|stock futures tips|Equity Research Lab :- Nifty Report 27 september

STOCK FUTURES TIPS:-

NIFTY FUTURE :         R1:8795                         R2:8856                     R3:8890
PIVOT :8761                S1:8700                         S2:8666                      S3:8605

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: Finally, Nifty ended the day at 8723.05, down by 108.50 points against the Friday’s close. Ahead of US presidential debate following global market Nifty turned bearish and hovering around the key level of support at 8,700-8,710. Both the Asian market was mostly in red and without any strong support from European market too, domestic market extended its losses and failed to show any strength. Market breadth remained in negative territory throughout the trading session and there was not any attempt visible from the bulls to regain strength. However it is still trading above the key support of 8,700-8,710 and we expect once should wait for break below the support zone, before come into conclusion that a mid-term downtrend has already started. The chances of a bounce back can’t be ruled out as the overall market trend is sideways and it is trading at the lower end of the channel.

STRATEGY: Buy Nifty Future above 8750 for the target of 8800 -8850 with the stop loss of 8670.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Dilip Buildcon secured 2 orders of a total worth Rs. 963 Cr from the Ministry of Road Transport and Highway and National Highways Authority of India (NHAI). The projects involve rehabilitation and up gradation of Eeppurpalem – Ongole section of NH214A in Andhra Pradesh and four laning of NH-6 from Chichra to Kharagpur in West Bengal.
• Marksans Pharma announced that it got US Food & Drug Administration (FDA) nod for loratadine liquid filed capsules 10 mg. The drug is used to treat sneezing, runny nose, watery eyes, hives, skin rash, itching, and other cold or allergy symptoms. Shares of the Pharma Company closed up 10.6%.
• Suven Life Sciences was granted two product patents, one each in Japan and India, for molecules to be developed for treatment of neuro-degenerative diseases.

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