NIFTY SPOT: 8370.70
Nifty Future R1: 8409 R2:8431 R3: 8448
Pivot: 8392 S1: 8370 S2:8353 S3:8331
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CHART INTERPRETATION
- Nifty closed on a strong uptrend at 8370.70 level .So today on upside first intra resistance is at 8420-8450level. Next resistance are at 8450- 8500 level. On downside first support is at 8250-8230 level.
- Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: The Indian stock market rally for the sixth consecutive session. The Sensex gained over 200points to hit fresh 2016 high in morning deal. The BSE Sensex opened 169.53 points up at 27314.44 while,NSE Nifty opened 48.40 points up at 8,376.75. INDIA VIX is down 0.39% at 15.6750. Out of 1,830 stockstraded on the NSE, 455 declined, 1,109 advanced and 266 remained unchanged today. The Indian rupeeopened higher by 8 paise at 67.23/$ against US Dollar on Monday as against the previous close of 67.31/$.
INTRADAY STRATIGY: Buy Nifty future above 8400 for the tgt of 8450-8500 sl 8330.
SECTORIAL INDICES
CORPORATE NEWS
- Reliance Industries has received green nod for drilling eight additional exploratory wells to ascertain the reservoir capacity and commercial viability of hydrocarbons off the coast of Tamil Nadu at a project cost of Rs. 800 crore.
- Bajaj Auto’s total sales in July were down 4% at 3.17 lakh units against 3.31 lakh units in July 2015, mainly on the back of exports which were down by 21%. Total domestic sales grew by 11%.
- Aviation stocks rose after the government announced draft regional connectivity scheme to promote regional air connectivity.
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