|stock futures tips|Equity Research Lab :- Nifty Report 17 OCTOBER

STOCK FUTURES TIPS:-

NIFTY FUTURE :   R1:8624                   R2:8643                         R3:8673
PIVOT :8594          S1:8575                    S2:8545                         S3:8526

stock future tips

   CHART INTERPRETATION    

Technically, A strong break below 8550 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8550.On the other hand, a decisive break above 8680 will ease the downside pressure and take the index futures higher to 8750 and 8800 thereafter. Indian Stock Market is still in negative zone but market would see a bounce at lower levels near support. Nifty is laying near its major support level of 8500. 8500 is a make or break level on closing basis. If Nifty closes below those levels then a breakdown would be seen in the market and we can even see levels of 8200-8000-7700 in days to come. If Nifty holds 8500 for next couple of days then we would see a sharp positive rally.

MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

   INDEX OUTLOOK     

NIFTY FUTURE: The Indian stock market recovered from the previous session's multi-month low and closed marginally higher with financials gaining on the prospect of further rate cuts after inflation cooled to a 13-month low in September. Markets were unable to hold on to their gains as selling pressure in the telecom, IT, technology and consumer discretionary stocks dragged indices lower. On the other hand, oil & gas, capital goods, energy, industrial, realty and banking stocks ended with gains. Nifty closed with a gain of 10 at 8,583. Sentiments got boosted after India’s WPI in the month of September 2016 softened to 3.57% compared to 3.74% in the previous month . Also, some support was gained with retail inflation hitting a 13-month low, aided by lower food prices especially those of vegetables. This is the first time in this financial year that the overall CPI inflation has fallen below the Reserve Bank of India’s inflation target of 5% by March 2017.

STRATEGY: Buy Nifty Future above 8610 for the target of 8660 -8710 with the stop loss of 8530.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• IndusInd Bank reported a 25.8% rise in net profit to Rs. 704.3 Cr in Q2 FY17, against Rs. 560 Cr in the corresponding quarter last fiscal. NII grew by 33.5% to Rs. 1,460.3 Cr. Net NPA stood at 0.37% against 0.38% in Q1 and Gross NPA stood at 0.90% against 0.91% in the previous quarter.
• Cipla received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (FDA) for its Indore facility. The report indicated formal closure of the inspection conducted in 2015.
• KEC International bagged orders worth Rs. 1,192 Cr in various segments. The company received Transmission and Distribution projects worth Rs. 859 Cr in India, Africa, North and South America, cable orders worth Rs. 105 Cr, orders for Railways overhead electrification worth Rs. 120 Cr and Rs. 108 Cr worth EPC project for solar power projects.

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