Equity Research Report Ways2Capital 14 Aug 2017

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NIFTY FIFTY : – Last Week Nifty Index made fresh all time high of 10138 and closed above a psychological level of 10000. However this rally did not sustain As Nifty trades below 9700 levels. The Benchmark Index Nifty on 7th August opened at 10075 closed at 10057 after making a low of 10046.The Index ended 9 points down from its previous close of 10066. Tyre stocks rose after reports suggested that the Directorate General of Anti-Dumping and Allied Duties is in talks with the Finance Ministry for the imposition of anti-dumping duty on truck and bus radial tyres imports from China. The authority has submitted a report to the Finance Ministry which will take the final decision soon. The Market fell on Tuesday due to an unexpected regulatory order imposing trading restrictions on 331 listed entities identified as shell companies raised concerns about a wider probe into others. On Tuesday trading session, Nifty was down by 78 points and the market took support at 20 DMA around 9970 in the daily chart. The market fell for the third consecutive session on Wednesday. Nifty was down by 70 points and in the daily time frame, the 20 DMA or mid Bollinger support placed around 9974 got broke and faced strong resistance 9970. Nifty opened gap down, pulled back and after making an intraday high of 9969, slipped about 75 points subsequently. The Securities and Exchange Board of India has directed stock exchanges to initiate action against 331 listed entities suspected to be shell companies. These companies will not be allowed to trade this month, according to a Sebi circular sent to exchanges on 7 August. These 331 shares will be kept in stage four of the so-called Graded Surveillance Mechanism with immediate effect. Market fell for the fourth consecutive session on Thursday with a gap down.

After Yesterday’s close below 200 hourly Moving average, market breached another important support of 34 DMA 9840 levels. However, market bounced in the last one hour from vicinity of 50 DMA Support around 9778 levels. The Benchmark Index Nifty on 10th August experienced a forth day consecutive sell off and closed at 9820 after making a low of 9776. If Index sustain below its 3 week low of 9792 We might see Nifty to further fall at 9646 levels in near Term. The Significance levels for Nifty is 9930-9983 is Up side or 9750-9634 is Down side.

BANK NIFTY : – BankNifty opened at 24854 and closed at 24906 afetr making a low of 24844. The Index was up by 79 points from its previous close of 24827. Bank Nifty also made all time high in last week trading session of 25199 but closed below its psychological level of 25000 at 24827. Bank Nifty opened at 24942 and closed at 24600 after making a low of 24534 on Tuesday trading Session. The Index was down by 306 points from its previous close of 24906. Bank Nifty Wednesday corrected 225 points from its previous day’s closing and closed at 24375 after making a low of 24328.Federal Bank down by 3.56%, Axis Bank by 2.5%, ICICI Bank by 1.66% and Yes Bank by 1.25% were among the major losers in the Banking Index. Last week Lok Sabha has passed the Banking Regulation (Amendment) Bill, 2017 introduced last month to replace the existing ordinance promulgated in May this year to empower the Reserve Bank of India to deal with stressed assets. Reserve Bank of India cut the key interest rate by a quarter points to 6% as expected without changing its stance, saying that it would remain on guard as price pressures may return in the wake of a house rent allowance payout and the July 1 rollout of the goods and services tax. Time and Price Action Suggest that Bank Nifty need to Sustain over 24000 levels 24050 level for Any strength towards 24177-24309 levels, On the Other Side Sustaining below 24050 may drag the Index towards 23786-23578 in near Term.


Government spending rises 27% to Rs 6.5 lakh crore in Q1 FY18: FM Arun Jaitley – The government’s expenditure went up 27 per cent in April-June of the current fiscal to over Rs 6.50 lakh crore as a result of Budget advancement by a month, Finance Minister Arun Jaitley said today. In a written reply in the Rajya Sabha, he said the advancement of the Budget by a month to February 1 was intended to utilise the full working season, including the first quarter (April-June of 2017-18), to step up expenditure. Previously when the budget got approved in mid-May, the spending would start only in the second quarter. This year, the Budget was presented on February 1 and Parliament approved it before the start of the fiscal year on April 1. The total expenditure of the Union government during the first quarter is Rs 6,50,731 crore, which is 30.3 per cent of the amount budgeted for 2017-18 (Budget Estimate or BE) as against Rs 5,11,833 crore (25.9 per cent of BE 2016-17) for the corresponding period of the previous year, Jaitley said. The government had brought forward the Budget presentation to provide allocation to the departments from the first day of the new financial year, he said.

India is on right track, growth rate reflects it: Goldman CEO – Having deployed almost $3.5 billion over the last decade in the country, Goldman Sachs Group Inc will continue to grow its local franchise as an trusted advisor, financier and investor of India Inc, said Lloyd Blankfein. If you are willing to commit your own money, which we are, you command attention and it is helpful to attract other people’s money. It is one thing to recommend, but when your clients see you doing it, that is the sincerest form of advice you can give,” the 62 year old chairman and chief executive of the Wall Street investment banking bell weather told ET during an exclusive interview that touched upon a wide swathe of topics ranging from Fed rates and outlook on global markets and commodities; the Trump administration, being on twitter and the need to review the stringent financial regulations in US to the growth pillars for India and its other emerging market contemporaries, especially from the BRICS nations. Sitting with his leg propped up on a coffee table in his 41st floor office, overlooking the Hudson River and Jersey City, Blankfien said he does not think India is an outlier any more. “If you told me five years ago that India was going to be outgrowing China consistently for a period of time, I would say that would have been a surprise to me then and less of a surprise to me now because I have seen it evolve that way,” he said.

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