NIFTY FUTURE : R1:8824 R2:8849 R3:8979
PIVOT :8794 S1:8769 S2:8739 S3:8714
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| stock future tips |
- MACD and Price ROC are both positive and continue in Buy mode. RSI (55) suggests bearish momentum. This week, both the indices remained comfortably above the short term average of 20dma Nifty – 8740, medium term average of 50dma Nifty – 8654 and even the long term average of 200dma Nifty – 8250. Thus the trend in the short term, medium term and even the long term time frame continues to remain Bullish. Key indices rose on bargain hunting after suffering steep losses yesterday, 29 September 2016 triggered by flare up in India-Pakistan tension after Indian Army in a press conference yesterday, 29 September 2016 revealed that it conducted surgical strikes against terror launch pads inside Pakistan occupied Kashmir. However, gains were capped by weakness in global stocks.
NIFTY FUTURE: A 25-basis point cut in key interest rates by the Reserve Bank of India (RBI) helped benchmark Sensex to close 91.26 points, or 0.32 per cent, higher at 28,334.55 on Tuesday.
Nifty settled 31.05 points, or 0.36 per cent, up at 8,769.15. Even though we had a surprise cut by RBI, the market remained muted. It was a breather post the bounce back after the geo- political issue. Other Asian equity markets also ended in green on Tuesday after oil futures surged to a multi-week high overnight and as the yen weakened against the dollar on data suggesting the US manufacturing sector grew better than expected in September. Hang Seng and Nikkei settled 0.45 per cent and 0.83 per cent up at 23689.44 and 16,735.65, respectively.
STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8720.
Nifty settled 31.05 points, or 0.36 per cent, up at 8,769.15. Even though we had a surprise cut by RBI, the market remained muted. It was a breather post the bounce back after the geo- political issue. Other Asian equity markets also ended in green on Tuesday after oil futures surged to a multi-week high overnight and as the yen weakened against the dollar on data suggesting the US manufacturing sector grew better than expected in September. Hang Seng and Nikkei settled 0.45 per cent and 0.83 per cent up at 23689.44 and 16,735.65, respectively.
STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8720.
SECTORIAL INDICES
CORPORATE NEWS
- Manali Petrochemicals announced acquisition of Notedome of the UK, a manufacturer of Neuthane Polyurethane Cast Elastomers for Rs. 120 Cr. Shares of Manali Petrochemicals closed up 10%.
- Wockhardt announced that the US Food and Drug Administration (USFDA) excluded active pharmaceutical ingredient (API) Ceftriazone Sodium from import alert issued earlier against it earlier. The Company manufactures this antibiotic drug at its API unit at Ankleshwar, Gujarat. Shares closed up 3%.
- Dena Bank raised Rs. 446 Cr by allotting shares to the Government of India on a preferential basis. The stake of the GoI went up from 62.89% to 68.55%. Shares closed up 3.2%.
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