|stock futures tips|Equity Research Lab :- Nifty Report 09 august

STOCK FUTURES TIPS:-

NIFTY FUTURE :       R1:8759               R2:8776         R3:8792
PIVOT :8742              S1:8725               S2:8709        S3:8692

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 8900thereafter.
• Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     

NIFTY FUTURE: The Indian equity market rallied for third consecutive session on Monday ahead of RBI policy review on Tuesday. The NSE Nifty index rose to a 15-1/2 month high thanks to positive cues from the Asian and the European markets. The Sensex hit its highest level since 1 August 2016, while Nifty hit its highest level since 16 April 2015.Oil & Gas, energy, auto, IT, consumer durables and metal stocks led from the front. Only telecom index was among the major loser.
STRATEGY: Buy Nifty Future above 8730 for the target of 8780 -8830 with the stop loss of 8650.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Britannia reported a 13.1% increase (YoY) in Net profit to Rs. 219.1 Cr for Q1FY17 from Rs. 193.6 Cr in Q1FY16. Total Income from operations rose by 9% to Rs. 2,196.6 Cr from Rs. 2,013.9 Cr.
• Hero Motocorp reported an 18% increase (YoY) in Net profit to Rs. 883.1 Cr from Rs 747.5 Cr. Revenue increased by 7.8% to Rs. 8,131 Cr from Rs 7,539.8 Cr in the corresponding quarter last fiscal.  Operating profit (EBITDA) increased by 18% (YoY).
• Shares of Wockhardt nosedived by 10% after the US FDA banned product imports from Wockhardt’s Ankleshwar plant for violation of manufacturing norms. This is their third plant to receive an import alert from the US FDA.

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