|stock futures tips|Equity Research Lab :- Nifty Report 24 OCTOBER

STOCK FUTURES TIPS:-

NIFTY FUTURE :        R1:8722                    R2:8743                            R3:8777
PIVOT :8688                S1:8666                    S2:8633                            S3:8611

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 equity market ended in the red on Friday tracking declines in Asian stocks as a stronger dollar weighed on crude oil prices, hurting investor risk appetite. Today’s major decline was led by consumer durables followed by metal, energy, and finance stocks, while realty, IT, telecom, capital goods and banking were among the gainers. In first half, bias was slightly on the negative side but swift recovery in last one hour of trade completely trimmed the intra-day losses. Nifty closed with a mere six points loss at 8,693. The NSE Nifty opened at 8,709 hitting a high of 8,709.10 and low of 8,652. The India VIX (Volatility) index was down 2.36% at 13.8300. Out of 1,505 stocks traded on the NSE, 716 declined and 740 advanced today.The BSE Midcap and Smallcap indices closed higher. The rupee was trading down five paise at 66.85 per US dollar.

STRATEGY: Buy Nifty Future above 8710 for the target of 8760 -8810 with the stop loss of 8630.

   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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