NIFTY SPOT: 8519.50
Nifty Future R1: 8543 R2:8565 R3: 8586
Pivot: 8522 S1: 8499 S2:8478 S3:8455
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| STOCK FUTURES TIPS |
- Nifty future closed above to psychological level of 8500 on Wednesday. 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.
INDEX OUTLOOK
NIFTY FUTURE: The market has ended in red but the Nifty remained 8500. The 50-share index was down 1.55 points at 8519.50 while the Sensex was up 7.04 points at 27815.18. About 1011 shares have advanced, 1734 shares declined, and 165 shares are unchanged. Tata Steel, GAIL, ONGC, Coal India and BHEL were top gainers while Lupin, Maruti, L&T, Asian Paints and Axis Bank were losers in the Sensex. The rupee opened higher by nine paise at 67.09/$ against US Dollar Wednesday as against the previous close of 67.18/$.
STRATIGY: Buy Nifty future above 8530 for the tgt of 8570-8650 sl 8450.
SECTORIAL INDICES
CORPORATE NEWS
- National Buildings Construction Corporation (NBCC) shares fell by 10.9% after the cabinet approved divesting of 15% stake of the company. Government of India currently holds 90% stake in the company.
- Government gave its nod to oil companies to increase prices of Kerosene by 25 paise/month until April 2017. The move aims to reduce the under recoveries (losses due to subsidization) on Kerosene. Shares of ONGC and Oil India rose by 1.7- 3%.
- Shares of Kwality Limited surged by 2.9% after the company reported that it will be receiving a funding of Rs. 520 Cr from Private Equity Firm KKR.
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