|stock futures tips|Equity Research Lab :- Nifty Report 29 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :   R1:8186                      R2:8222                              R3:8276
PIVOT :8132           S1:8096                      S2:8042                              S3:8006

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: Equity benchmarks closed flat with a positive bias after consolidation on Monday but the broader markets outperformed on further value buying. Banks underperformed after CRR hike announcement by RBI while ITC helped the market close in the green. Sensex was up 33.83 points at 26350.17 and Nifty gained 12.60 points at 8126.90 while the BSE Midcap index jumped 1 percent and Smallcap rose 0.66 % on positive breadth. Proprietary sentiment indicator has still not hit the buy zone so there may be some downside in the near term and thus, the recovery from the recent damage to share prices may not be V-shaped. Sentiments got some support with ,India's GDP growth trend to be higher than China's in the medium term despite demonetization. Some support also came after the RBI\ Governor Urjit Patel said that all necessary actions are being taken to 'ease the genuine pain of citizens' who are honest and who have been hurt. The India VIX (Volatility) index was up 2.51% at 18.0550. The rupee was trading lower 22 paise at 68.67 per US dollar.

STRATEGY: Buy Nifty Future above 8150 for the target of 8200 -8250 with the stop loss of 8070.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Cipla’s UK arm sold the entire 16.7% stake it had held in US-based clinical-stage biopharmaceutical company, Chase Pharma, to a subsidiary of Allergan. Cipla closed higher by 1.3%.
• Shares of Uflex ended higher by 8.5% after strong Q2FY17 numbers. The company reported 17% rise in consolidated net profit to Rs 90 cr. Net sales rose 1.6% to Rs 1501.9 cr.
• Oil India posted a net profit of Rs 580cr for the quarter ended Sept 30, 2016 as compared to Rs 706 cr for the quarter ended September 30, 2015. Total income decreased from Rs 2,961 cr for the quarter ended September 30, 2015 to Rs 2,721 crore for the quarter ended September 30, 2016. The shares price ended lower by 2%.

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