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Friday 17thDec,2018 www.capitalways.com
EQUITY WEEKLY NEWSLETTER
17th Dec, 2018
STOCK /COMMODITY/FOREX/WEALTH MANAGEMENT
Technical based Trading and investment call Entry- Exit Trend Reversal+ Proper Stop loss
NIFTY: 10805.45 (1.05%)
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Indices ended positive but remained flat throughout the day with Nifty close just above 10,800 mark. At the end, Sensex was up 33.29 points at 35962.93, while Nifty was up 14 points at 10805.50. The price action formed a high wave candle supported by a higher high -low, highlighting a rise in volatility as the index approached its downward sloping trend line (drawn adjoining 11760–10941), indicating a temporary breather. Going ahead, we expect the index to enter a consolidation in the range of 10450 -10850. As highlighted in the last edition, since March 2018 , the index has not posted such a strong pullback (over 500 points) in three consecutive sessions that has retraced 80 % of the last leg of the decline (10941 –10334 ) at 10820 , highlighting an improving market sentiments . Meanwhile, the Nifty midcap and small cap indices have virtually retraced their last leg of decline, signifying broader market strength that augurs well for the next leg of the up move . This makes us believe the index is forming a higher base, which would set the stage to challenge the December high of 10941 in coming weeks . In the coming session, the Nifty is likely to open on a negative note. Therefore, post negative opening, holding above 10720 would lead to pullback efforts towards Thursday’s high (10838). Otherwise, continuance of breather amid stock specific action.
Friday 17thDec,2018 www.capitalways.com
BANKNIFTY: 26826(0.87%)
The Bank Nifty started the week on a negative note but made a strong comeback from 25600 which is 50% retracement of rally from 24240-27032 and post a strong weekly closing at 28826. The index maintained a higher high and higher low. In the process, it almost completely retraced its last six session’s decline (27037-25599) in just three sessions signaling strength and continuance of the up move. A strong closing above 27037 will signal extension of the current up move towards. For the short-term, the index has major support around 25900. Even during the current decline, the index has managed to hold the crucial support area of 25900 on a closing basis.
Friday 17thDec,2018 www.capitalways.com
Recommendation Stock for the WEEK
Script Name -ASHOKLEY Sell below-103 TREND - Down TARGET- 99 STOPLOSS – 107
CANDELSTICK CHART – BATAINDIA
JUSTIFICATION
SHARE IS IN BEARISH TREND AND RECENTLY IT BREAK SUPPORT OF 105. SHARE AGAIN RETRACE UTPO SUPPLY ZONE OF 105, BREAK BELOW 103 WILL DRAG MARKET UPTO 98-99. .
Friday 17thDec,2018 www.capitalways.com
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Script Name – BANKINDIA Buy above- 90.20 TREND-Bullish TARGET-95.20 STOPLOSS –85.20
CANDELSTICK CHART – HEXAWARE
JUSTIFICATION
SHARE HAS GIVEN BREAKOUT OF TRENDLINE ABOVE 88.35 AND CLOSE ABOVE IT. SHARE NEED TO SUSTAIN ABOVE 88 FOE RALLY ON UPSIDE.
Friday 17thDec,2018 www.capitalways.com
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DISCLAIMER: Stock trading involves high risk and one can lose Substantial amount of money. The
recommendations made herein do not constitute an offer to sell or solicitation to buy any of the
Securities mentioned. No representations can be made that recommendations contained herein will be
profitable or they will not result in losses. Readers using the information contained herein are solely
responsible for their actions. The information is obtained from sources deemed to be reliable but is not
guaranteed as to accuracy and completeness. The above recommendations are based on Technical
ANALYSIS only.
