NIFTY SPOT: 8565.00
Nifty Future R1: 8603 R2:8631 R3: 8678
Pivot: 8556 S1: 8529 S2:8482 S3:8454
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| stock futures tips |
- Nifty future closed above to psychological level of 8550 on Thursday. Next logical targets for nifty would be 8600-8680 and breaching of 8400 would force nifty to see levels of 8105-8200. whereas the 8400-8350 will act as very strong Support levels, if once it go to 8580 then there will higher probability for nifty to touch 8630-8680 levels.
- Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The Indian stock market ended with smart gains on Thursday tracking firm cues across the Asian and the European markets. Nifty reclaimed 8,550 for the first time since August 11, 2015 as sentiment were upbeat ahead of the Monsoon Session of Parliament, the Narendra Modi government on Thursday reached out to the principal opposition party Congress over the contentious issue of Goods and Service Tax Bill. The banking, consumer durables, power and telecom stocks led the rally. The IT stocks were pressure ahead of Infy results. Logistics stocks like VRL Logistics, All Cargo, Gati were also in action. On the other hand, the India's wholesale price index (WPI) rose 1.62% YoY in the month of June as compared to 0.79% in May.
STRATIGY: Buy Nifty future above 8580 for the tgt of 8630-8680 sl 8500.
SECTORIAL INDICES
CORPORATE NEWS
- Wholesale Price Index (WPI) rose to 1.62% in June as compared to 0.79% for May of 2016 due to increase in food and mineral prices.
- National Aluminium Company Limited (NALCO) was granted Pottangi Coal Mines on lease for the next 50 years. The factory is situated in the Koraput district of Orissa, near NALCO’s 2.27 MnT Alumina Factory. Shares of the company went up by 3.4%.
- Shares of Bharat Forge went down by 2.4% after the company sold off 49% stake of their defense armKalyani Strategic Systems (KSSL) to KSSL's promoter group.
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