|stock futures tips|Equity Research Lab :- Nifty Report 21 september

STOCK FUTURES TIPS:-

NIFTY FUTURE :                     R1:8822                   R2:8838                        R3:8856
PIVOT :8804                            S1:8788                    S2:8770                        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: Nifty closed with a loss of 33 points at 8,776. The NSE Nifty opened at 8,816 hitting a high of 8,816.45 and low of 8,759. The Indian equity market snapped a four-day winning streak on Tuesday led by profit booking, coupled with negative global cues and caution ahead of major global financial events. Today’s major decline was led by the realty, power, capital goods, FMCG, auto, IT and telecom stocks, while metal and oil & gas among the gainer. The India VIX (Volatility) index was down 1.07% at 14.7800. Out of 1,501 stocks traded on the NSE, 900 declined and 526 advanced today. The BSE Midcap and Smallcap indices closed lower. The rupee was trading down seven paise at 67.03 per US dollar.

STRATEGY: Buy Nifty Future above 8810 for the target of 8860 -8910 with the stop loss of 8770.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Cadila Healthcare announced that Zydus Cadila will work in partnership with Japan’s Takeda Pharmaceutical Company to develop a vaccine for Chikungunya. Cadila Healthcare is Zydus Cadila’s group firm. Shares closed up by 1.3%.
• Castrol India Ltd closed up 8.8% after two huge block deals. Around 4.2 Cr shares or 8.5% stake of the company changed hands in the two block deals.
• Mangalam Cement’s new cement grinding unit at Aligarh, UP, commenced commercial production today. The capacity of the plant is 0.75 Million Ton Per Annum. The overall capacity is now enhanced from 3.25 MTPA to 4.00 MTPA. Shares closed up by 3.5%.

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