|stock futures tips|Equity Research Lab :- Nifty Report 18 OCTOBER

STOCK FUTURES TIPS:-

NIFTY FUTURE :   R1:8588              R2:8652             R3:8692
PIVOT :8547          S1:8483               S2:8443             S3:8378

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 sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3% loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down. Sensex was down 143.63 points at 27529.97 and Nifty fell 63 points to 8520.40. The broader markets also caught in bear grip as the BSE Midcap falling nearly a percent on weak breadth. The current fall is unlikely to impact the bull run. Heavy selling pressure was witnessed in auto, telecom, industrial, realty and pharma stocks. Only Banking shares closed in the green on the BSE. The India VIX (Volatility) index was up 5.15% at 15.6550. Out of 1,526 stocks traded on the NSE, 969 declined and 498 advanced today.

STRATEGY: Sell Nifty Future below 8500 for the target of 8450 -8400 with the stop loss of 8570.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Dewan Housing Finance Limited reported a 28.9% rise in Net Profit to Rs. 232.6 Cr in Q2FY17, as against Rs. 180.4 Cr in the corresponding quarter last fiscal. Revenue grew by 19.7% to Rs. 2,166.7 Cr, against Rs. 1,810.7 Cr. The board declared an interim dividend of Re.1/share at 10% on an equity share of Rs. 10 each.
• Leading Cement Manufacturer - Ultratech Cement; reported a 25.3% increase in Net profit for Q2FY17 at Rs.614.3 Cr, as against Rs. 490.4 Cr in the corresponding quarter of the last fiscal. The total revenue dropped by 2.4% to Rs. 6508.6 Cr from Rs. 6669.5 Cr previously.
• Lakshmi Vilas Bank reported 18.9% rise in Total income to Rs. 830.3 Cr in Q2FY17, as against Rs. 697.9 Cr in the corresponding quarter last fiscal. Net Profit grew by 44.6% to Rs. 64.8 Cr, against Rs. 44.8 Cr. Gross NPA of the bank increased to 2.7% from 2.14% in the previous quarter, and, Net NPA increased to 1.87% against 1.3% previously.

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