Epic Research Daily Equity Report Of 14 August 2017

NIFTY

Last week we saw huge selling pressure ahead of border related issue in between domestic as well as USA Nifty index finished with strong bearish candle stick “bearish engulfing” where last week candle engulf three weeks gains technically after 06 January 2017 it finished below short term support level of 9771 now the midterm support at 9551 so this time wait and watch up to 9550-9600 these will be buying level with stop loss of 9450 for target of 9700 .

BANKNIFTY

Since we saw strong pull back in large cap PSU bank in JULY series where it came around all time strong resistance level as well as Q1 result is not surprising for these banks while FII and DII both raising fund from the market ahead the fear of war, so the bench- mark faced around 1000 points fall in previous week so it also has support at 23881 which was supported in last week so we advise

to sell it on rise around 24350-24400 for target of 23900 23000 with stop loss of 25000 .

SBIN FUTURE

Last week SBIN future show under pressure whole week but last session of previous week future respect 200 DMA level and close near this level with bearish candlestick in daily chart. Due to weak quartely NO, but if future respect previous week low we can see sharp pull back ahead, so for that it will be good to buy above 280 for the target of 285-290 with SL of 275 .

DRREDDY FUTURE

Last week SBIN future show under pressure whole week but last session of previous week future respect 200 DMA level and close near this level with bearish candlestick in daily chart. Due to weak quartely NO, but if future respect previous week low we can see sharp pull back ahead, so for that it will be good to buy above 280 for the target of 285-290 with SL of 275 .

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