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Equity Research Report Ways2Capital 11 June 2018

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CEAT LTD (Cash)
CEATLTD is in overall bullish trend and for short term, stock is in some correction phase. Last week stock started the move on negative note and after that traded with sideways throughout the week. Stock is trading near its major resistance levels of 1400 on daily chart with the positive technical indicators and if it manages to trade above the levels of 1410, then further upside move can be seen in it. Stock has showed a good positive move on intraday chart.
For this week, traders can adopt buy on lower level strategy in it and above the level of 1415 it can test the level of Rs. 1465 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1387

BHARTIAIRTEL
BHARTIAIRTEL is in currently downtrend but for short term, we can expect positive movement in it. Last week stock started on negative note but from lower levels good buying was seen in the stock on other trading session of the week. On daily chart stock had given breakout of upward trend line. On intraday chart stock has showed good positive movement and if it manages to sustain above 390.00 levels then further buying can be seen in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 391.00 it can test the level of Rs. 404.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 381

CEAT LTD (Futures)
CEATLTD Jun Futures is in overall bullish trend and for short term, stock is in some correction phase. Last week stock started the move on negative note and after that traded with sideways throughout the week. Stock is trading near its major resistance levels of 1400 on daily chart with the positive technical indicators and if it manages to trade above the levels of 1410, then further upside move can be seen in it. Stock has showed a good positive move on intraday chart.
For this week, traders can adopt buy on lower level strategy in it and above the level of 1410 it can test the level of Rs. 1470 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1375

GODREJIND
GODREJIND is looking bullish on long term charts. Last week stock started on positive but couldn’t maintain the same buying in whole week and stock showed some sideways movement in the remaining part of the week. On daily chart, stock is about to give breakout of upward trend line. On intraday chart stock has showed good positive movement and if it manages to sustain above 615.00 levels, then further buying can be seen in it.

For this week, traders can adopt buy on lower level strategy in it and above the level of 617.00, it can test the level of Rs. 627.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 611

Nifty Fundamental
Last week bench mark index Nifty witnessed choppy movement for the entire week. In the initial part of the week, index corrected sharply from highs and the second half was completely a mirror image of it, however it managed to close at the higher band. The index has been vacillating in a defined range of 10780 – 10558 and during the week, this range was violated (on either sides) by a small margin on an intraday basis. FII DII activity remained contrast to each other for the entire week and failed to create any significant impact on the index movement. Nifty P/E ratio was in the range of 26.92 to 27.27 for the past week, slightly higher than the past couple of weeks.

On Macroeconomic front; important data like Repo Rate, Reserve Repo Rate & CRR released last week and created slight pressure on benchmark index due to hike in Repo & Reverse Repo rate. For this week, there is no major data is scheduled for release

Technical outlook:
Nifty future started the last week on negative note and continued its bearish run till Tuesday’s trading session. Index showed a good recovery in last three trading sessions due to which it gave closing on slightly positive note on weekly basis. Index registered a bearish reversal formation called Gravestone Doji with a long upper shadow suggesting that bulls encountered selling pressure around its critical resistance point of 10,826 levels. Hence, in the next trading sessions bears shall pick up momentum once they manage to push the prices below 10,7760 levels and selling shall get accelerated further on a close below 10,700 levels marking a significant near-term top around 10,850 going forward. On the options front, maximum Put OI is placed at 10,600 followed by 10,700 strikes while maximum Call OI is placed at 11,000 followed by 10,900 strikes
For this week, traders can adopt sell on higher level strategy in it and below the level of 10760. It can test the level of Rs. 10650 , 10600 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 108360

Bank Nifty:
Nifty Bank fut started the last week on negative note and continued its bearish run throughout the week and gave closing on negative note on weekly . If we observe the daily chart of Nifty Bank, it is seen that the index is trading in a rising channel and during last week, the trend line has acted as a good support It is trading below its major resistance levels of 26700 on daily charts and if it manages to trade below these levels than further downside can be seen in it. Major resistance is placed at 26800 & 27200 levels while support is placed at 26400 & 26100 levels.

For this week, traders can adopt sell on higher level strategy in it and below the level of 26400. It can test the level of Rs. 26205 , 26100 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 26552.

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