|stock futures tips|Equity Research Lab :- Nifty Report 17 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :     R1:8710           R2:8760           R3:8815
PIVOT :8655           S1:8605           S2:8550           S3:8499

stock future tips

  CHART INTERPRETATION   

• 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 8750 and 8900thereafter.

• Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     

NIFTY FUTURE: The Sensex and Nifty closed lower on Tuesday after WPI inflation hit 23-month high. Inflation for the month of July soared to 3.55% versus 1.62% in June. Inflation based on CPI accelerated to 6.07% in July 2016 from 5.77% in June 2016. The core CPI inflation moved up to 4.52% in July 2016 from 4.39% in June 2016. The India VIX (Volatility) index was down 2.99% at 14.1825. The rupee was trading up six paise at 66.82 per US dollar. On the global front, Japan’s Nikkei dropped 1.6%. China’s Shanghai Composite and Hong Kong’s Hang Seng ended in red. European shares were trading in red. The FTSE 100 was trading down. DAX and the CAC 40 were trading lower around 0.2% each. 

STRATEGY: Buy Nifty Future above 8680 for the target of 8730 -8800 with the stop loss of 8620.

   SECTORIAL INDICES   

    CORPORATE NEWS      

Power Grid Corporation of India reported a 32.8% rise in Net profit for Q1 to Rs. 1,801.1 Cr as against Rs. 1,355.6 Cr for the same period last year. The Total Income increased by 30.5% to Rs. 6,119.8 Cr from Rs. 4,689.8 Cr previously.  

India’s Whole Sale Price Index (WPI) accelerated to 3.55% in July as compared to 1.62% in June. The increase was led by food inflation which stood at 11.82%, as compared to 8.18% in the previous month. Vegetable inflation stood at 28% and Pulses inflation was at 35.76%.   

Cadila Healthcare received an Establishment Inspection Report (EIR) for its Changodar Manufacturing Facility from the US Food and Drug Administration after successfully completing the inspection.

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