Home > Financial > Equity Research Report Ways2Capital 26 Dec 2018

Equity Research Report Ways2Capital 26 Dec 2018

Added: (Wed Dec 26 2018)

Pressbox (Press Release) - BHEL NSE CASH:
Overall trend of the Stock is bearish for long term . For short term stock is in recovery phase. Last week, it started on positive note and 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 71.50. If it manages to sustain above the levels of 73 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 73 it can test the level of Rs. 77 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 71.

ORIENTBANK NSE CASH:
Overall trend of the Stock is bearish for long term . For short term stock is in recovery phase. Last week stock started on positive note and consolidated near its major resistance levels throughout the week. On daily chart stock has gave breakout of its major trend line. If it manages to trade above 96 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 96 it can test the level of Rs. 99 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 94.


Technical outlook:
Nifty:
Last week nifty index started on a gap up note on Monday and continued its bullish run for next three trading sessions of the week and index hits weekly high of 11,006.25 in Wednesday's trading session. It was first time since 3rd Oct 2018 index tested 11,000 mark. But it lost the movement in Friday's session as Index fell sharply and wiped out gain of last six trading sessions to slip towards 10,755 levels. The index plunged nearly 200 points for the first time in last nine consecutive sessions, forming big bearish candle on the daily charts and Inverted hammer on weekly scale which suggest that bulls are loosening their grip in the market. Now if it sustains below 10,835 levels then short term trend could turn negative for a decline towards 10,581 levels while on the upside resistance is seen at 10,883 then 11,007 . On the options front, maximum Put open interest (OI) was seen at 10,000 followed by 10,700 strikes while maximum Call OI was at 11,000 followed by 10,900 strikes

For this week, traders can adopt sell on higher level strategy in it and below the level of 10,750. It can test the level of Rs. 10,640 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 10,851.


Bank Nifty:
The Nifty Bank index started the last week on a gap up note on Monday and continued its bullish run for next three trading sessions of the week and index hits weekly high of 27,425 in Wednesday's trading session. In Friday's trading session Bank Nifty failed to hold above 27,350 and slipped towards 26,900 levels. It corrected by more than 400 points and formed a bearish candle on daily scale and a Shooting Star on weekly scale. The index closed 369 points lower at 26,971.80. Now it has to cross and hold above 27,000 levels to get a short term stability and a move towards 27,300-27,400 levels but if it sustains below 26,900 levels then it can test down side levels of 26,600 - 26,400.

For this week, traders can adopt sell on higher level strategy in it and below the level of 26,900. It can test the level of Rs. 26,500 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 27,200.


Nifty:
Fundamentals:
Last week our Indian Equity market opened on a gap up not on Monday and continuing its previous week's momentum. It remained bullish till Thursdays session but Indian indices witnessed bloodbath in Friday trading session as Nifty closed 197 points lower at 10,754. Fears of a global slowdown spooked investors across the globe, including India on Friday. Global markets took a beating amid fears of a slowdown in developed economies such as US and China. Weak handover from Wall Street spilled over to Asian and Indian markets as well. Wall Street stocks fell sharply in volatile trading on December 21, with the Nasdaq confirming it is in a bear market, as concerns of slowing economic growth led investors to flee stocks in high-valuation sectors such as technology and communication services. Apart from global cues, index heavyweights were under pressure, which dragged the indices lower too but the consistent fall in oil prices continued to support the market. Rupee gained sharply against the US dollar following broader weakness in the dollar and plunge in global crude oil prices. Gains in the rupee were triggered after the Federal Reserve in its policy statement mentioned that rate hike in the coming year could be restricted to two compared to earlier estimates of three rate hikes next year.

Last week, MCDOWELL-N Dec Futures started the week on positive note but till the end of the week, all of its earlier gains were erased and it closed at 623.45 with the marginal loss of 0.85 per cent on weekly basis. Technically its sustaining below the downward trend line breakout with the negative RSI and for this week, we can expect downside movement in it.

For this week, traders can adopt selling from trend line breakout strategy in it and above the level of 611 it can test the level of 601 during the week. Trades can make sell position in it by maintaining a Stop Loss of 619.90

Last week, BHARATFORG Dec Futures started the week on positive note but in last day of the week, all the gain were erased and it closed at 502.20 with the overall loss of 2.65% on weekly basis. Technically its near the 52 week low and consolidating below the 61.8% Fibonacci Retracement levels which is indicating bearish movement in it.For this week, we can expect downside movement in it.
For this week, traders can adopt selling on the basis of Retracement breakout strategy in it and below the level of 498 it can test the level of 485 during the week. Trades can make sell position in it by maintaining a Stop Loss of 505.

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