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RepleteBell Indian Equity Market Review

Indian equity benchmarks rose for fourth straight day led by gains in index heavyweight Reliance Industries, Sun Pharma and HDFC Bank.

The S&P BSE Sensex rose 0.36 percent to 33,478 and the NSE Nifty 50 Index advanced 0.27 percent to 10,327.

Fifteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Consumer Durables Index’s 1.98 percent gain. On the other hand, the S&P BSE Realty Index was the top sectoral loser, down 1.33 percent.

Fab Four Stocks Of The Day

  • Simplex Infrastructures: The Kolkata-based construction company rose as much as 13.7 percent, the most in over five months, to Rs 594.80 after it won an order worth Rs 524 crore from NBCC India to construct buildings for IIT Bhubaneswar and its extended campus.
  • Quess Corp: The Bengaluru-based professional service provider rose nearly 10 percent to Rs 948 after it signed an agreement with Tata Sons and Tata Capital to acquire 51 percent stake in Tata Business Support.
  • BCL Industries: The Bathinda-based edible oil producer was locked in 5 percent upper circuit at record high of Rs 115.35 after renowned investor Porinju Veiyath bought 2 lakh shares at Rs 109.90.
  • Dr. Reddy’s Labs: The Hyderabad-based drugmaker rose nearly 10 percent after it got an establishment inspection report (EIR) from the US FDA for its Vizag unit.

Stocks Moving On Heavy Volumes

  • Thermax: The Pune-based electrical power equipment maker rose nearly 1 percent to Rs 1,029.55. Trading volume was 21.6 times its 20-day average.
  • Whirlpool Of India: The Haryana-based consumer electronic products maker rose as much as 5.6 percent, the most in over a month, to Rs 1,478.90. Trading volume was 22.5 times its 20-day average.
  • McLeod Russel: The Kolkata-based tea producer rose as much as 7.6 percent, the most in over seven months, to Rs 185.55. Trading volume was 14.6 times its 20-day average.
  • Cox & Kings: The Mumbai-based travel company rose as much as 2.6 percent, the most since Nov. 17, to Rs 256.50. Trading volume was 10.5 times its 20-day average.

Logistics Shares Gain On Getting Infrastructure Status

Shares of logistics companies rose after the Finance Ministry gave infrastructure status to logistics sector.

Leading logistics players welcomed the government’s decision to grant infrastructure status to the industry saying the move will help them raise funds at a lower cost which in turn will help reduce the overall transportation cost, according to a PTI report.

  • Allcargo Logistics rose 1.7 percent
  • VRL Logistics rose 2.4 percent
  • Gateway Distriparks advanced 3.8 percent
  • Navkar Corp jumped 2.1 percent
  • Transport Corporation of India gained 3.7 percent
  • GATI rose 1.4 percent
  • Arshiya International advanced 1.03 percent
  • Snowman Logistics gained 1.5 percent

Quess Corp Surges On Acquiring Stake In Tata Business Support Services

Shares of the Bengaluru-based staffing company rose as much as 9.6 percent, the most in over five months, to Rs 948.45 after its board post market hours yesterday approved acquisition of Tata Business Support Services (TBSS), according to a stock exchange filing.

Quess Corp has signed an agreement with Tata Sons and Tata Capital to acquire 51 percent stake in Tata Business Support Services which is a customer experience management company.

Quess Corp To BloombergQuint

  • Company mainly into point of sales related activities, were looking to expand
  • We were looking for a suitable asset for a while
  • Will fund the acquisition from internal sources
  • TBSS is an investment in the technology space for us
  • Growth strategy from TBSS will come from growing in international geographies
  • Will grow around Rs 700 crore but margins may be bit under pressure this year
  • We hope to protect our current EBITDA margins this year
  • Not present in landscaping services, looking for opportunities in the same

*News Source-Bloomberg

Technical Summary For 22nd November 2017

Indian Equity

As expected nifty is trading in a range only. today nifty breaked our resistance level of 10320 and close slightly above but Expecting some range bound activity for quite sometime. Overall trend is UP.

NSENIFTY is long term Bullish as the 144 days moving average of 9,823.00 is increasing. The Relative Strength Index is at 56.74 in the neutral territory. The Relative Momentum Index is at 56.11 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 70.38, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 71.44. This value is in the overbought territory.

We have detected an Isolated Low at 10,261.50 one bar ago ; this is usually a bullish sign that is not to be used alone!

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 10,386.80 while the second resistance level at 10,490.00. The first weekly support level is at 10,137.20 while the second support level is at 9,990.80.

Additional information:-

Tomorrow’s projected High: 10,342.80, the projected Low:10,299.15. The top 21-day Bollinger band is at: 10,435.17 while the bottom 21-day Bollinger band is at: 10,089.32.

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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