|stock futures tips|Equity Research Lab :- Nifty Report 17 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :           R1:8197                   R2:8276                        R3:8327
PIVOT :8146                  S1:8067                   S2:8016                         S3:7937

   CHART INTERPRETATION   

Technically, A strong break below 8100 will increase the downside pressure and drag it to 7900/7750. Traders can go short on a break below 8100.On the other hand, a decisive break above 8280 will ease the downside pressure and take the index futures higher to 8450 and 8550 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 8100. 8100 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 7900-7700-7700 in days to come. If Nifty holds 8100 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: The market swinging between red and green throughout the day. Last 30 minutes saw spurt in selling as government contemplates to completely ban foreign direct investment (FDI) in the tobacco sector. ITC was hammered 3 % at closing. ITC, Sun Pharma & Kotak Mahindra Bank dragged benchmark indices the most. After briefly slipping below 8100 just before closing, the Nifty ended at 8111.60 up 3.15 points and the Sensex was down 5.94 points at 26298.69. About 1056 shares advanced, 1543 shares declined, and 155 shares were unchanged. As market continues to battle backlash of demonetization for another day. The India VIX (Volatility) index was down 3.18% at 19.5025. The BSE Midcap and Smallcap indices ended up. The rupee was trading down 10 paise at 67.84 per US dollar.

STRATEGY: Sell Nifty Future below 8100 for the target of 8050 -8000 with the stop loss of 8180.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Welspun India reported a loss of Rs. 147.5 Cr in Q2, as against a profit of Rs. 179.4 Cr in the corresponding quarter last fiscal. The company reported Rs. 501 Cr as an exceptional loss on account of the Egyptian cotton issue. Revenue grew 21.8% to Rs. 1,789.9 Cr from Rs. 1,469.4 Cr in the same quarter last year.
• Ramco Industries reported a Total Income from Operations rose 14.4% to Rs. 164.5 Cr against Rs. 143.8 Cr in the corresponding quarter last fiscal. Net Profits stood at Rs. 10.9 Cr for Q2 as against a loss of Rs. 1 Cr in the corresponding quarter last year. Shares closed up 5.4%.
• Shares of Cigarette Companies fell after reports suggested that the Cabinet may consider complete ban of FDI in tobacco sector. ITC Ltd fell 3.6%, whereas Godfrey Phillips India slumped 17.3%.

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