Epic Research Daily Equity Report Of 03 October 2017

NIFTY

GDP slow down fear shown onto the market into last week Nifty faces strong selling pressure and after gap down opening at the starting of week it slipped around 270 point in a week but around 9690 it given some bounce which was low in July. Since on chart it is coming near mid term support level as well as on the first day of October series finished with gravestone doji formation so below 9680 we can see strong selling up to 9500 for that sell will be good in bounce back around 9850-9875 with stop loss of 10010.

BANKNIFTY

PSU’s NPA is still concern for banking sector due to that banks continuously coming down side and making pressure on to the market as well as recapitalization is also a big issue where the very huge amount required for these while the economy and inflation number is not good so the we can not expect any big bounce in bank sector. Technically it given double top pattern breakdown according to that we can see 23k level so we advise to sell it around 24300-24350 for target of 23500 23000 with stop loss of 24600.

ARVIND FUTURE

ARVIND Future was looking weak on to the chart but it is trading near last four month support level and in many time we have seen strong reversal from this level as well as in last week after making low of 359.50 it bounce up to 375 so we advise to buy it around 360 for target of 375 with stop loss of 354.

MOTHERSUMI FUTURE

MOTHERSUMI Future too volatile it is moving near life time high but as the market breached we saw strong profit booking into mohtersumi but at the closing of the last week it finished with doji candle on weekly chart since market is still looking bearish so short sell will be good around 343-345 for target of 336 325 with stop loss of 350.05.

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