|stock futures tips|Equity Research Lab :- Nifty Report 05 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :      R1:8634              R2:8674           R3:8717
PIVOT :8591              S1:8551               S2:8507            S3:8467 

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 and8900thereafter.
•  Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     
NIFTY FUTURE: Nifty closed with a gain of 28 points at 8,563. The NSE Nifty opened at 8,600 hitting a high of 8,601 and low of 8,518. The Indian shares erased early gains after opening sharply higher earlier in the session, as the Rajya Sabha passed the GST Constitutional Amendment Bill. The BSE Mid-cap Index is trading up 0.02% at 12,443, whereas BSE Small-cap Index is trading up 0.19% at 12,104. Some buying activity is seen in realty, auto, metal, telecom, industrial and power sectors, while consumer durables, banking, IT, oil & gas, FMCG and telecom are showing weakness on BSE. The INDIA VIX is down 5.26% at 15.3825.

STRATEGY: Buy Nifty Future above 8610 for the target of 8660 -8720 with the stop loss of 8540.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Natco Pharma received nod from the US FDA for their Tamiflu capsules used in the treatment of influenza in the American Market. Shares of the company went up by almost 7% during intraday trade.
• Textile Company – Arvind reported a 33% YoY jump in consolidated net profit to Rs. 73.4 Cr in Q1FY2017. The revenue grew by 17.8% to Rs. 2,104 Cr, as against Rs. 1,787 Cr for corresponding quarter in the previous fiscal. EBITDA grew by 16% to Rs. 241 Cr on a YoY basis.
• Engineering and Construction Company Punj Lloyd announced that its arm Pt Engineering sold its entire stake in UK-based Simon Carves Engineering to Engineers & Constructor International. Shares of Punj Lloyd rose by 3.5%.

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