NIFTY SPOT: 8528.55
Nifty Future R1: 8568 R2:8596 R3: 8637
Pivot: 8527 S1: 8499 S2:8457 S3:8429
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| Stock futures tips |
- Indian Stock Market is still in positive zone. Overall Market has seen a breakout and we would see sharp positive movements in days to come. Next target is 8650-8700 for Nifty. If upcoming results support then this positive movement would continue till 8700 levels for Nifty .The only strategy for the traders should be to hold long positions or initiate fresh long positions at every dip in the market. and Expectations of a good monsoon have once again reinforced the confidence among market participants that the growth may come back on a good note, timely onset of the monsoons will be a positive for the markets. A strong break below 8500 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8500.On the other hand, a decisive break above 8635 will ease the downside pressure and take the index futures higher to 8650 and 8700 thereafter.
- Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The Indian equity market ended with smart gains amid a highly volatile session. 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 oil and gas, energy, pharma, IT, metals stocks lifted the benchmarks. On the other hand, FMCG, consumer durables, banking and realty stocks were under pressure. The PSU Bank index ended with marginal gains after media reports stated that government allotted Rs.721 crore to Union Bank of India under PSU Bank recapitalization. Punjab National Bank will receive Rs.2,816 crore whereas Syndicate Bank will be allotted Rs.1,034 crore.
STRATIGY: Sell Nifty Future below 8550 for the tgt of 8600-8650 with sl of 8480.
SECTORIAL INDICES
CORPORATE NEWS
- The Government of India announced disbursement of Rs 22,915Cr to 13 PSU Banks under the Indradhanush initiative. 75% of the fund will be made available immediately to the banks, while the rest of the transfer will be based on performance.
- Ultratech Cement reported a 26% rise in Standalone Net profit to Rs 757.2Cr for Q1FY17 on a YoY basis. Revenue increased this quarter by 3.8% to Rs 6,232.5Cr from Rs 6,007Cr. Strong operational performance and a drop in raw material prices accounted for the improved financial performance.
- Shares of Jaiprakash Power Ventures soared by 4.1% after JSW Energy announced that it will acquire JPPV’s 500 MW thermal power plant in Bina, Madhya Pradesh for an Enterprise Value of Rs. 2,700 Cr.
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