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Nifty support seen near 20 bar moving average; buy and sell these two stocks to pocket gains

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By Vishal Wagh

The Nifty has seen a sharp sell-off from the levels of 17992. There were three days’ sell-off till 17345. Post that there was pullback till 17726 which also got sold off till 17166. It is the first indication of resistance in place near 18000 levels and any bounce below 18000 levels can be utilized to go short. On the last day of the week, the market witnessed a sell-off from the high of the day. It is a clear indication that the current bear market rally has come to halt. As far as RSI(14) and 9 EMA the same has started moving below 70 levels. Though the super trend (8,2.25) is also below the current bars thanks to pullback last week. As commonly used moving averages(20 Bar, 50 Bar, 100 Bar & 200 Bar) suggest, there is support near 20 bar MA.

The Nifty is sustaining above all MAs. The slope of 20 bar MA is flattening out and the differences between 20 and 50 bar started contracting. This is an additional signal that the Nifty may get some pressure on the higher side. 

Devyani International (Buy)

On a weekly chart, the stock has witnessed a sharp up move post 181 has been taken off on a closing basis. There is a throwback from highs of 215. Near 180 levels it has created a ‘Morning Star’ candlestick pattern. The RSI(14,9) has retraced to major levels of 55 and now quotes at 60.88 and above 9 EMA. As far as 20 Ema is concerned the slope is upwards. Super Trend(8,8.25) has moved upward suggesting a strong bullish trend is intact. On the higher side, 215 will work as resistance once it gets breached then it will come into uncharted territory. On the lower side, 176 should work as support levels. One can go long in the stock with a stop below 176.

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Balkrishna Industries (Sell)

Balkrishna Industries has given a breakdown from a symmetrical triangle. It is currently showing support around 100 EMA; once the support gets penetrated the next level of support is at 200 EMA. It is around 1661.80 at a given point in time. Balkrishind is on the verge of death cross as very short-term 20 EMA has got closer to short-term 50 EMA. Both of them have sloped downwards. RSI (14,9) is well below 45 and its EMA is also sloping downwards. All the above observations indicate bearishness in the counter. One can sell the future of Balkrishind with stop loss above 2167 levels for a target of 1661.

Note: All the levels are spot levels.

(Vishal Vasant Wagh, Research Head, Bonanza Portfolio. Views expressed are the author’s own.)

Sebi working on ASBA-like facility for secondary market transactions as well

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Sebi chairperson Madhabi Puri Buch on Wednesday said the capital markets regulator is working on an ASBA-like facility for secondary market transactions as well.Speaking at the Global Fintech Fest here, Buch said in an initial public offering (IPO), the Application Supported by Blocked Amount (ASBA) system helps ensure that money from an investor gets moved only when an allotment happens.

“We are now actively engaged in looking at ASBA-like (facility) for the secondary market. So if that can be done for the primary market, why can’t it be done for the secondary market?” Buch said.

Buch said the moves like ASBA for secondary market are aimed at reducing “structural vulnerabilities” in the system and asked fintech players to avoid a few things in their business models.

“If your business model is such that it is going to increase concentration risk or structural vulnerability, chances are that sooner or later the regulator will move to eliminate,” she said.

Also read| SC junks Yash Birla’s plea against Sebi in GDR case

The Sebi chief also said that any business model that relies on a black box not open to sunlight, where its offering or claims cannot be audited or validated, will not be permitted.

She also said since data is a public infrastructure or a public good, any attempt by any private party to own it or monetise it, will not be permitted.

Buch said startups should build themselves on public infrastructure like Aadhaar and make best use of them to build business models, which would be helpful.Sebi chief also spoke about the capital market regulator’s views on algo trading, saying the regulator is neither for or against the activity.

She said Sebi would insist on transparency and sufficient disclosure from companies, and then leave it to the individual investors.

Also read| Sebi puts Fairfax Group-backed Go Digit’s IPO in ‘abeyance’

While designing a product or a service, efforts should also be made by companies to avoid barriers to exit for an investor, she said.

Sebi will be increasing its investments on the technological tools for upping its surveillance capabilities, she said. The Sebi chief said cyber security is also important and there will be more emphasis on the same going forward.

No business should look at building anonymity in the system or have anything which does not meet the expectations on transparency, Buch said, making it clear that any such proposals will not make the regulatory cut.