Research Analyst Report

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4th
Sebi Reg. No.:- INH000003358

to
8th
Dec
2017
Index Weekly Change
Nifty 10121 -268 -2.58%

Sensex 32832 -847 -2.51%

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Indices Weekly Change 4th to 8th December 2017
Index Close 1 Week 1 Month 3 Month 6 Month

NIFTY 50 10121.80 -2.58% -3.05%

NIFTY NEXT 50 29471 -1.46% -1.45%

NIFTY BANK 25191 -2.28% -1.17%

NIFTY 100 10542 -2.42% -2.82%

NIFTY 500 9060 -2.01% -1.89%

Weekly Nifty Recap Nifty Last Week

Fiscal decit soaring to 96% of the FY18 budget and poor rollovers amid November F&O expiry triggered a late sell-o as
Ni y registered its biggest single day fall in over two months.

GVA rebounded in 2Q though bit lower than expected - Manufacturing, Mining, showed signs of recovery.

Indias manufacturing sector in November recorded its fastest growth in 13 months. This is for the fourth consecu ve
month that the index has come in above 50-mark.
Indices: Ni y -268 points, Sensex -846 points for the week.
Index moves: Ni y -2.6% , Sensex -2.5%
Cash market volumes: $ 29 bn v/s $ 26.4 bn

Sector Performances
Best Weekly Performers: Real Estate (+0.6%), Media (+0.2%).
Worst Weekly Performer: Metals (-4.5%), Energy (-2.8%), IT (-2.5%), Pharma (-2.3%), Fin Services (-2.2%), Bank (-2.1%).

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 NIFTY 4th to 8th December 2017
10121.80 (-268) -2.58%
Weekly 52 Week
OPEN 10361 HIGH 10409 10490.45

P. CLOSE 10389 LOWS 10108 8133.80

R2 10513

R1 10317

Pivot 10212

S1 10016

S2 9910

Weekly Recap:

This has been one of the biggest weekly fall for our markets in the current calendar year.The week gone by very dicult for
bulls and the market was decisively down at the end of the week. It was a 2.6 percent cut for the week. Financials were the
worst hit. Moreover, the market did not par cipate in the global run. The Ni y50 has come under selling pressure near the
November expiry . Following the trend, the index lost 218 points on the weekly basis and closed few points above 10,100
mark. Ni y spot closed at 10121 this week, against a close of 10389 last week.

Future outlook:

Ni y Index has breached the 50 day moving average on daily charts & gets us into an intermediate downtrend. So, once
10,100 levels breached than further down side movement can be seen in the index ll 9800 levels , So below 10,100 there
will be more intensive correc on in the index.This whole correc on is not about global situa on but more about domes c
sc and market is worried about the nancials because they had a huge rally and that takes the market down with.We may
have oversold in the short-term and could have a 60-70 point bounce but it is unlikely that 10,000 on Ni y will be defended.
So, one should be very cau ous and circumspect on the market.we would not be surprised to see index slipping below the
10000 mark in days to come. It's accepted that on last couple of occasions, the index reversed a er giving a truncated
correc on; but, this me, we do not expect it to be repeated. Traders are advised not to make any kind of bo om shing
and should rather lighten up exis ng longs in case of a bounce towards 10200 10275

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 NIFTY BANK
4th to 8th December 2017
25193 (-588) -2.28 %
Weekly 52 Week
OPEN 25693 HIGH 25953 25695.75
P. CLOSE 25779 LOWS 25152 17830.95

R2 26233

R1 25712

Pivot 25432

S1 24911

S2 24631

Weekly Recap:

A er a very narrow range of cosolida on phase Bank Ni y made its all me high of 25953 on Tuesday but could not hold
on higher levels and Bank Ni y index witness a sharp selling from this levels breaching its important support of 21 DMA
on daily chart. Bank Ni y Index closed on its major support of 50 DMA on daily chart at 25193 down by 588 points or
-2.28 % on weekly basis.

Future outlook:

The index ended the November F&O expiry on a dismal note and witnessed highest intraday fall for November last Thursday
where it fell nearly 650 points from the high and ended below the support level of 25500.We may see a broader range and
huge trigger in vola lity, going forward, as RBI's monetary policy along with Gujarat state elec on is lined up, which will act
as a key trend decider in coming days. we expect the index to con nue this correc ve phaseas the index heavyweights are
showing signs of weakness as well.Thus, traders should avoid any bo om shing and hold on to their short posi ons. On
any pullback moves, the index is likely toface resistance around 25500-25620 range whereas on the lower end, the index
likely to correct up to 24910 - 24600.

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Weekly Gainers/Losers 4th to 8th December 2017
Top 10 Weekly Gainers-Nifty
Gain Closing Price
Company Name LTP (Rs.) Rs. % Rs.
Bosch Ltd 19,988.15 1,030.80 5.44 18957.35
Maruti Suzuki India Ltd 8,609.00 121.05 1.43 8487.95
Bharti Infratel Ltd 385.95 5.15 1.35 380.80
NTPC Ltd 181.30 1.00 0.55 180.30
Coal India Ltd 272.05 0.55 0.20 271.50

Top 10 Weekly Losers-Nifty

Gain Closing Price
Company Name LTP (Rs.) Rs. % Rs.
Hindalco Industries Ltd 235.35 -16.30 -6.48 251.65
Vedanta Ltd 286.70 -19.20 -6.28 305.90
Tata Motors Ltd 398.90 -26.60 -6.25 425.50
Aurobindo Pharma Ltd 672.40 -42.70 -5.97 715.10
State Bank of India 312.75 -19.65 -5.91 332.40
Infosys Ltd 958.80 -50.75 -5.03 1009.55
Eicher Motors Ltd 29,280.95 -1,531.40 -4.97 30812.35
Hindustan Petroleum Corporation Ltd 409.55 -20.75 -4.82 430.30
Adani Ports & Special Economic Zone Ltd 386.75 -17.85 -4.41 404.60
Bajaj Finance Ltd 1,711.60 -78.40 -4.3 1790.00

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 24 CARAT Weekly Pick 4th to 8th December 2017
Hexaware Technologies Limited (NSE:HEXAWARE)
Spot Price Basis 1M Futures 2M Futures Rollover Spread
339.35 -2.25 337.1 340.6 3.5

Rollover % Open Interest OI % Chg Put Call Ra o

74.87% 1504 0% 0.4

R2 366

R1 354

Pivot 335

S1 323

S2 304

Recommenda on Jus ca on & Comments:

BUY HEXAWARE Hexaware Technologies Limited is looking bullish on long term chart.

DEC FUT @ 336-338 A er giving the breakout of its major resistance levels of 300 and
stock is trading above this levles.
TARGET 350/360 Technical Study:
STOP LOSS 326 Hexaware Technologies Limited has formed ag price pa ern on
higher levels and stock is sustaining on higher levels on weekly chart.

Key moving averages is also conrming that stock is in bullish trend

BUY HEXAWARE as Stock is trading above its 21 , 50 & 100 DMA on weekly chart.

DEC 340 CALL OPTION @ 10-11 Key Indicator MACDH ( E9, E12, E24 close) is in posi ve zone &
placed @ 5.16.
TARGET 17/23 A er analyzing the technical aspect of the stock, Price pa ern, Key
moving averages & MACDH we are bullish for the stock & In next
STOP LOSS 5 week up side movement can be seen in the stock.

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24 CARAT Weekly Pick 4th to 8th December 2017
Jain Irriga on Systems Limited (NSE:JISLJALEQS)
Spot Price Basis 1M Futures 2M Futures Rollover Spread
118.4 1.45 119.85 119.05 -0.8

Rollover % Open Interest OI % Chg Put Call Ra o

93.14% 5929 0% 0.23

R2 132

R1 126

Pivot 119

S1 113

S2 106

Recommenda on Jus ca on & Comments:

BUY JISLJALEQS Jain Irriga on Systems Limited is looking bullish on weekly chart, in
short term stock was in some consolida on phase.
DEC FUT AROUND 114-116 Stock has crossed its major resistance levels of 112 on weekly chart
and trading above this levels.
TARGET 125/130
Technical Study:
STOP LOSS 110
Jain Irriga on Systems Limited was trading in a triangle from last
one & half years and now stock has gave breakout of this price
pa ern and trading out side of triangle pa ern.
BUY JISLJALEQS Key moving averages is also conrming that stock is in bullish trend
as Stock is now trading above its 21 , 50 & 100 DMA on weekly chart.
DEC 120 CALL OPTION @ 3-4 Key Indicator MACDH ( E9, E12, E24 close) is turning in posi ve zone
from nega ve & placed @ 1.62 in weekly chart.
TARGET 8/12
A er analyzing the technical aspect of the stock, Price pa ern, Key
STOP LOSS1
moving averages & MACDH we are bullish for the stock & In next
week up side movement can be seen in the stock.

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 Market News 4th to 8th December 2017

GDP growth at 6.3% in Q2 as economy perks up

The Indian economy grew 6.3 percent in July-September, recovering from a three-year
low growth slump of 5.7 percent in April-June, as companies scaled up produc on and
restocked supplies a er goods and services tax (GST) kicked in from July 1.Data released
on Thursday by the Central Sta s cs Oce (CSO) showed that the GST-induced supply
shock may have eased considerably, helping a rebound in the broader economy. Companies and traders had emp ed out
inventories to carry over as li le old stock as possible into July, triggering an unexpected mid-year pre-GST "sale" season on
many products at heavy price markdowns. This large scale inventory clearance had caused an economy-wide slowdown,
pulling down overall growth to a 13-quarter low of 5.7 percent. Gross value added (GVA), which is GDP minus taxes, grew
6.1 percent, mirroring greater produc on ac vity in factories, according to data released by Central Sta s cs Oce (CSO).
GVA growth had signicantly fallen in the last few quarters, slipping to 5.6 percent in April-June. The nance ministry in a
statement said that the economy now seems to have weathered the 'transi onal challenges' experienced earlier in the year
and is now 'poised for a durable recovery going forward'. GDP growth may have raced faster in July-September, but for


uncertain indirect tax collec ons caused by teething procedural problems and technical glitches in GST tax returns.

Forex reserves claw back to $400-bn mark again
India's foreign exchange reserves reclaimed the USD 400-billion mark again, rising
by USD 1.208 billion to touch USD 400.741 billion in the week to November 24,
according to the weekly data from the Reserve Bank. In the previous week, the
reserves rose by USD 240.4 million to USD 399.533 billion, as per the central bank
data. The spike in reserves was helped by an increase in foreign currency assets,
which are a major component of the overall reserves. The foreign currency reserves
increased by USD 1.208 billion to USD 376.304 billion for the repor ng week, the RBI said today. Expressed in the US dollar
terms, foreign currency assets include the eect of apprecia on or deprecia on of the non-US currencies such as the euro,
the pound and the yen held in the reserves.Gold reserves remained unchanged at USD 20.666 billion. The special drawing
rights with the Interna onal Monetary Fund marginally declined by USD 0.1 million to USD 1.497 billion.The country's
reserve posi on with the Fund also fell by USD 0.2 million to USD 2.272 billion, the apex bank said.

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 Market News 4th to 8th December 2017

US indices end on a mixed note

Share indices in the US ended on a mixed note on Wednesday, with investors shunning
technology stocks for nancials, which have gained trac on on strong economic data and
expecta ons of con nued rate hikes by the US Federal Reserve.The Nasdaq Composite
ended over 1% lower a er falling as much as 2.2% intraday, as investors booked prots
in technology stocks, a sector that has contributed the most to this year's rally.In her
tes mony before the congressional Joint Economic Commi ee, US Fed Chair Janet Yellen repeated that she an cipates that
the Fed will con nue to gradually raise interest rates and trim its balance sheet, as a strengthening economy would warrant
con nued rate hikes.Dow Jones closed in the green at 23940.6 up 0.44%, while S&P 500 ended marginally down in the red
at 2626 and Nasdaq Composite too ended in the red down 1.2% at 6824.3.



India Nov Nikkei manufacturing PMI rises to 13-month high
At 52.6 in November, the Nikkei India Manufacturing Purchasing Managers' Index (PMI)
rose from 50.3 in October. This indicated a substan al improvement of opera ng
condi ons in India's manufacturing sector. At the broad market group level, growth in
consumer and intermediate goods oset a marginal deteriora on in investment goods
category.The Indian manufacturing sector recorded its strongest improvement in business
condi ons for 13 months, recording marked and accelerated increases in output and new
orders. Furthermore, manufacturing companies observed a renewed increase in new export orders during November.On
the job front, greater produc on requirements led to the fastest rate of employment crea on since September 2012.
Meanwhile, there was a pick-up in ina onary pressures, with input costs increasing to the greatest extent since April.The
upward movement in the headline index was driven by a marked increase in output. Furthermore, the rate of expansion
quickened to the strongest since October 2016. A combina on of higher order book volumes and a decrease in GST rates
reportedly contributed to greater produc on. That said, the rate of growth remained weaker than the trend seen since the
incep on of the survey in March 2005.Overall new export orders increased for the rst me in three months, albeit
marginally.It was a posi ve picture for factory employment in November, with manufacturers raising their payroll numbers
at the sharpest rate since September 2012.

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Name Designation Email

Mr. Prateek Gupta (Technical Research Analyst-head)

Mr. Lakhan Patidar (Sr. Derivative & Technical Analyst)

Mr. Dharmendra Saloniya (Commodity Research Analyst)

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