|stock futures tips|Equity Research Lab :- Nifty Report 07 OCTOBER

STOCK FUTURES TIPS:-

NIFTY FUTURE :    R1:8793                R2:8856                    R3:8897
PIVOT :8752           S1:8689                 S2:8648                    S3:8585

stock future tips

   CHART INTERPRETATION    

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.

   INDEX OUTLOOK     

NIFTY FUTURE: It was yet another volatile day of trading as the bears came back strongly but the Nifty defended 8700. The bank stocks led the decline and the midcaps, which have been generally outperforming the benchmark indices, today succumbed to the selling pressure. The oil gas stocks were the silver lining for the markets as the index ended more than 2.5 % in the green. The Sensex closed down 114.77 points or 0.4 % at 28106.21 and the Nifty was down 34.40 points or 0.4 % at 8709.55. For a market that has been concerned over high valuations and waiting for over two years now for doubledigit earnings growth, this could be a potent catalyst, . However, while we are excited over what appears to be the return of a strong earnings growth trajectory, we remain concerned over global macros and hence maintain a near-term cautious stance on the market with a December Sensex target of 27,000.

STRATEGY: Buy Nifty Future above 8700 for the target of 8750 -8800 with the stop loss of 8620.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• The Cabinet of Economic Affairs gave nod to ONGC Videsh for acquisition of 11% stake of Russia’s Vankor Oil Fields from Rosneft Oil Company for US $ 930 Million.
• Zydus, a group firm of Cadila Healthcare announced that it has got into an in-licensing agreement with Switzerland-based Neovii to launch Grafalon, an immunosuppressant used in solid organ transplants and stem cell transplant, in India.
• UCO Bank announced that it will issue shares worth Rs. 270 Cr to LIC on a preferential basis. LIC’s stake in the bank will increase to 5.5%.

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