|stock futures tips|Equity Research Lab :- Nifty Report 30 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :         R1:8687              R2:8724                 R3:8778
PIVOT :8632               S1:8595               S2:8540                 S3:8503

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 NSE Nifty closed with a gain of 35 points at 8,607. The NSE Nifty opened at 8,584 hitting a high of 8,622 and low of 8,544. The key benchmark indices snapped a two-day losing streak on Monday. After opening on a flat note indices remained under pressure and slipped lower in the first half. However, as the day progressed, late bout of buying in the auto, capital goods, energy, metal, oil& gas, banking and finance stocks lifted the benchmarks. On the other hand, IT, realty, FMCG, teck and pharma stocks were under pressure. The India VIX (Volatility) index was down 2.98% at 13.1650. The rupee was trading down 11 paise at 67.16 per US dollar.

STRATEGY: Buy Nifty Future above 8650 for the target of 8700 -8750 with the stop loss of 8570.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• GMR Infrastructure’s subsidiary – GMR Airports Limited won the competitive bid for development and operations of the green-field airport at Mopa in North Goa. GMR’s bid was closely contested by Airports Authority of India and Essel Infraprojects Ltd.
• Indian Oil Corporation Limited reported a 390% rise (qoq) in Net profit to Rs. 8,269 Cr in Q1 as compared to Rs. 1,685.3 Cr in the previous quarter. Total income rose to Rs. 107,201 Cr against Rs. 98,705Cr on a sequential basis. EBITDA margin stood at 12.8% against 4.8% in the last quarter. The board announced a 1:1 bonus issue..
• Gujarat Industries Power Company – (GIPCL) reported a marginal 1.7% rise in Net profit to Rs. 55 Cr in Q1 as compared to Rs. 54 Cr in the corresponding quarter last year. Net sales of the company increased to Rs. 352.5 Cr, over Rs. 334 Cr previously.

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