|stock futures tips|Equity Research Lab :- Nifty Report 08 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :     R1:8552                  R2:8584                     R3:8608
PIVOT :8527            S1:8495                   S2:8471                     S3:8439

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: Equity benchmarks started off the week on a strong note Monday, tracking relief rally in global peers after a clean chit to US presidential candidate Hillary Clinton in email probe. However, there was some profit booking in late trade as investors still maintained cautious stance ahead of US elections. Nifty failed to hold 8500 level due to late profit booking. The index climbed 63.30 points to 8497.05 at close. The broader markets also closed off day's high as the BSE Midcap index was up 0.6 percent on positive breadth. About 1994 shares advanced against 880 declining shares on the BSE at the end. France's CAC, Germany's DAX and Britain's FTSE were up 1.4-1.8 percent.

STRATEGY: Sell Nifty Future below 8480 for the target of 8430 -8380 with the stop loss of 8550.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• ICICI Bank reported a 2.4% increase in Net profit to Rs. 3,102.3 Cr in Q2, as against Rs. 3,030.1 Cr in the corresponding quarter last year. NII stood at Rs. 5,253.3 Cr for the quarter. Gross NPAs stood at 6.82% as against 5.87% in the last quarter. Net NPAs stood at 3.57% as against 3.35% in the previous quarter.
• Shree Cements reported an 18.3% YoY growth to Rs. 291.5 Cr in Q2, as against Rs. 246.4 Cr in the corresponding quarter last year. Revenue increased 17.7% to Rs. 2,254 Cr from Rs. 1,915.3 Cr. EBITDA went up 57.7% to Rs 656.6 Cr and margins expanded by 740 basis points to 29.1%.
• United Bank of India reported a 30% decline in Net profits to Rs. 43.5 Cr in Q2, down from Rs. 61.9 Cr in the corresponding quarter last fiscal. NII fell by 41.1% to Rs 376.4 Cr in Q2 from Rs. 638.7 Cr an year ago. Gross NPAs stood at 16.3% at the end of the September quarter as compared to 14.3% in the last quarter. Net NPAs stood at 11.2% as compared to 9.8% in the last quarter.

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