|stock futures tips|Equity Research Lab :- Nifty Report 22 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :      R1:8058                     R2:8177                               R3:8246
PIVOT :7989              S1:7870                     S2:7801                               S3:7682

stock future tips

   CHART INTERPRETATION   

Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7750. Traders can go short on a break below 8000.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 7900. 7900 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 7900 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 bloodbath continues for Indian equity benchmarks where frontline gauges shaved off two and a half percent, breaching their crucial levels. The BSE Sensex fell below the psychologically important 26,000-level while Nifty crashed below the key 8,000-mark. The Nifty Index dropped below the 8000-mark for the very first time since June 24. In addition, till November 17, FII trading activities indicated a pull out of Rs 8974 crore from the market which almost doubled as compared to overall October FII trading activity of Rs 4,990 crore. In this downturn, some sectors worth buying would be Capital Goods, Banking, Oil & Gas, Pharma while sectors that can be avoided are Auto and Realty. The INDIA VIX is up 7.25% at 19.0975. Indian Rupee was trading at 68.15/$ trailing by 2 paise. In the Asian markets, Nikkei 225 and Shanghai Composite closed 1% up whereas Hang Seng closed marginally up, while European markets are trading flat.

STRATEGY: Sell Nifty Future below 7900 for the target of 7850 -7800 with the stop loss of 7970.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Panacea Biotec received an EIR from the US Health Regulator – USFDA for its oncology parenteral and oral solids dosage formulation facilities at Baddi in the state of Himachal Pradesh. Shares closed up 3%.
• Reliance Infrastructure Limited’s EPC division secured an order worth Rs. 3,675 Cr from NLC India for setting up Lignite based thermal power plants, one each in Barsingsar and Bithnok of Bikaner District, Rajasthan, India.
• Dr. Lal Pathlabs announced that it is in the process of completing the due diligence and legal documentation for the acquisition of Delta Ria & Pathology Private Limited. Shares closed up 4.2%.

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