NiftyforAll: Weekly Review - 06th March, 2017

Saturday, March 04, 2017

Weekly Review - 06th March, 2017

Dear All,

A surprisingly positive gross domestic product (GDP) growth data and globally US President Donald Trump’s non-combative speech to Congress may have taken the market to two-year high on the fourth trading day, the benchmark indices snapped five-week long gaining spree to end in red terrain as investors preferred to book profits ahead of the US Federal Reserve’s policy meeting on March 14-15 and back home state election results due on March 11.

To the surprise of economists and market participants, the Central Statistic Office (CSO) on Tuesday showed that GDP expanded by 7% in the third quarter, belying all fears of the demonetisation derailing economic activity. The pace of the growth, however, slowed from 7.4% logged in the September quarter, but CSO retained its first advance growth estimate for the entire financial year 2016-17 at 7.1%.

Meanwhile, Nikkei India Manufacturing Purchasing Managers’ Index (PMI) inched up to 50.7 in February from 50.4 in January, while Nikkei India Services PMI stood at 50.3 in February, up from 48.7 registered in January.

The US Federal Reserve looks set to hike interest rates in its next policy meeting on March 14-15 as leading policymakers including Chair Janet Yellen indicating the global economy seemed to have turned a corner, clearing the way for a rate hike “fairly soon”.

Yellen, in a speech on Friday signaled the Fed is set to raise interest rates this month if employment and other economic data hold up. She also said rates are likely to rise faster this year.

Traders now have priced in about an 85% chance of a hike during the March 14-15 policy-setting meeting, according to Thomson Reuters data. Those chances stood at roughly 30% at the start of the week.

>>> Nifty Weekly Chart <<<

Price must cross above the trend line to confirm the bulls march.

>>> Nifty Daily Chart <<<

8860 Supported Friday - though RSI gave a Sell Signal - Still Price need to confirm.

>>> Nifty Hourly Chart <<<

100 HMA so far or Even on Friday saved Bulls.

>>> Bank Nifty Weekly Chart <<<

If this is a Dark Cloud Cover - its a Warning sign from bear !!!

>>> Bank Nifty Daily Chart <<<

Price yet to break the trend line to support bear.

>>> Bank Nifty Hourly Chart <<<

Price need to hold 20460 for any strength to Bulls, else bear may gain strength again.

>>> CNX-IT - Daily <<<

We are advising Short on IT Nifty since last several days. Below news about H1B Visa Suspension may trigger a sell off in IT Index and Stocks Next Week.

The US government has temporarily suspended issuing premium H1B visas with effect from April 3, 2017. The US Citizenship and Immigration Services (USCIS) notification, however, said the pending applications for premium H1B visas and the ones filed before April 3 will be processed.
"The temporary suspension applies to all H1B petitions filed on or after April 3, 2017. Since FY18 cap-subject H1B petitions cannot be filed before April 3, 2017, this suspension will apply to all petitions filed for the FY18 H-1B regular cap and master’s advanced degree cap exemption,” noted in the USCIS ruling.
This means that the IT services firms cannot send their employees on urgent project requirement after April 3, thereby impacting their quarterly business numbers.

While US President Trump had called for tougher immigration laws for technology companies, and had threatened to impose taxes on companies that moved work offshore, in his first State of the Union address to a joint session of the US Congress last week, he proposed for having a merit-based immigration system like Canada, Australia and other nations.

>>> BHARATFIN - Posted on 27th Feb, 2017 <<<

Posted on 27th Feb, 2017 We have shorted BhartFin. See what happened.

>>> BHARATFIN - Booked Profit Rs.14000/- <<<

Booked 14K and mentioned that Price may fall more, if breaks below the channel as shown on chart. As mentioned price tested 757 low.

>>> BIOCON - Posted on 28th Feb, 2017 <<<

Posted on 28th Feb, 2017 - Biocon may correct badly.

>>> BIOCON - Booked Profit Rs.30,000/- <<<

Biocon - Booked Profit Rs.30,000/-

>>> JETAIRWAYS - Posted on 01st March, 2017 <<<

Posted on 01st March, 2017 - Price may correct.

>>>> JETAIRWAYS - Booked Profit Rs.22000/- <<<<

Booked Profit Rs.22000/-

>>> GRANULES - Booked Profit Rs.30,000/- on Short <<<

Shorted and Booked Profit Rs.30,000/-

>>> SBIN - Posted on 02nd March, 2017 <<<

Posted on 02nd March, 2017 for a Correction.

>>> SBIN - Booked Profit Rs.21000/- <<<

Booked Profit Rs.21000/-

>>> Performance for March month till 03rd March, 2017 <<<

Above performance is not a Promise or guarantee for the given Profits or Loss.Performance given based on 1 lot at a time and clients Profit differ as per the margin availability and Number of Lots taken by them. We may or may not re-enter the Calls given here hit Stop Loss, as per market movement. The charts given above are just for educational purpose only and we don't recommend any Entry / Buy or Exit / Sell. Reader must taken their own decision or consult their qualified Analyst before making any decision.

>>> N4A - Services <<<