|stock futures tips|Equity Research Lab :- Nifty Report 18 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :        R1:8157                          R2:8226                          R3:8285
PIVOT :8098               S1:8029                           S2:7970                          S3:7901

stock future tips

   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: Indian Market closed range bound session on a negative note Thursday with the Nifty ending below 8100 for the first time since June 27. Investors remained cautious about 2HFY17 growth after demonetization. Sensex was down 71.07 points at 26227.62 and Nifty fell 31.65 points to 8079.95 while the broader markets were also under pressure. The BSE Midcap and Smallcap indices slipped 0.4 % and 0.6 %, respectively. Sentiments got some support with Moody’s Investors Service affirming India’s sovereign rating at ‘Baa3’ with a positive outlook, saying it expects policymakers to continue reforms to achieve balanced growth and reduce the government's debt load. Moody's further said that India's policy makers have taken important steps to strengthen the country's institutions. The rupee was trading up 13 paise at 67.81 per US dollar.

STRATEGY: Sell Nifty Future below 8050 for the target of 8000 -7950 with the stop loss of 8130.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Lupin’s US subsidiary, Gavis Pharmaceuticals LLC., received an approval from the US FDA for hydrocordone bitartrate and acetaminophen tablets. Shares of Lupin closed up by 0.5%.
• Voltas shares tumbled by 7.8% after the company reported a 6.2% fall in Total Income to Rs. 981.5 Cr. The company reported a 7.2% rise in Net Profit in Q2 to Rs. 72.1 Cr against Rs. 67.3 Cr posted in the same quarter last fiscal.
• Ashiana Housing reported a 43.1% increase in Total Income to Rs. 116.3 Cr for Q2, as against Rs. 81.3 Cr in the corresponding quarter last quarter. Net profits were 34% up at Rs. 20.5 Cr against Rs. 15.3 Cr previously.

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