|stock futures tips|Equity Research Lab :- Nifty Report 24 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :     R1:8667             R2:8693           R3:8731
PIVOT :8629             S1:8603             S2:8565            S3:8539

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 8900 there after.
• Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     

NIFTY FUTURE: After falling for past two trading sessions, the Indian stock market closed on a flat note on Tuesday. Market participants were also jittery as the speech by Fed chair Janet Yellen at an annual summer gathering in Jackson Hole was awaited, for indications of how policymakers view the interest rates outlook and ahead of the expiry of the derivative contracts on Thursday. Heavy selling pressure was witnessed in oil & gas, power, metal, energy, utilities and basic materials stocks, while IT, telecom, tech and banking stocks were among the gainers. The India VIX (Volatility) index was down 2.37% at 13.8975. The rupee was trading up nine paise at 67.09 per US dollar.

STRATEGY: Buy Nifty Future above 8640 for the target of 8690 -8740 with the stop loss of 8570.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Supreme Court in its latest ruling has lifted the ban on diesel vehicles with engines larger than 2,000 cc in the Delhi NCR region. The concession has been made against the clause of paying a 1% cess, which will be paid to the Delhi Pollution Control Board. The government authority will then utilise this money to find ways to lower pollution in Delhi. The payment will have to be made by the carmaker before the vehicle can be registered and hence the payment will be made on the ex-showroom prices. In case of non-payment, the vehicle will not be registered by the concerned transport authority. This news comes as a great relief for companies such as Mercedes-Benz, Tata Motors, Ford, Chevrolet and Toyota.
• Sun Pharmaceutical Industries Ltd has announced the following consolidated results for the
  quarter ended June 30, 2016.The company has posted a net profit after taxes, minority interest and share of profit of associates and joint ventures of Rs.2033.71 crore for the quarter ended June 30, 2016 as compared to Rs.555.90 crore for the quarter ended June 30, 2015. Total Income has increased from Rs.6925.60 crore for the quarter ended June 30, 2015 to Rs.8400.09 crore for the quarter ended June 30, 2016. 
• State Bank of India has announced the following results for the quarter ended June 30, 2016
  The Unaudited Standalone results for the Quarter ended June 30, 2016 The Bank has posted a net profit of Rs. 25209.60 million for the quarter ended June 30, 2016 as compared to Rs. 36924.30 million for the quarter ended June 30, 2015. Total Income has increased from Rs. 447308.70 million for the quarter ended June 30, 2015 to Rs. 489286.00 million for the quarter ended June 30, 2016.

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