Nifty reclaimed 9700, one more opportunity to exit longs

Weekly Review (8/7/2017)

Sensex (30361) / Nifty (9666)

Future outlook

In the week gone by, our markets gave a smart recovery from the recent low of 9448.75; in fact, due to Thursday’s move, the Nifty made yet another successful attempt to test the 9700 mark. As a result, the Nifty managed to surpass the strong resistance of 9630 – 9650 with an ease. This move was slightly unexpected for us; but despite this development, two consecutive narrow range candles after kissing 9700 does not give any comfort to change our cautious stance on the market.

We would like to highlight few notable observations that are holding us back.

1) We can see a breakdown from the small ‘Upward Sloping Channel’ and prices are continuously resisting at the lower trend line of the pattern.

2) We are meticulously observing the placement of ‘Parabolic SAR’ indicator which turned into a ‘Sell’ mode last week. The Nifty is now placed tad below the higher end of this indicator. And

3) The daily ‘RSI- Smoot hened’ has bounced towards its breakdown point, which we believe would act a strong resistance. Considering all these evidences, we still believe that it would be a daunting task to overcome the hurdle of 9700 – 9720 in the near term.

Hence, we would continue to advise staying light in the market (at least index specific longs should be avoided) and should focus on individual stocks in order to get better trading opportunities. On the flip side, 9640 – 9600 are seen as immediate support levels; but, with a near term view, these levels may get breached soon and index may slip towards 9450 – 9340 levels.

 

SymbolLast CloseSUP.3SUP.2SUP.1PIVOTRES.1RES.2RES.352W HIGH52W LOW365 Days % Change30 Days % Change
3NIFTY 509674.6958296119642.89671.79703.59732.59764.39709.37893.816.062.43
4INFRATEL415386.1392.3403.7409.9421.3427.5438.9416.2281.815.828.51
5SBIN280.9268271.3276.1279.4284.2287.5292.3315.3216.525.66-2.23
6IBULHSGFIN1081.31015.21036.810591080.61102.91124.51146.71187.4616.659.31-7.6
7ITC337.1325.2328.3332.7335.7340.1343.2347.6354.822238.416.19
8COALINDIA251.5242.4244.8248.1250.5253.8256.2259.5350242.6-21.88-4.93
9MARUTI7476.87280.87328.57402.67450.37524.47572.17646.27498412579.154.93
10BHARTIARTL381.2366.9370.4375.8379.3384.7388.2393.6401283.14.182.36
11AMBUJACEM256.2248.5250.9253.5255.9258.5260.9263.5281.71911.056.59
12ACC1612.71559.91573.91593.31607.41626.81640.81660.21756.71256.61.47-2.01
13TATAMOTORS436.6429431.4434436.4439441.4444598.4417.3-5.27-8.69
14BANKBARODA162.2156.1158.7160.5163.1164.9167.5169.3202.5135.31.72-9.18
15HDFC1642.8159516091625.916401656.91670.91687.81682.21183.230.312.28
16TATASTEEL554.1541.1545549.6553.5558.1562566.6557.5312.166.0712.78
17AUROPHARMA683668.3673.2678.1683.1688692.9697.8895503.1-11.4115.19
18HDFCBANK16591640.91646.11652.51657.81664.21669.41675.81716115842.331.43
19TATAMTRDVR266.4262.7263.9265.1266.3267.6268.8270378.2257.5-10.17-7.58
20ULTRACEMCO41114012.44039.74075.34102.74138.34165.64201.24533.1305021.8-1.61
21ZEEL502496497.8499.9501.7503.8505.6507.7589.9427.78.67-4.32
22DRREDDY2676.62615.926292652.82665.92689.72702.82726.63689.92380.4-22.435.55
23HCLTECH840.6830832.9836.7839.6843.4846.3850.1909.6710.313.83-2.11
24BAJAJ-AUTO27262700.82711.92718.9273027372748.12755.1312025104.36-5.95
25HEROMOTOCO3722.83668.53688.33705.53725.33742.53762.33779.53880.62849.519.66-2.92
26BOSCHLTD2380023187.223349.623574.823737.223962.424124.82435025670.917671.65.6-0.39
27TATAPOWER8281.181.581.782.182.482.88391.26710.31.17
28INDUSINDBK15201492.31499.21509.61516.615271533.91544.315381036.737.30.98
29ASIANPAINT11291107.11117.51123.21133.61139.41149.81155.51227.3851.114.61-2.8
30AXISBANK509.5502.8505.5507.5510.2512.2514.9516.9638.3424.4-5.6-0.82
31ICICIBANK293.1289.2290.8291.9293.5294.7296.3297.4297.6215.131.540.83
32LT16951671.21680.81687.91697.41704.51714.11721.218341295.17.54-6.09
33RELIANCE14421424.71431.31436.71443.31448.71455.31460.71467.893045.28.47
34YESBANK1504.11469.114821493.115061517.115301541.11651.91090.633.53-1.28
35KOTAKBANK958.5945.3949.7954.1958.5962.9967.3971.71004.7692.529.45-0.88
36VEDL260.9255.8257.8259.4261.4263265266.6278.1135.990.313.73
37LUPIN1081.91037.11056.81069.41089.11101.61121.31133.917501036.2-30.78-6.43
38ADANIPORTS372.1366.3368.9370.5373.1374.6377.2378.8377.7204.673.413.05
39TCS2350.12317.72328.92339.52350.72361.32372.52383.12744.82051.9-5.44-9.75
40BPCL660650.5654657660.5663.5667670769.3543.620.22-9.41
41POWERGRID209.3206.5207.8208.5209.8210.5211.8212.5215160.229.81.95
42TECHM375.8366.4369.8372.8376.1379.1382.5385.5523.8356.7-27.06-6.69
43HINDUNILVR1092.11076.41081.41086.71091.7109711021107.3112978222.67-0.52
44INFY946.8928.9936.5941.7949.3954.5962.1967.31196.1901-19.45-1.25
45ONGC162.1157158.6160.3161.9163.6165.2166.9211.8144.75.34-7.8
46WIPRO256.5250.7253.3254.9257.5259.1261.7263.3288.9204.1-9.2-7.66
47CIPLA543531.6535.9539.4543.7547.2551.5555621.3480.27.11.53
48GAIL361.1350.4353.9357.5361364.5368371.6433.7268.3-6.6-9.28
49NTPC158155.5156.2157.1157.9158.8159.5160.4178.3142.93.54-2.83
50EICHERMOT27836.326952.527266.827551.527865.828150.528464.828749.5300511930043.25-5.08
51SUNPHARMA545.9533538.2542.1547.3551.1556.3560.2855492.7-29.526.45
52M&M137113391354.51362.71378.21386.41401.91410.115091141.4-6.08-3.71
53HINDALCO196.5191.8194195.2197.4198.7200.9202.1210.4123.358.92-0.3

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