0.07%.

The biggest gainers of the session on the Nifty 50 were Sun Pharmaceutical Industries Ltd., which rose 3.76% or 19.75 points to trade at 541.45 at the close. Aurobindo Pharma Ltd. added 3.08% or 17.60 points to end at 586.85 and Adani Port and Special Economic Zone Ltd was up 2.38% or 9.40 points to 404.00 in late trade.

Biggest losers included Bharat Petroleum Corp. Ltd., which lost 4.35% or 19.45 points to trade at 427.45 in late trade. Oil and Natural Gas Corporation Ltd declined 2.10% or 4.00 points to end at 186.10 and Dr. Reddy’s Laboratories Ltd shed 1.93% or 41.80 points to 2123.45.

The breadth, indicating the overall health of the market, 1661 fell and 988 advanced, while 151 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.15% to 65.005.

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Choice International Ltd

Published on 23/02/2018 10:32:41 AM

Bank Nifty Outlook

* The overall market traded flat and the Bank Nifty closed below 25000 level with a minor gain of 62.30 points.

* On an hourly chart, the Bank Nifty falling channel pattern and continuously taking support from its lower band.

* The daily momentum indicator RSI is holding just above the oversold mark which is a sign of positivity.

* Going forward, during the day we expect the index to find resistance at 25200 level, whereas support is likely placed at 24750 level.

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Choice International Ltd

Published on 23/02/2018 10:32:11 AM

Bank Nifty Outlook

* The overall market traded flat and the Bank Nifty closed below 25000 level with a minor gain of 62.30 points.

* On an hourly chart, the Bank Nifty falling channel pattern and continuously taking support from its lower band.

* The daily momentum indicator RSI is holding just above the oversold mark which is a sign of positivity.

* Going forward, during the day we expect the index to find resistance at 25200 level, whereas support is likely placed at 24750 level.

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Choice International Ltd

Published on 23/02/2018 10:28:04 AM

Nifty Outlook

* The index witnessed a flat opening, thereafter traded flat throughout the session to close at 10397 level.

* On hourly chart, the index has been trading with the support of 10350 level from where a bounce back was witnessed.

* Moreover, on the daily chart, the index has been trading with the support of its rising trend line suggesting strength in the index.

* Going forward during the day we expect the index to face resistance at 10500 level while downside support falls at 10300 level.

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LKP Securities

Published on 23/02/2018 10:21:23 AM

Technical View

Nifty Spot Daily (10382.70) :- Nifty opened mild bullish and made a low (10340.95 ) near lower support 10341 and tried to move bullish. Post Expire nifty will try to again find trend and Lower support 10341 breaks we can see 10287-10222-10174-10098. On the higher side above 10401-10437 hi hurdle and clears will see 10477-10511-10553-10571. Over all Nifty is now in bear grip so all rallies on the upside will be sold off till we don't close above 10626 

Nifty Future Trend level 10420 - 10357

Bank Nifty is finding it difficult to cross 25005 on clearing can see a spurt in rally . And remain below is worry some for can see lower levels 23891. Higher side on clearing 25005 can see a spurt towards 25281 trajectory change level and can give some positive sentiment to market. Bank nifty Future Trend levels 25015 - 24955.

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GEPL Capital

Published on 23/02/2018 10:01:38 AM

Key Highlights:

NIFTY sees a muted Expiry even as Market holds status quo….

* The NIFTY opened @ 10354.35, a GAP-DOWN of 43 points over Wednesday. In the first half of the trading session, the Nifty was pretty range bound in just 25 points. We have seen some kind of volatile moments in the later part of the day due to monthly F&O expiry. But once again the Bears have made successful attempt so that the Nifty maintained its Lower Top Lower Bottom formation on Daily charts. To shut shop, NIFTY closed @ 10382.70 DOWN by 14.75 points or 0.14%.

* The broader indices once again faced the brunt of the BEARS and once again underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 0.51% to close @ 19375.10; the NIFTY SML100 FREE closed DOWN by around 0.48% to close @ 8186.40. The breadth index in line with the broader somber sentiment, stood tilted in favor of the BEARS @ 470 advances to 1025 declines. The INDIA VIX, as is expected in the last week of expiry, gave way by around 6.83% to close @ 14.8325.

* The sectoral & thematic indices showed MIXED colors once again. While the BULLS were led by NIFTY IT & NIFTY REALTY UP by around half a percent or so. On the other hand NIFTY MEDIA & NIFTY PSU BANK saw correction of more than half a percent each.

* The dynamics of the market remain pretty unchanged. In this expiry week, we sense the weakness to continue towards the recent LOW @ 10276, as the 100DMA @ 10399 levels, which also coincides with minor swing lows in hourly charts stands breached. On the flip side, any bounce back are likely to face stiff resistance around 10600-10640 levels with intermediate stops @ 10480-10530 marks. The dynamics of the market although still remain range bound, the BROADER market seems to clearly favor the BEARS. At this juncture, a prudent strategy would be to stay light on positions and book positions in LONGS at higher levels, a thing which we have been recommending over last 3-4 weeks even at higher levels.

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Religare Securities Limited

Published on 23/02/2018 9:51:54 AM

Nifty Outlook

Derivatives expiry turned out to be a non-event as Nifty ended flat after trading volatile in a narrow range. Mostly sectoral indices closed unchanged following benchmark index while correction continued on broader front.

The way things have panned out, on both domestic and global front, in the passing weeks, we do not see any chance of overnight reversal. However, possibility of technical bounce can’t be ruled out, citing oversold positions. Above all, sentiment is still bearish and traders can’t do without short positions. We advise using rebound for fresh shorts while maintaining caution in stock selection. PSU banks and pharma look weak to us while IT and FMCG is showing tremendous resilience so plan accordingly.

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Angel Broking Pvt Ltd

Published on 23/02/2018 9:39:24 AM

Nifty Bank Outlook - (24955)

The Nifty Bank index traded in a narrow range in yesterday's session too and ended the day with negligible gains. As we have been mentioning since last couple of days, the Nifty Bank index is trading close to its '200 SMA' support which is placed in the range of 24650-24700. Usually, this average is considered as a support during corrective moves due to which we have seen loss in selling momentum in the index in the last couple of sessions. On hourly chart, the immediate range for the Nifty Bank index is seen at 24650-25160. Only a move beyond this range will now lead to a directional move. While a breakout above 25160 could lead a pullback move in the index, a breach below the support of 24650 would indicate continuation of the corrective trend. Momentum traders are hence advised to trade with a stock specific approach and keep a proper exit strategy.

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