Epic Research Daily Equity Report Of 09 October 2017

NIFTY

The Nifty50 formed a strong bull candle on Friday and broke multiple moving averages, suggesting that the bulls are back in the driver’s seat. During the session, the index breached its 12-day, 20-day and 50-day exponential moving averages (EMAs) and formed higher highs and higher lows for the fifth straight session, suggesting that supports have shifted higher. The 9,921 level, which posed major resistance to the index, earlier would now act as immediate support for the index. For future its 9926.It appears that the Nifty50 registered a fresh breakout as the bulls appeared to have unleashed their energies. Friday’s price behaviour tilted the tide in favour of the bulls. So we recommend to BUY NIFTY FUTURE AROUND 10015-10020 TGT 10080/11040 SL BELOW 9926 .

BANKNIFTY

The Bank Nifty has been underperforming the Nifty index since last three sessions. It has been moving in a narrow range of 230 points between 24,000 and 24,230 levels for last three sessions. It failed to move on either side after RBI’s money policy and finally closed flattish by forming a small Doji candle on the daily chart. Now, it has to cross and hold above the 24,230 mark to witness a bounce towards 24,350 and then 24,500, while holding below
24,000 could see it decline towards 23,850 and then 23,500 levels. So recommend to SELL BANKNIFTY FUTURE AROUND 24240-24230 TGT 24160-24000 SL ABOVE 24340.

JSWSTEEL FUTURE

Last trading session JSWSTEEL future outperformed with 3.46% upside movement there is a support level around 249.85 above which it has closed, on the upside its 261 which may create a hurdle, however there is a recovery in the market which can be easily seen, also
Metal sector has also started rebounding so we recommend to BUY JSWSTEEL FUTURE ABOVE 261.50 TGT 270/281/291 SL BELOW 254.

APOLLOTYRES FUTURE

APOLLOTYRES FUTURE has rebounded from its crucial Resistance level of 236 which just above its 200 Days EMA. This particular counter is maintaining a upward trend continuosly and its support levels around its moving averages have played a crucial role. On the
upside there is Reisiance level of around 246 just near to its 100 Days EMA .So we recommend to BUY APOLLOTYRES FUTURE AROUND 236-238 TGT 240/244 SL BELOW 232 .

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