|stock futures tips|Equity Research Lab :- Nifty Report 23 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :    R1:8039                           R2:8071                           R3:8121
PIVOT :7989           S1:7957                            S2:7907                           S3:7875

free trading 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: Short covering and positive global cues helped the BSE Sensex snap six-day losing streak and the Nifty close above 8000 level on Tuesday after volatility. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 1.1 percent. Commodities also bounced back after fall in dollar. Sensex was up 195.64 points at 25960.78 and Nifty climbed 73.20 points to 8002.30. The market breadth also turned positive as about 1475 shares advanced against 1083 declining shares on the BSE. Investors continued to avoid pumping in fresh money into markets due to demonetization concerns and strengthening dollar. They maintained cautious stance ahead of Federal Reserve's policy meeting in next month. The INDIA VIX closed - 3.31% at 18.4650. Out of 1,516 stocks traded on the NSE, 556 declined, 896 advanced and 64 remained unchanged today. The Rupee is trading marginally down at Rs. 68.19/$.

STRATEGY: Buy Nifty Future above 8000 for the target of 8050 -8100 with the stop loss of 7930.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Larsen & Toubro reported an 84.3% increase in Net Profit to Rs. 1,434.6 Cr in Q2 against Rs. 778.4 Cr in the corresponding quarter last year. Total Income increased by 8.2% to Rs. 25,011 Cr against Rs. 23,123 Cr. Operating Profit increased by 7.9% to Rs. 2,298 Cr.
• IRB Infrastructure reported a 5% decline in Net Profit to Rs. 142.2 Cr in Q2 as against Rs. 149.7 Cr in the corresponding quarter last year. Revenue increased 12.3% to Rs. 1,290.6 Cr as against Rs. 1,149.2 Cr previously. Bottom-line was affected by higher finance costs, which increased 41.6% to Rs. 339.6 Cr in the quarter. Shares closed down 3.8%.
• Birla Corp reported a sharp increase in Net Profit in Q2 at Rs. 58.4 Cr against Rs. 23.2 Cr in the year ago period. Total Income fell by 4% to Rs. 886.8 Cr in Q2 from Rs. 927.1 Cr during the same quarter in previous fiscal. Total expenses were lower at Rs. 843.3 Cr from Rs. 899.5 Cr previously.

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