|stock futures tips|Equity Research Lab :- Nifty Report 20 september

STOCK FUTURES TIPS:-

NIFTY FUTURE :       R1:8854                       R2:8876                           R3:8903
PIVOT :8826              S1:8804                       S2:8776                            S3:8754

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 there after.
• Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     

NIFTY FUTURE: The NSE Nifty closed with a gain of 29 points at 8,808. The NSE Nifty opened at 8,788.45 hitting a high of 8,824 and low of 8,774.20.The Indian equity market rallied for the fourth straight session. Positive cues from Asian markets aided the upmove on the domestic bourses. Today's rally was led by realty, metal, oil & gas, utilities, basic materials, industrial, power, IT, banking and pharma stocks, while, FMCG index was the only losing index on the BSE. However, broader markets outperformed the benchmark indices, BSE Midcap and Smallcap indices gained over 0.50% each. The India VIX (Volatility) index was up 2.46% at 14.9400.

STRATEGY: Buy Nifty Future above 8840 for the target of 8890 -8940 with the stop loss of 8770.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Gujarat Alkalies and Chemicals announced an agreement with Chematur Engineering AB of Sweden for procuring detailed engineering and project management services for the establishment of a 14,000 mtpa H202 (Hydrogen Peroxide) plant in Dahej.
• Heritage Foods is in discussion with Future Group to sell its retail business. The retail arm of Heritage has been a loss making one and its sale could prove to be beneficial to the company. The deal could give Future Group a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru. Shares of Heritage Foods closed up 10.2%.
• Petron Engineering Construction closed 20% upper circuit after the company received a Letter of Intent (LOI) from Shree Cement, for civil work at their cement plants in Aurangabad, Bihar and at Gulbarga, Karnataka. The total value of the contract is worth Rs. 50 Cr.

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