QNBFS Daily Technical Trader - Qatar March 26, 2017
Equity bazaar 18.11.14
1. 18th Nov’14 Equity Bazaar
Nifty
Nifty Technical View:
In yesterday trading session we have seen, Nifty have given gap down opening and drifted lower but failed to sustain at lower levels and moved higher and given close near days high.
Price Pattern: On hourly chart, we have seen that, after small consolidation Nifty prices have given close above the resistance level of 8425 and made new life time high.
Moving Averages: On hourly chart, Nifty prices have taken support on 50 EMA, (8375) level and moved higher which give positive confirmation.
MADC: MACD has given crossover signal line and moved above zero line which would add bullishness in prices.
RSI: RSI indicator has moved above the 60 levels which suggest strong momentum in Nifty prices.
Conclusion: The charts suggest rally is going to continue till 8600 levels.
Resistance: R1 8487 R2 8523 R3 8617
Pivot : PL 8429
Support : S1 8393 S2 8335 S3 8241
Our Recommendation
Buy Nifty above 8470 Stop Loss 8410 Target 8600.
Sell Nifty below 8300 Stop Loss 8350 Target 8100.
2. 18th Nov’14 Equity Bazaar
Bank Nifty
Bank Nifty Technical View:
Yesterday, after given gap down opening Bank Nifty drifted lower however, in the second half of the trading session Bank Nifty prices recover from its days low.
Price Pattern: On hourly chart, we have seen that Bank Nifty has traded in narrow range (consolidation),were the levels of consolidation is 17750 levels and the lower levels of the consolidation remain 17480 levels.
Moving Averages: On hourly chart, Bank Nifty prices have closed above 50 EMA (17510) levels, mention levels would act as immediate support for Bank Nifty.
MACD: The MACD on the hourly charts has sustained above zero line and given crossover signals but more confirmation can be drawn from the today’s prices action.
RSI: The momentum indicator, RSI remains 40-60 levels, which suggest no clear indication of current trend.
Conclusion: Bank Nifty is trading in a narrow range with resistance at 17750 levels and support at 17550 levels.
Resistance: R1 17768 R2 17861 R3 18068
Pivot : PL 17654
Support : S1 17561 S2 17447 S3 17240
Our Recommendation
Buy BNF above 17780 Stop Loss 17650 Target: 18000.
Sell BNF below 17400 Stop Loss 17500 Target: 17100.
3. 18th Nov’14 Equity Bazaar
Stock of the Day
Crompton Greav View:
It can be observed that prices have given breakout from downtrend line drawn from 230 levels to 192 levels and sustain above the crucial resistance of 192 levels.
Candlesticks Pattern: On daily chart, we have seen Crompton Greav has formed Bullish candle which gives positive confirmation for prices.
Moving Average: On hourly chart we have seen that Crompton Greav have given cross over signal and prices are trading above 50 EMA (191 levels), mention level could act as immediate support.
MACD: The MACD on the hourly charts has given cross over signal line and moved above the zero line, which indicates that the current trend is strong.
RSI: On hourly chart RSI remained near 60 levels, above which prices would gain momentum.
Conclusion: If Crompton Greav trade above 195 levels then prices could bounce towards 202 levels.
Resistance: R1 195 R2 197 R3 203
Pivot : PL 192
Support : S1 190 S2 186 S3 181
Our Recommendation
Buy Crompton Greav above 195 Stop Loss 190 Target: 202
4. 18th Nov’14 Equity Bazaar
Derivative Analysis FIIS Data: FII’s are net Rs 656.37 Cr Buyers on 17th November 2014 and Dll’s are the net Rs 247.86 Cr Sellers on 17th November 2014. Option Data: 8500 CE has the highest OI with 58 lakhs and 8400 CE has the second highest OI with 51 lakhs and 8300 PE has the highest OI with 62 lakhs and 8200 PE has the second highest OI with 54 lakhs. Open Interest: The above options data shows that nifty has strong support at 8000 and has resistance at 8500. The change in level will take place once when NIFTY prices breaks 8300 mark. Intraday Option Strategy: (A) Buy Nifty 8500 calls and Sell Nifty 8400 puts if buy level is breached. (B) Sell Nifty 8300 calls and Buy Nifty 8400 puts if sell level is breached.
7. 18th Nov’14 Equity Bazaar
Disclaimer
This is solely for information of clients of Choice Broking and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but Choice Broking or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice Broking in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice Broking has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Choice Broking makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment. POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – • Analyst interest of the stock /Instrument(s): - No. • Firm interest of the stock / Instrument (s): - No.
