|stock futures tips|Equity Research Lab :- Nifty Report 11 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :       R1:8606                R2:8659                     R3:8704
PIVOT :8560              S1:8507                 S2:8462                     S3:8409

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 closed with a gain of 87 points at 8,519. It opened at 8,556, hitting a high of 8,598 and low of 8,511. Market sentiment also got a boost after global investors turned hopeful about generous tax cuts and higher infrastructure and defence spending in the US following Donald Trump's victory. Banking sector stocks closed higher as banks are expected see improved liquidity when people start tendering cash after the government decided to withdraw 500 and 1,000 rupee notes. PNB zoomed 12%, BoB climbed 9%, while SBI rallied 8.4% on the BSE. Financial stocks were among the biggest percentage gainers on the NSE index today as investors welcomed the government's decision to withdraw higher denomination banknotes. The BSE Finance index closed 2.4% higher.

STRATEGY: Buy Nifty Future above 8550 for the target of 8600 -8650 with the stop loss of 8480.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Sun Pharmaceutical Industries doubled its net profit to Rs. 2,235.1 Cr in Q2 as against Rs. 1,028.8 Cr in the corresponding quarter last fiscal. Revenue grew by 20.2% to Rs. 8,265.1 Cr compared to Rs. 6,873.3 Cr previously. Operating Income increased 69.1% to Rs. 3,167.7 Cr in Q2 and the margin expanded 1110 basis points to 38.3%..
• Motherson Sumi Systems reported a 26.3% increase in Net Profit to Rs. 479.9 Cr in Q2FY17 as against Rs. 380.3 Cr in the corresponding quarter last year. The company reported a 14.3% in Net Revenue to Rs. 10,332.6 Cr as against Rs. 9,038.8 Cr previously. EBITDA was up by 14.6% and the operating margin expanded by 20 basis points to 9.9%.
• City Union Bank reported a 15% rise in Net Profits to Rs. 123.7 Cr in Q2FY17, against Rs. 107.8 Cr in the corresponding quarter last year. Total income of the bank rose by 7.9% to Rs. 894.9 Cr during Q2 as against Rs. 829.5 Cr previously. Gross NPAs stood at 2.69% of advances as compared to 2.62% in Q1. Net NPAs stood at 1.63% as against 1.59% previously.

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