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© Sumpoorna 2017
Daily Technical Roundup December’ 17, 2018
1
Market Commentary
FII & DII Activity
FII (Cash) in Cr +861.94
DII (Cash) in Cr -302.52
FII (Index Futures) in Cr +249.15
FII (Index Options) in Cr +533.57
FII (Stock Futures) in Cr +357.19
FII (Stock Options) in Cr +143.06
Indian benchmark indices ended marginally higher today after a volatile session, continuing their winning streak for a fourth day, amid negative cues from the global markets ahead of a RBI board meeting—the first with Shaktikanta Das as the head of RBI.
The BSE Sensex closed 33.29 points, or 0.09%, up at 35,962.93 and the Nifty 50 ended 13.90 points, or 0.13%, higher at 10,805.45. The BSE midcap and smallcap indices rose 0.19% and 0.03%, respectively.
Among the sectoral indices on BSE, telecom, oil and gas, utilities and energy gained, whereas healthcare, capital goods, consumer durables and industrials declined.
Bharti Airtel, Yes Bank, ONGC, BPCL, Infosys, Indian Oil and Coal India were among the major gainers on the key indices, whereas HDFC, HCl Tech, Wipro, LT, Titan, Bajaj Auto and Sun Pharma were among the top losers.
USDINR closed at 71.8950(+0.30%). Brent Crude is at 61.13$.
In the morning, The Shanghai Composite (--0.48) Nekkei225 -(+0.55%) and the Hang Seng (-0.24%) are showing negative cues.
SGX NIFTY appeared positive (+0.22%) Vedanta: The National Green Tribunal allowed company to resume
operations of copper smelter at Thoothukudi and directed the Tamil Nadu Pollution Control Board (TNPCB) to pass fresh order of renewal of consent and restoration of electricity supply for operations within 3 weeks from the date of the order.
Teva Pharma gets US FDA nod for Herzuma, biosimilar to Herceptin, for treatment of HER2
Cadila Healthcare: Zydus gets US FDA nod for Albendazole tablets & Pregabalin capsules.
Vodafone Idea: The company issued a clarification on a report by the Telecom Tribunal that set aside TRAI's predatory pricing issues. The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) impugned the tariff amendment on predatory pricing due to a lack of "transparency".
IL&FS Transportation Networks: The company issued a clarification pertaining to allegations by the promoter of Enso Infra which filed a petition before the NCLT on similar grounds.
Tata Sponge Iron: The company got shareholders' nod to increase the borrowing limit, and also to issue preference shares to Tata Steel on a private placement basis.
Wipro: The company announced strategic partnership with Saxo Bank.
NTPC: The company acquired Barauni Thermal Power Station (720 MW) in Bihar's Begusarai district from the Bihar State Power Generation Company Limited.
Infosys: The company signed an agreement to divest its shares in CloudEndure Limited for a total consideration of approximately $15.3 million.
IL&FS Engineering and Construction Company: Company received a letter from the Maharashtra Metro Rail Corporation Limited informing the company of the decision of the competent authority to terminate a contract for the construction of seven elevated metro stations, and three at-grade stations (North South Corridor) of the Nagpur Metro Rail Project.
Put-Call Ratio's
Index Options 1.05
Stock Options 0.48
F&O Total 0.97
© Sumpoorna 2017
Daily Technical Roundup December’ 17, 2018
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Nifty Outlook
Outlook: Nifty is expected to trade initially in a range 10740 to 10850 initially, support 10660 Resistance 10940-960
NSE Overall Advance & Decline
- Advances 832
- Declines 335
- Unchanged 99
Change in Open Interest ( Dec)
- Nifty -5.32shares (-2.47%)
- Bank Nifty -0.11Lakhs shares (-0.80%)
Nifty PE 26.14 India VIX 15.1575(-2.52%)
In the previous sessions, Nifty has two indecisive candles after a
rally which loses the significance of crossing 10740 200 SMA
resistance. It could not be considered as a breakout but a negative
confirmation in the next session may indicate profit booking.
Nifty has completed 61.8% retracement of the recent fall. Now it
needs to sustain previous week’s high 10850 to show further
uptrend, while inability to sustain above 10740 would drag the
index down again.
However, immediate support suggests the initial range might be
10740 to 10840. Next support is at 10660-630 and the trend decider
support should be considered at 50 SMA around 10535.
Major selloff is expected only after a closing below 10475.
Sustaining above 10840 would surge the index towards 10900 or
100 SMA resistance around 10960.
Oscillators in daily chart turned positive but intraday chart is
slightly over bought on intraday basis.
Chart (Daily): 10805
High 10816
Low 10752
Resistance Levels
- R1 10850
- R2 10960
- R3 11100
Support Levels
- S1 10740
- S2 10660
- S3 10630
NIFTY - BANK Outlook
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Daily Technical Roundup December’ 17, 2018
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Outlook: Nifty Bank is expected to trade initially in the range 26660 to 27050; Resistances 27210; Support 26350
Bank Nifty Overall Advance & Decline
- Advances 5
- Declines 7
- Unchanged 0
Bank Nifty Open Interest
-0.11Lakhs shares (-0.80%)
Nifty bank after the pull back rally for three consecutive days
paused just below the resistance zone 26950-27050 Also, the
candle made is a doji type and it could not be considered as a
breakout.
A negative confirmation may indicate some profit booking.. Inability
to cross 27000 would be negative and the index may tend to breach
immediate support 26660 and then 100SMA 26480 but it is
expected to find support around 26350.
Major support for near term is 200 SMA near 26000 which is also 50
week’s moving average.
It should also be noted that 50 SMA is around 25660 and hence, the
index seems trapped in a wide range and major sell off would
happen only below 25400 which has very less probability.
Daily chart oscillators are positive; traders need to watch 27050 for
further up trend.
Bank Nifty Chart (Daily):26826
High 26909
Low 26733
Resistance Levels
- R1 27050
- R2 27210
- R3 27500
Support Levels
- S1 26660
- S2 26350
- S3 26000
Stock Watch
Trends 1 2 3 4 5
Fresh Longs RELINRA CANFIN CANBK RELCAPIT MOTHERSUMI
Fresh Shorts ARVIND SOUTHBK AUROPHARMA CHOLAFIN NCC
Short Coverings PCJEWLWR ONGC PFC COALINDIA GRASIM
Long Unwinding EQUITAS ZEL JUBLFOOD ACC IOC
© Sumpoorna 2017
Daily Technical Roundup December’ 17, 2018
4
Stock Picks
ZEEL
Recommendation SELL
Current Price 485.60
Current Price (Date) 14th Dec’ 2018
Transaction Price Range
Below 483
Target 476-470
Stop Loss 488
200DMA 520.72
Segment Cash
52-week High (Rs.) 619.35
52-week Low (Rs.) 410.30
Market Cap (Rs. Cr) 46488.20
Zeel has a head and shoulder pattern in intraday chart. Sell below the neckline 483 stop loss 488 target 476-470
PFC
Recommendation BUY
Current Price 90.70
Current Price (Date) 14th Dec’20185
Transaction Price Range
88-90
Target 99-100
Stop Loss 85
200DMA 85.16
Segment Cash
52-week High (Rs.) 129.45
52-week Low (Rs.) 67.60
Market Cap (Rs. Cr) 23879.70
PFC moved above 200 SMA at 85 and 50SMA at 90 with the confirmation to an inverted hammer and positive cross over’s on Oscillators. Positive divergence in RSI suggests the possibility to gain potential to test 99-100.75 may act as a trend decider
© Sumpoorna 2017
Daily Technical Roundup December’ 17, 2018
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Source: Sumpoorna Research, NSE, BSE, SEBI,
and other publically available documents.
Document prepared by:
Nitesh Aggarwala & Sunil Koul
For further information, please
contact: Sumpoorna Global Markets &
Economics Research
Phone: +91 120 4505200
email:
url: www.sumpoornaonline.com
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Daily Technical Roundup December’ 17, 2018
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