|stock futures tips|Equity Research Lab :- Nifty Report 14 september

STOCK FUTURES TIPS:-

NIFTY FUTURE :     R1:8789             R2:8836                 R3:8867
PIVOT :8758            S1:8711              S2:8679                 S3:8632

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 8800 will increase the downside pressure and drag it to 8500/8400. Traders can go short on a break below 8800.On the other hand, a decisive break above 8970 will ease the downside pressure and take the index futures higher to 9050 and 9150 thereafter.
• Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     

NIFTY FUTURE: The Indian equity market witnessed its biggest one day loss in percentage terms since June 24 on Monday on account of weak global cues, profit booking and a weak rupee further dampened sentiment. The Sensex and nifty witnessed its biggest one day loss in percentage terms since June 24. The Bank Nifty fell most since April 5, 2016. The NSE Nifty closed with a loss of 151 points at 8,716. Nifty fell below the 8,700 level on the back of heavy selling after revived speculation about a possible US rate hike. The stock market declined most since Britain voted to leave the European Union on June 24. The India VIX (Volatility) index was up 15.19% at 13.2400. The rupee was trading down 25 paise at 66.93 per US dollar.

STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8730.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Glenmark Pharmaceuticals received the USFDA nod for its generic version of Astra Zeneca’s  Xylocaine ointment. The ointment is used for treating certain skin conditions from itching and pain.
• Reliance Power Ltd reported a 12.6% rise in net profit for Q1 at Rs. 340.5 Cr, as against Rs. 302.6 Cr in the corresponding quarter last fiscal. Total income decreased slightly, to Rs. 2,678.7 Cr, from Rs. 2,683.9 Cr previously.
• Data Steel widened its loss to Rs. 3,183 Cr in Q1, as compared to a loss of Rs. 316.9 Cr in the corresponding quarter last fiscal. Revenue missed analysts’ expectations, falling by 5.8% to Rs. 26,406.1 Cr, against Rs. 28,025.4 Cr previously.

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