PIVOT : 8648 S1:8628 S2:8595 S3:8575
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| stock futures tips |
CHART INTERPRETATION
- 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
STRATEGY: Buy Nifty Future above 8670 for the tgt of 8720 -8780 with the sl of 8600.
NIFTY FUTURE: The Indian stock market rallied for second consecutive session amid smooth
rollovers in F&O expiry. Sentiment got a boost after the Union Cabinet cleared changes in the GST Constitutional Amendment Bill in a bid to strengthen the chances of passage of the crucial legislation that can potentially transform the tax structure by subsuming all indirect taxes and creating a single market. In addition, short covering also saw indices move higher towards the end. FMCG, telecom, Consumer durables, consumer discretionary and auto stocks led from the front. On the other hand, capital goods, metal and oil & gas stocks were among the major losers.
rollovers in F&O expiry. Sentiment got a boost after the Union Cabinet cleared changes in the GST Constitutional Amendment Bill in a bid to strengthen the chances of passage of the crucial legislation that can potentially transform the tax structure by subsuming all indirect taxes and creating a single market. In addition, short covering also saw indices move higher towards the end. FMCG, telecom, Consumer durables, consumer discretionary and auto stocks led from the front. On the other hand, capital goods, metal and oil & gas stocks were among the major losers.
STRATEGY: Buy Nifty Future above 8670 for the tgt of 8720 -8780 with the sl of 8600.
SECTORIAL INDICES
CORPORATE NEWS
- Punjab National Bank reported a 57.6% (YoY) drop in its Net profit to Rs 306.4 Cr. Net Interest Income (NII) declined by 9.8% to Rs 3,699 Cr. Asset Quality deteriorated further as Gross NPAs increased by 85 basis points to 13.75%, and Net NPAs went up by 55 basis points to 9.16% on a QoQ basis.
- Farm Equipment maker – Escorts, reported a 33.5% rise (YoY) to Rs 47 Cr in Q1 from Rs 35.2 Cr. Total Revenues increased by 9.3% to Rs 1,051 Cr in Q1 as compared to Rs 961 Cr in the corresponding quarter of the last fiscal.
- Dish TV reported a drop in consolidated net profits by 26% (YoY) to Rs 40.87 Cr for Q1 from Rs 54.21 Cr. Net Sales increased by 5.8% (YoY) to Rs 777.6 Cr from Rs 734.5 Cr.
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