|stock futures tips|Equity Research Lab :- Nifty Report 27 OCTOBER

STOCK FUTURES TIPS:-

NIFTY FUTURE :       R1:8661                   R2:8707                              R3:8745
PIVOT :8623              S1:8578                    S2:8540                              S3:8495

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 Nifty ended in red on Wednesday on account of selling in front line blue chipcounters. Sensex closed 254.91 points, or 0.91% down at 27836.51, while Nifty settled 76.05 points, or 0.88%, down at 8615.25. The sentiments were under pressure as funds and retail investors hit the sell button tracking a sluggish global trend due to tumbling oil prices. On the economy front, Union Minister Nirmala Sitharaman expressed disappointment at India's rank remaining low on the ease of doing business front. The India VIX (Volatility) index was down 0.20% at 14.4525. The rupee was trading up one paise at 66.82 per US dollar. Axis Bank tanked 8% to Rs 486 on the BSE. The bank has posted a net profit of Rs 319 crore for the quarter ended September 30, 2016 as compared to Rs 1915.6 crore for the quarter ended September 30, 2015.

STRATEGY: Buy Nifty Future above 8620 the target of 8670 -8720 with the stop loss of 8545.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Cadila Healthcare reported a 28.9% drop in Net Profits to Rs. 337.6 Cr in Q2FY17, as compared to Rs. 475 Cr in the corresponding quarter last fiscal. Revenue stood flat at Rs. 2,403.5 Cr, as compared to Rs. 2,394.9 Cr previously. Operational Pressure was felt as EBITDA fell 15.5% to Rs.516 Cr and margins contracted by 400 basis points to 21.5% in the quarter.
• ITC reported a 10% YoY growth in Net Profits for Q2FY17 to Rs. 2,500 Cr, as compared to Rs. 2,262.5 Cr in the corresponding quarter last year. Total Income from Operations stood at 13,616.6 Cr against Rs. 12,611 Cr previously, registering an 8% growth YoY. Cigarette volume rose 7.1% to Rs.8,530 Cr from Rs.7,963.1 Cr reported for the year-ago period.
• Canara Bank reported a 32.5% drop in Net Profits to Rs. 356.9 Cr in Q2FY17, as compared to Rs. 528.8 Cr previously. Total income declined to Rs. 12,187.1 Cr as compared to Rs. 12,477.9 Cr previously. Asset quality worsened as gross NPAs increased to 9.8% against 4.3% previously. Net NPAs stood at 6.7% against 2.9% previously.

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