|stock futures tips|Equity Research Lab :- Nifty Report 29 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :      R1:8661                        R2:8697                      R3:8729
PIVOT :8628            S1:8592                        S2:8559                       S3:8523

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: The Indian equity market closed lower on the first day of the September contracts ahead of US Fed Reserve Chair's speech. Indices ended on a negative zone for the second straight day as heavy selling pressure seen in realty, capital goods, IT, banking and industrial stocks. On the economy front, RBI on Thursday, 25 August 2016, announced a package of measures for the development of fixed income and currency markets. The central said it has been decided to enhance the aggregate limit of partial credit enhancement (PCE) provided by banks, permit brokers in corporate bond repos, authorise the platform for repo in corporate bonds and encourage credit supply for large borrowers through market mechanism. The India VIX (Volatility) index was up 2.14% at 13.5700. The rupee was trading marginally up one paise at 67.03 per US dollar.

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

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Tata Motors reported a 57.3% drop in Consolidated Net profit to Rs. 2,236 Cr in Q1 as compared to Rs. 5,231 Cr in the corresponding period last year. The company reported consolidated revenues of Rs. 67,056 Cr as against Rs. 61,510 Cr previously. It reported exception gains of Rs. 478 Cr on account of recoveries pertaining to Tianjin port incident, but, margins were severely impacted by forex fluctuations.
• The European Medicines Agency (EMA) accepted for the review of Biocon and Mylan’s Marketing Authorization Application for a biosimilar Trastuzumab. It is used for the treatment of certain gastric and breast cancers. Shares of Biocon closed up 3.1%.
• Shares of J Kumar Infraprojects hit upper circuit (5%) after its Joint Venture (JV) secured an order worth Rs. 5,012 Cr from Mumbai Metro Rail Corporation for its Phase – III project.

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