Category: Weekly Reports

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Weekly Reports

24-Sep-22 Technical & Fundamental Insight

Last week review: 

We expected correction on Indices are Nifty made high at 18096 & Banknifty corrected after making new 52-week high of 41840.

We would be working for 3 probabilities to read the next direction.

1) VIX stays above 20 & see some bounce on Nifty @ 17740 & Banknifty @ 40351: We will consider it as opportunity to reduce exposure & find short opportunity.

2) VIX goes below 20 level & Nifty @ 17166 & Banknifty @ 39432 holds: if market stops further correction and holds on to crucial level, consolidation in range on Indices within 2% percent will mean that market will be waiting for further cues & development, which will be corporate earnings.

3) VIX stays above 20 & correction continues: Current momentum is down and market is getting hammered into with fresh weakness and we would prefer to hedge & reduce exposure.

Going into F&O expiry for September series, technical indicate market in oversold zone and due for a bounce back from lower level.  Market have corrected around 3% to 5% after US Fed decision outcome.  Decoupling theory of Indian market will be tested in next week ahead of RBI MPC policy on 30-Sep-22.

We would avoid chasing momentum and prefer to sticks to stocks where we are comfortable holding on for long period of time.

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24-Sep-22 Fundamental & Technical Insight.pdf
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17-Sep-22 – Technical & Fundamental Insight

Last week – review

Nifty almost tested 18134 level, weekly high was just below 18100 and Banknifty convincingly crossed 41406 level on intraday basis.

De-coupling debate / discussion of Indian market is getting momentum as domestic economy stocks outperformed during the week, but witness some correction on Friday. 

Approach on Technical: This week, technical setup is weak and considering VIX @ 19.82 and if VIX goes above 20 – 22, we expect high volatility due to US Fed event outcome on 21-Sep-22. 

Equichain Wealth Advisors: Opinion & View

Banknifty continue to outperform as domestic economy remains resilient.  Defense & Cement along with Banking & AUTO sector continue to do well on strong demand and expectation of healthy demand ahead of festive season.

Market View & Strategy

This week, focus would remain on US FED meeting outcome on 21-Sep-22, it could be termed as binary event and we have seen some surprise is thrown by market ahead of event and opposite reaction to policy outcome.

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17-Sep-22 Fundamental & Technical Insight.pdf
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10-Sep-22 Technical & Fundamental Insight

Last week – review

We expect market to get decisive move and Indices have clearly given break-out on upside.  Nifty closing above 17775 & Banknifty above 39786.  Banknifty manage to cross above psychological level of 40000 and highest weekly closing for Banknifty.  

Approach on Technical: In last 2-week, Nifty was up 1.56% and Banknifty was up 3.66% compared to 26-Aug-22 close with 9-Sep-22.  

Technical are very strong and indicate further upside but consolidation at current level could be healthy.  Major event for market is on 21-Sep-22, US FOMC meeting, Indian market will react to it on 22-Sep-22.  

Market View & Strategy

Our strategy this week would be to book part profit on rise as we see market seeing some volatility increasing but continue to remain in narrow range.  Banking remains our top picks, domestic economy companies such as infrastructure, consumption, telecom & banking will provide entry opportunity on any correction.  IT companies and companies with exposure to US & Europe would remain under pressure.

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10-Sep-22 Fundamental & Technical Insight.pdf
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3-Sep-22 Technical & Fundamental Insight

Last week – review: 

Indian market started the trading week on weak note following US Fed chair Jerome Powell speech at Jackson Hole.  Monday’s weak closing was later on recovered by failed to reach level seen last Friday.

Yet another week with same narrative of recession fear in US & Europe and tight monitory policy by central banks globally.  Bulls & Bears continue its tug-of-war as Indian indices mostly ended flat with Banknifty gaining over 1% on weekly basis and VIX closed below 20.


Approach on Technical: Last week Monday’s weakness was bought from lower end.  Surprising rally on Tuesday’s got sold into following holiday on Wednesday.  Broadly Indices continue to trade in range.

We are expecting clear and decisive move this week which could give break out from Nifty range of 17200 – 17800 level and Banknifty from 38500 – 39700 level.  We expect follow through move of 2% – 3% on either side once break-out from range happens.  

Equichain Wealth Advisors: Opinion & View

Indian market continues to trade in narrow range and currently whole narrative is around what US Fed will do on 21-Sep-22 & ECB on 8-Sep-22.  

After a sharp rally from 17-Jul-22 to 18-Aug-22 on narrative of US Fed managing soft landing has changed after US Fed chair Jerome Powell speech at Jackson Hole Symposium.  

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3-Sep-22 Fundamental & Technical Insight.pdf
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27-Aug-22 Technical & Fundamental Insight

Last week – review 

Nifty took support at 17345 on Tuesday in opening session and manage to trade in range of 17384 to 17775.  Banknifty traded in range of 38000 to 39500 while holding on to 38418 level on closing basis.

Approach on Technical: Friday’s closing, technical indicate mix picture, but global cues are weak and indicative opening on Monday will be around Nifty @ 17384 & Banknifty around 38418.

Indices could retrace 61.8% of the recent rally, going into trade with weak global cues.  Nifty below 17384 could test 17023 & Banknifty below 38418 could test 37589 level.  

Market View & Strategy

Indian market has been resilient in month of May & June 2022 where there was global turmoil.  After yesterday’s speech again there will be change in narrative to bearish & skeptical from “Inflation & Interest rate seen peaking” which triggered rally from 17-Jul-22 to 18-Aug-22.  

We would focus on domestic companies more than companies with global exposure such as IT & Metal.  Nifty @ 17000 & Banknifty @ 37500 will provide opportunity to do fresh allocation.
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20-Aug-22 Technical & Fundamental Insight

Last week – review

Nifty trendline resistance connecting 18604, 18350 & 18114 and now this resistance level comes 17786.  Nifty manage to close above this level on daily closing but failed on weekly basis.

Approach on Technical: Indices witness first correction in last 2 weeks after 4-Aug-22.  VIX increase above 18 level and if manages to cross 20 level, we would turn cautious.  

We are focusing on Nifty first support level @ 17384 & 2nd support level @ 17023 which is 61.8% of 16438 to 17968 rally.  Banknifty rally 36248 to 39759, immediate support retracement @ 38.2% comes 38418 and 61.8% comes at 37589 level.

Market View & Strategy

In our last week report we have mentioned that we will follow “Sell-on-Rise” strategy which have helped us and provided scope to invest on correction. 

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20-Aug-22 Fundamental & Technical Insight.pdf
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13-Aug-22 Technical & Fundamental Insight

Last week – review: We expected Indices to test upper end of the range, Nifty @ 17684 & Banknifty @ 38448.  Indices manage to surprise positively and Banknifty closed above 39000 level.  

Tuesday market will be reacting to HDFCBANK & HDFC merger approved by CCI.  India’s inflation data came in line with market expectation.  CPI came at 6.71% which will be taken positively by market.   

Meanwhile any major announcement by PM on 15-Aug-22 could provide fresh cues.  

Technical View

Nifty RSI @ 80.48 & RSI average @ 76.44.  Nifty rallied 1.73% this week but RSI constantly remained above 70 level.  

Nifty trend-line resistance from 18600 to 18350 & 18114 – shows resistance zone at 17775 and extension of Nifty rally started from 15858 could test 17885 which comes at 161.8% extension.

Banknifty RSI @ 80.09 & RSI average @ 75.84.  It continues to trade in overbought territory.

Approach on Technical: Indices are in overbought zone and it can trade in over-bought zone for extended period before any significant correction.  We are expecting another round of rally backed by short-covering & momentum to take indices higher before some correction.  

Fundamental Insight

Q1FY23 result season concludes as most companies declare their result.  Result season have seen some positive surprise with Mid-Cap & Small-Cap showing momentum continue as many stocks reclaim their level seen in April 2022.


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13-Aug-22 Fundamental & Technical Insight.pdf
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6-Aug-22 Technical & Fundamental Insight

Last week – review: Nifty range for this week was 17155 to 17490.  Banknifty traded in range of 37249 to 38231.  Indices remain in range, but did not test the lower or upper end of the range mentioned in weekly report.

Approach on Technical: On Thursday, sharp fall in Indices did not witness follow-through selling.  We expect upper end of range that is Nifty @ 17674 & Banknifty @ 38448 could be tested.

We would remain sell-on-rise as the pace of the rally was too fast, any consolidation / correction would be healthy.  Indices rallied around 8% – 9% in last 3 – 4 weeks.  VIX on Thursday was trading above 20 level after sharp fall in indices but recovered by end of session and VIX closed below 20.  

Equichain Wealth Advisors: Opinion & View

This rally has started on back of US Fed managing soft landing, growth will not be impacted hence corporate earnings will have limited impact.  It is change in narrative which have led to 8% to 9% rally in Indian market and Wall Street rallied 10% & above.  Next US Fed meeting is more than 6 weeks away, market will continue its zig-zag move.

RBI MPC meeting outcome was surprising for us with minor disappointment.  RBI don’t expect inflation to witness considerable down-tick.  We expect RBI to increase interest rate in upcoming meeting to keep in tandem with global central banks.  We will prefer to go long only after correction and indices near lower end of the range.  


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6-Aug-22 Fundamental & Technical Insight.pdf
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30-Jul-22 Technical & Fundamental Insight

Last week review: going into trade Nifty & Banknifty witness highest closing for July 2022 and short covering rally continued as Nifty crossed 17000 convincingly.

Back home, HDFC twins & BAJAJ twins did the fire work as result of both BAJAJ companies had positive surprise.  We are half-way down the Q1FY23 result season, so far, no major disappointment in results as expectation is down as compared to previous quarter.

Nifty range for this week 16691 to 17674 and Banknifty range for this week 36926 to 38448.  We expect upper end of the range to be tested later in the week as RBI MPC policy outcome on 5-Aug-22.

Fundamental Insight

US Fed have increased interest rate by 75 bps on 27-Jul-22 in-line with market expectation.  US Fed chair J Powell guided that in next US FOMC meeting on 21-Sep-22, decision on interest rate will be based on data.

Result season for Q1FY23 have not been disappointing so far, as market went into result season with very low expectation after debacle in Q4FY22 result season where market witness major sell-off.

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30-Jul-22 Fundamental & Technical Insight.pdf
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23-Jul-22 Fundamental & Technical Insight

Last week review: We expected this week, Indices to trade in narrow range, but once Nifty @ 16255 & Banknifty @ 35543 was crossed, Indices did witness sharp rally backed by short covering.

Cement stocks reacted positively on back of strong result from Ultratech cement and Banking stocks kept the momentum to record weekly gain of more than 5%.  ECB raised rates by 50 bps and guided for more rate hike.  Crude oil continues to trade near $100 which helped global sentiment.

Approach on Technical: Nifty @ 16622 & Banknifty @ 36422 / 35985 to act as immediate & strong support for intermediate support level.

Market View & Strategy

RELIANCE will have muted opening on Monday with negative bias.  Last week rally have surprised many participants.  FII turn buyer in cash segment as well covered its short position in F&O.  

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23-Jul-22 Fundamental & Technical Insight.pdf
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