|stock futures tips|Equity Research Lab :- Nifty Report 08 september

STOCK FUTURES TIPS:-

NIFTY FUTURE :    R1:8980                          R2:9008                      R3:9027
PIVOT :8961           S1:8932                          S2:8913                       S3:8885

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 8600 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8600.On the other hand, a decisive break above 8820 will ease the downside pressure and take the index futures higher to 8900 and 8950 there after.
• Mechanical indicator stochastic RSI also showing consolidated trend.

   INDEX OUTLOOK     

NIFTY FUTURE: Nifty closed with a loss of 25 points at 8,918. After strong rally in the previous two sessions, markets remained in consolidation mood on Wednesday and ended with marginal losses. Weak global cues, profit booking weighed on the domestic bourses. Today’s decline was led by the utilities, oil & gas, IT, finance and teck stocks, while capital goods, metal, realty, power, industrial, pharma and basic materials were among the gainer. On the economy front, Arun Jaitley today said India is not ready for their privatisation and the present characteristics of PSU banks will continue except for IDBI Bank. On stressed assets, the finance minister said the Centre has initiated a large number of steps to reduce NPAs. The India VIX (Volatility) index was up 3.09% at 13.1450.

STRATEGY: Buy Nifty Future above 8950 for the target of 9000 -9050 with the stop loss of 8870.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Bharat Heavy Electricals Limited (BHEL) reported a 54.2% jump in net profit to Rs. 77.8 Cr for Q1, as against Rs. 50.4 Cr in the corresponding quarter last fiscal. Total Income from Operations was up by 28.7% at Rs. 5,622.5 Cr, compared to Rs. 4367.7 Cr previously. Shares of BHEL closed up 15.6%.
• SpiceJet reported a 104% rise in net profit for Q1 at Rs. 149 Cr, as compared to Rs. 73 Cr previously. Total Revenues increased by 36.7% to Rs. 1,521.5 Cr against Rs. 1,113 Cr previously. Shares closed up 20%.
• Oil India Limited (OIL) reported a 33.5% drop in net profit to Rs. 494.4 Cr for Q1, against Rs. 743.2 Cr previously. Total Income from Operations fell by 23% to Rs. 2,221.2 Cr, from Rs. 2,882.6 Cr previously.

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