Equity Research Report Ways2Capital 26 Feb 2018

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Last week Bank Nifty Mar Futures started the week on negative note and continued the same for the initial part of the week. In the later part of the week, we saw short covering in it from the lower levels and it closed 25381.55 with the marginal gain of 0.45% on weekly basis. On technical front, we can further expect upside movement in it as it took the support of 200Days SMA coupled with the Hammer formation on the lower levels. It’s also sustaining above the downward trend line breakout with the positive RSI and indicating upside movement on the charts.

For this week, traders can adopt Buy on lower level strategy in it and above the level of 25420 it can test the levels of 25700/ 26000 during the week. Trades can make Buy position in it by maintaining a Stop Loss of Rs. 25230.

Last week Bank Nifty Mar Futures started the week on negative note but in the later part of the week, we saw short covering in it from the lower levels and it closed 25381.55 with the marginal gain of 0.45% on weekly basis. On technical front, we can further expect upside movement in it as it took the support of 200Days SMA coupled with the Hammer formation. It’s also sustaining above the downward trend line breakout with the positive RSI and indicating upside movement on the charts.

Last week, equity benchmark index Nifty Futures started the week on negative note and continued its bearish run till mid of the week from where index stared to show some positivity. Follow up buying was seen in the index on last trading of the week which lead index to close on positive note with bulls taking the control on index. Net FII & DII activity was negative on 19th and 22nd Feb while all other days of the week remain positive. Nifty traded with a PE Ratio range of 25.15 – 25.75 during the week and this ratio is reducing gradually from last 3 week. On Macroeconomic front; For this week, important economic data like Infrastructure Output, GDP Annual, GDP Quarterly coupled with the FII & DII activity will provide further direction to the market.

Last week Bank Nifty Feb Futures started the week on positive note but till the end of the week all of its earlier losses were erased and it closed at 25128.60 with the overall gain of 1.26% on weekly basis. On technical front, we can expect upside movement in it as it’s sustaining above the downward trend line breakout and formed Hammer pattern on the lower levels on weekly charts.

After making a lifetime high of 11185.60 in the month of Jan-18, Last week Nifty Mar Futures made a low of 10290.10, which is almost fall of 8.00% from the higher levels. Still Nifty futures in correction phase & we can expect further upside movement in it in short term.

For this week, traders can adopt Buy on lower level strategy in it and above the level of 10520 it can test the levels of 10650/ 10800 during the week. Trades can make Buy position in it by maintaining a Stop Loss of Rs. 10430.

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