|stock futures tips|Equity Research Lab :- Nifty Report 26 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :      R1:8658              R2:8721               R3:8757
PIVOT :8622            S1:8559              S2:8523                S3:8460

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: Nifty closed with a loss of 58 points at 8,592. The NSE Nifty opened at 8,669 hitting a high of 8,683 and low of 8,587. The BSE Mid-cap Index is trading up 0.03% at 13,028 whereas BSE Small-cap Index is trading up 0.03% at 12,519. Some buying activity is seen in pharma, FMCG, oil and gas, banking, auto and utilities sectors, while telecom sector is showing weakness on BSE. The INDIA VIX is down 1.96% at 13.2225. Jubilant Life Sciences Ltd is currently trading at Rs. 538.7, up by Rs. 31.65 or 6.24% from its previous closing of Rs. 507.05 on the BSE. The company has announced that it has received Abbreviated New Drug Application final approval for Felodipine Extended-Release Tablets USP, 2.5 mg, 5 mg, and 10 mg, the generic version of Plendil Tablets of AstraZeneca, which is used for the treatment of hypertension.
 

STRATEGY: Buy Nifty Future above 8600 for the target of 8650 -8700 with the stop loss of 8530.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Natco Pharma announced that it received a successful Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted at its Chemical Division in Chennai. The shares closed up 4.3%. 
• The Union Cabinet approved a massive line expansion program that includes 9 projects estimated worth Rs. 24374 Cr approximately. Shares of companies which deal in business of railway infrastructure such as Kernex Microsystems, Titagarh Wagons, Simplex Castings, Kalindee Rail, etc, were up today.
• IL&FS Transportation Networks signed a pact with Cube Highways in a bid to sell entire stake in Andhra Pradesh Expressway for Rs. 140 Cr.

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