|stock futures tips|Equity Research Lab :- Nifty Report 19 OCTOBER

STOCK FUTURES TIPS:-

NIFTY FUTURE :       R1:8724                 R2:8769                 R3:8851
PIVOT :8642              S1:8597                  S2:8515                 S3:8470

   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 ended with smart gains on Tuesday as the Sensex and Nifty hit its highest level since October 13, 2016. The Nifty Bank index, which gained 2.2%, was the top performing sectoral gauge led by ICICI Bank. This was the indices biggest single day jump since May 25 of this year. Nifty closed with a gain of 158 points at 8,678. The NSE Nifty opened at 8,556 hitting a high of 8,685 and low of 8,556.Investors now await a government meeting on the GST for clarity on rates. The three-day meeting of the GST Council, comprising federal and state finance ministers, will decide the main tax rate and those for different sectors. Among the 50-stocks of Nifty, Adani Ports, ICICI Bank, HDFC, Tech Mahindra, Tata Steel, HCL Tech, Yes Bank and BHEL were among the gainers on NSE, whereas Bharti Infratel, Asian Paints, ONGC and BPCL were among the losers today. The India VIX (Volatility) index was down 7.13% at 14.5375. The rupee was trading up 18 paise at 66.70 per US dollar.

STRATEGY: Buy Nifty Future above 8700 for the target of 8750 -8800 with the stop loss of 8630.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Can Fin Homes reported a 26.2% rise in Total Revenue to Rs. 332.4 Cr in Q2FY17, as against Rs. 263.4 Cr in the corresponding quarter last fiscal. Net Profit grew by 55.6% to Rs. 55.1 Cr, against Rs. 35.4 Cr.
• Greenlam Industires reported a drop in Q2FY17 net profit to Rs. 14 Cr as against a profit of Rs. 14.9 Cr in the corresponding quarter last fiscal. Q2FY17 net sales were up by 7% at Rs. 235.3 Cr against Rs. 221.6 Cr previously.
• Marksans Pharma received an approval by the US Food and Drug Administration (USFDA) for an Abbreviated New Drug Application (ANDA) for Paricalcitol Capsules 1 mcg, 2 mcg and 4 mcg. The capsules are used to prevent and treat high levels of parathyroid hormone in certain patients with chronic kidney disease. Shares closed up 2.4%.

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