Home > Financial > Equity Research Report Ways2Capital 18 Dec 2018

Equity Research Report Ways2Capital 18 Dec 2018

Added: (Tue Dec 18 2018)

Pressbox (Press Release) - ZEEL NSE CASH:
Overall trend of the Stock is bullish for long term . For short term stock is in correction phase. Last week, it started on negative not but it showed a good buying from lower levels throughout the week. On daily chart stock has gave breakout of its major trend line and resistance levels of 490. If it manages to sustain above the levels of 496 than further upside move can be seen in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 496 it can test the level of Rs. 516 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 486.

WIRO NSE CASH:
Overall trend of the Stock is bullish for long term . For short term stock is in consolidation phase. Last week stock started on negative not and consolidated near its major resistance levels throughout the week. On daily stock has formed ascending triangle price pattern on higher levels . If it manages to trade above 344 levels than further upside move can be seen in it. In intraday it showed a good positive move.

For this week, traders can adopt buy on lower level strategy in it and above the level of 344 it can test the level of Rs. 358 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 336.
Last week, SIEMENS Dec Futures started the week on positive note and after that, it consolidated at higher level. It closed at 969.60 with the overall gain of 1.65% on weekly basis. Technically it had given pull back from 52 week low by making spinning top reversal pattern on monthly chart and also closed above the trend line. For this week, we can expect upside movement in it.


For this week, traders can adopt buying from trend line breakout strategy in it and above the level of 980 it can test the level of 999 during the week. Trades can make buy position in it by maintaining a Stop Loss of 970.

Last week, ICICIBANK Dec Futures started the week with downside movement but till the end of the week, it witnessed upside movement and closed at 352.30 with the overall loss of 0.15% on weekly basis. Technically it had given pull back from 50% retracement level buy making of Hammer Candlestick Pattern and for this week, we can expect upside movement in it.

For this week, traders can adopt buying on the basis of Fibonacci Retracement Reversal strategy in it and above the level of 360.50 it can test the level of 365.50 during the week. Trades can make buy position in it by maintaining a Stop Loss of 357.80.
Nifty:
Fundamentals:
Last week our Indian Equity market opened on a gap down not on Monday backed by most of the exit polls results indicating possible defeat of BJP in key states. It remained in pressure till 1st session of the Tuesday where after state assembly results came out in favor of congress. Which lifted the sentiments of the market and it recovered from lower levels and it remained bullish for next couple of trading sessions. Benchmark indices closed range bound session on a flat note Friday despite weakness in global peers due to growth concerns in world's largest economy China. Overall it was a consolidation day after the rally seen in previous three consecutive sessions. After seeing last week's price action it seems like market was buoyant by comeback of Congress in MP , CG and Rajasthan. Market has also discounted elections results and RBI governor news (resignation of Mr. Urjit Patel). Further market could continue to get supported by stable oil prices and rupee with rate cut hope. On the global front, growth concerns in Chinese economy dragged Asian and European markets to a negative terrain. China's Shanghai Composite, Hong Kong's Hang Seng, Japan's Nikkei and South Korea's Kospi closed lower by 1-2 percent after Chinese economic data missed expectations which raised worries about headwinds facing the economy.


Technical outlook:
Nifty:
Last week nifty index started on negative note on Monday but good recovery was seen in remaining trading sessions of the week as index hits weekly high of 10,882.20 in Thursday's trading session and after some sideways movement on Friday's session it closed at 10,820.30 with marginal gain of 0.80% on weekly basis. The index has formed a bullish candle which closely resembles a ‘Hanging Man’ or an Inside Bar kind of pattern on weekly charts. For bulls to regain control, Nifty has to close above 10,883-10,974 levels. On the upsides momentum shall pick up only on a close above 10,883 levels. However, a breach of 200-DMA placed around 10,771 could fuel the selling pressure with an initial downside target of 10,588. On the options front, maximum Put OI is placed at 10000 followed by 10200 strikes while maximum Call OI is seen at 11000 followed by 10900 strike.

For this week, traders can adopt buy on lower level strategy in it and above the level of 10,883. It can test the level of Rs. 10,999 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,771.


Bank Nifty:
The Nifty Bank index started the last week on negative note on Monday but in remaining trading sessions it not only erased previous day's losses but witnessed good buying from lower levels throughout the week and closed at 26,862.25 with overall gain of 202 points or 0.75% on weekly basis. However bank Nifty could not sustain above its important resistance levels of 27,065.50. The index has formed a doji on daily scale while some short of Hanging man candlestick pattern on weekly chart . For Index to remain bullish it has to hold above 27,065.50 levels otherwise a breach below 26,770 could initiate the selling pressure . Support is placed 26,770 and upside resistance is placed at 27,065.50 and 26,600.
For this week, traders can adopt buy on lower level strategy in it and above the level of 27,066. It can test the level of Rs. 27,466 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26,770.

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