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Stock market weekly wrap(18-22 September)

Benchmark indices started this week on a positive note. However, it lost his momentum during the middle of the week. Due to Geopolitical tensions created by N.korea  nifty face a resistance at upper levels and remain range bound entire week.

Nifty started the week at 9971.75 and traded in a range of 10,028.05-10,131.95. Nifty closed at 10085.40 up by 1.52%.

The broader market extended their gains this week too. The Nifty Midcap and the Smallcap both raised 2.04% & 0.73% respectively.

On the sectoral front, all the sectors posted gains for this week. Nifty Pharma (+5.63%), Nifty Media (+1.97%), and Nifty Bank (+1.81%) indices were the top three sectors to post gains.

RBI realised WPI numbers this week. Wholesale inflation rate as measured by the Wholesale Price Index (WPI) rose sharply to 3.2% in August, as compared to a steady rise from 1.8% in July 2017.

ICICI Lombard General insurance company launched the initial public offer of its shares in the week. This IPO is the first of its kind by any general insurance company in India. The Rs fifty-seven billion public issue of ICICI Lombard can give the company a valuation of Rs three hundred billion posts the issue. The issue is going to be open for 3 days through Sep 19.Priced in a band of Rs 651-661, the issue will be subscribed in lot sizes of 22 shares

Overall uptrend in under pressure so be cautious with new entries and make a defensive plan for your portfolio

Technical summary for coming week:-

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,521.25 is increasing. The Relative Strength Index is at 62.18 in the neutral territory. The Relative Momentum Index is at 73.80 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 121.51, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 89.49. This value is in the overbought territory

10125-10025 is the range for Nifty in the coming week. Breakout or breakdown will lead to further move.

Stocks to be watch for coming week:-

COALINDIA

COALINDIA is Short-term Bullish as the price close above its 100 days moving average with High volumes. The Relative Strength Index is at 62.48 in the neutral territory. The Relative Momentum Index is at 66.45 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 7.36, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 85.20. This value is in the overbought territory.

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 262.95 while the second resistance level at 270.90. The first weekly support level is at 243.00 while the second support level is at 231.00.

ONGC

ONGC is short-term Bullish as it is near to its 100 day moving average at 168.25.The Relative Strength Index is at 60.59 in the neutral territory. The Relative Momentum Index is at 50.94 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 1.00, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 57.91. This value is in the neutral territory.

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 164.07 while the second resistance level at 166.28. The first weekly support level is at 159.37 while the second support level is at 156.88.

Keep it on your watch list for the coming week.

DISCLAIMER: – we are not a SEBI research analyst. Views posted here only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline to interpreting specified analysis methods.  This information should only be used by investors and traders who are aware of the risk inherent in securities trading.

About Sachin Siwal

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