NIFTY SPOT: 8521.05
Nifty Future R1: 8544 R2:8560 R3: 8587
Pivot: 8518 S1: 8502 S2:8475 S3:8459
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| stock futures tips |
- Nifty future closed above to psychological level of 8500 on Tuesday. Next logical targets for nifty
would be 8500-8650 and breaching of 8320 would force nifty to see levels of 8105-8200. whereas
the 8350-8310 will act as very strong Support levels, if once it go to 8530 then there will higher
probability for nifty to touch 8580-8650 levels. - Mechanical indicator stochastic RSI also showing consolidated trend.
NIFTY FUTURE: Nifty closed above 8500 level. The rally continued to second consecutive day as indices
scaled to fresh 11-month high on Tuesday. Stock market rallied ahead of IIP and inflation data to be released
later in the day. After opening on a flat note indices remained under pressure and slipped lower in the first half. However, as the day progressed, a sudden bout of buying in the metals, realty and banking stocks lifted
the benchmarks to end at day's high. Even the Nifty Mid-Cap index closed at an all-time high. Meanwhile, the strong likelihood of a GST Bill being passed in the monsoon session of Parliament, which starts on July 18, and hopes for a good start to the quarterly earnings season also boosted investor sentiment.
INTRADAY STRATIGY: Buy Nifty future above 8530 for the tgt of 8570-8650 sl 8450.
SECTORIAL INDICES
CORPORATE NEWS
- Rico Auto Industries went up by 3.80% after the company announced its plan to setup a new auto component plant in
Bhiwandi, Rajasthan. The plant will start operating in the next financial year. - IDFC Bank rallied by 8.22% after the company agreed to a share purchase agreement with Tamil Nadu based company,
Grama Vidiyal Microfinance, acquiring 100% of its equity share capital. - Shares of Mumbai based engineering company, Greaves Cotton, went up by 6.2% after the company announced its entry into multi brand automobile spare parts business.
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