|stock futures tips|Equity Research Lab :- Nifty Report 16 september

STOCK FUTURES TIPS:-

NIFTY FUTURE :       R1:8795                R2:8817                      R3:8851
PIVOT :8761              S1:8739                S2:8705                      S3:8683

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 spent the entire day in a narrow range after the recent slide and ended marginally higher for the second consecutive session. Market ended near day's high led by a sudden bout of buying in the FMCG, pharma, energy and telecom stocks. On the other hand, consumer durables, utilities, power, banking, auto and oil & gas stocks were under pressure. Meanwhile, the Indian rupee fell after media reports stated that the commerce ministry will propose a devaluation in the unit to promote dwindling exports, but trimmed losses after a finance ministry denial. The India VIX (Volatility) index was down 0.57% at 14.6775.

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

   SECTORIAL INDICES   

    CORPORATE NEWS      

• The board of automotive parts company Hinduja Foundries and Ashok Leyland approved the proposal to merge the two companies. Both the companies are part of the Hinduja Group. The boards approved the shareswap ratio in which shareholders of Hinduja Foundries will get 40 equity shares of Ashok Leyland for 100 shares held in the auto parts maker.
• Unitech narrowed its net loss to Rs. 44.8 Cr in Q1, against a loss of Rs. 279.6 Cr in the corresponding quarter last fiscal. The company reported a 27.9% increase in revenue to Rs. 487.9 Cr, against Rs. 381.4 Cr previously. Shares closed up by 5.4%.
• Transformers and Rectifiers (India) received an order worth Rs. 103 Cr from Power Grid Corporation of India. The order is for 29 power transformers up to 220 kV. Shares of the company closed up by 4.9%.

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