|stock futures tips|Equity Research Lab :- Nifty Report 21 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :    R1:8124                        R2:8173                         R3:8207
PIVOT :8089            S1:8040                        S2:8006                         S3:7956

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: Nifty hit a 6-month low. The domestic market posted its worst week since February 12. A mixed trend on other Asian bourses also influenced the trading momentum. Prices of few key commodities have fallen considerably since the move was announced amid drying up of demand. Nifty closed with a loss of mere six points at 8,074. Nifty opened at 8,097 hitting a high of 8,129 and low of 8,048. The India VIX index was down 4.83% at 17.8050. The BSE Midcap and Smallcap indices ended up in the range of 0.2-0.6%. The rupee was trading down 34 paise at 68.15 per US dollar. Asian markets closed mostly lower on Friday, with the Japanese market leading gains on the back of a relatively weaker yen, helping shares of the country's big exporters. European indices are trading in red. Meanwhile, IT stocks continue to reel under pressure for the third straight day after Nasscom revised the IT sector’s growth forecast downwards to 8-10 % this year, as its biggest members such as TCS, Wipro, and Infosys struggle to grow faster because of an uncertain environment.

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

   SECTORIAL INDICES   

    CORPORATE NEWS      

• On account of increased production by Coal India Ltd. (CIL) in 2015-16, coal imports have fallen from 217.78 Mte. in 2014-15 to 199.88 Mte. in 2015-16. In order to meet coal demand internally and make India self-sufficient in coal production, the focus of the Government is on increasing the domestic production from indigenous sources which includes efforts to expedite Environment and Forest clearances, land acquisition and coordinated efforts with Railways for movement of coal.
• Petronet LNG Limited ended at Rs 376.45, up by Rs 29.1 or 8.38% from its previous closing of Rs 347.35. The company's net profit of Rs 460 crore in July-September is 82% higher than the Rs 253 crore net profit in the same period a year ago. The total income of the company has decreased from Rs 7,584 crore for the quarter ended September 30, 2015 to Rs 6,706 crore for the quarter ended September 30, 2016.
• Canara Bank has informed BSE that the bank has revised deposit interest rates in different
  maturities in retail and bulk deposits in the range of 5 bps to 25 bps and these are effective from November 21, 2016.

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