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RepleteBell Market Update

Market update 12th October 2017

The domestic market jumped to a three-week high amid hopes of higher second-quarter earnings. Firm global cues lifted the sentiments further, helping benchmark indices to break the shackles of range-bound trading.

The Sensex climbed 348 points or 1 % to settle at 32,182, with Reliance Industries up 3.82 this is the top gainer and Bharti Airtel down -0.83 and around the worst laggard.

The broader Nifty50 index of National stock exchange (NSE) too had a spectacular run with the benchmark index crossing 10,100 marks at the fag-end of the session. However, it settled at 10,096, up 12 points or 1 percent. As many as 40 out of 50 components settled in the green.

Metal stocks dazzled on Dalal Street on Thursday, thus pushing the nifty Metal index to end as top index gainer. The Metal index jumped 2 percent to close the session at 3,741 with 12 out of 15 stocks closing in the green.

The 11,370-crore initial public offer (IPO) of General Insurance Corporation of India (GIC Re) got subscribed 88 percent on the second day of the bidding process on Thursday. India’s third-biggest IPO after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues, had been subscribed 79 percent on the first day of the bidding process. the issue will close on Friday, 13th October.

Shares of Tata Teleservices (Maharashtra) zoomed ten percent in today’s trade amid reports that Tata Tele and Bharti Airtel may combine consumer telecom business. The stock settled at Rs 4.42 on BSE.

India’s retail inflation remained flat at 3.28 % in September, as food prices remained steady, whereas fuel and housing prices witnessing modest growth throughout the month.Retail inflation, measured by consumer price index (CPI) witnessed 3.36 % growth in August, whereas rising at 4.31 % in September a year ago. it’s the main price gauge that the reserve bank of India (RBI) tracks.Consumer food price inflation, a metric to gauge changes in monthly kitchen costs, continued to remain soft, with prices showing gradual rise at 1.76 % from at 1.52 % in August.

Nifty

Technical Summary for 13th October 2017

We saw a very good value buying in Nifty today. Made a strong Bullish candle but Banknifty is still Under pressure. So we need to look closely at Banknifty movement as well. Aggressive traders can take a long entry from here with tight stop loss of 9950.

NSE NIFTY is long-term Bullish as the 144 days moving average of 9,611.18 is increasing. The Relative Strength Index is at 60.83 in the neutral territory. The Relative Momentum Index is at 58.66 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 93.57, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 95.64. This value is in the overbought territory.

We have detected an Isolated Low at 9,955.80 one bar ago; this is usually a bullish sign that is not to be used alone!

 

Additional information

Tomorrow’s projected High: 10,164.10, the projected Low:10,036.75. The top 21-day Bollinger band is at: 10,204.72 while the bottom 21-day Bollinger band is at: 9,706.83.

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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