WEEKLY EQUITY NEWSLETTER
26TH AUGUST TO 30RD AUGUST 2019
Nifty 50 opened negative on Friday and drifted towards the 10,650 marks in early trade but recovered sharply from lower levels to extend the gains to 10,860 level. The index remained highly volatile throughout the session and traded in a wide range of 225 points. It formed a Piercing Pattern on a daily scale and a bearish candle on the weekly chart. As long as it holds above the 10,750–10,780 zone, Nifty could witness a bounce back towards 10,929 and then 11,000 levels, while a hold below the same level may drag it towards its recent swing low of 10,637.
On the options front, maximum Put open interest was at 10,700 followed by 10,500 levels, while maximum Call OI was at 11,000 followed by 11,100 levels. There was put writing at 10,600 level followed by 10,700 while Call writing was seen at 10,700 followed by 10,800 levels. Options data suggested a shift in the lower trading range between 10,650 and 11,000 levels.
Bank Nifty opened with a gap down but recovered sharply from lower levels to close near 27,000 marks. It formed a small-bodied candle on the daily scale and a bearish candle on the weekly scale, which suggests supply is visible at higher levels. It relatively underperformed the benchmark index and as long as it holds below 27,000, it may extend its weakness towards 26,750 and then 26,500 levels while a hold above the same level could trigger a bounce back towards 27,250 and then 27,400 levels.
Nifty futures closed positive at 10,855 with a gain of 1.15 per cent. Long buildup was seen in Chola Finance, DLF, UPL, and Escorts NSE 4.85 % while shorts were seen in L&T Finance, Indusind Bank NSE -1.88 % and Marico NSE -2.95 %.
NEW DELHI Moodys Investors Service on Friday cut Indias GDP growth forecast for 2019 calendar year to 6.2 percent from the previous estimation of 6.8 percent.
For 2020 calendar year, it reduced the estimate by a similar measure to 6.7 percent.
In a statement, it said the weaker global economy has stunted Asian exports and the uncertain operating environment has weighed on investment.
NIFTY TOP GAINERS/LOOSERS
Recommendation: - Nifty is VOLATILE at RESISTANCE, this is INFLUENCE AREA (10800-11200) OF SUPPORT and making BUY so maybe NIFTY BUY ABOVE THE RESISTANCE AREA.
CALL: NIFTY BUY ABOVE 10850 TGT 10950 TGT 11050 TGT 11150 SL 10700.
BANK NIFTY FUT
Recommendation: - Bank Nifty is VOLATILE at RESISTANCE, this is INFLUENCE AREA( 27000-28300) OF SUPPORT and making BUY so maybe BANK NIFTY BUY AROUND THIS SUPPORT AREA.
CALL: BANK NIFTY BUY ABOVE 27200 TGT 27600 TGT 27800 TGT 28000 SL 26950.
CALL OF THE WEEK:-
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT AROON SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION INFY BUY ABOVE 805 TGT 820 TGT 830 TGT 840 SL 790.
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT AROON MAKE REVERSAL FROM SUPPORT AND MAKING A BULLISH PATTEN, BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY TATA ELXSI ABOVE 650 TGT 665 TGT 675 TGT 685 SL 635.
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