|stock futures tips|Equity Research Lab :- Nifty Report 10 November

STOCK FUTURES TIPS:-

NIFTY FUTURE :     R1:8612                 R2:8761                     R3:9029
PIVOT :8344             S1:8194                 S2:7926                     S3:7777

stock future tips

   CHART INTERPRETATION    

Technically, A strong break below 8550 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8550.On the other hand, a decisive break above 8680 will ease the downside pressure and take the index futures higher to 8750 and 8800 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 8500. 8500 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 8200-8000-7700 in days to come. If Nifty holds 8500 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 recovered sharply from day's lows on Wednesday amid the victory of Donald Trump in US presidential elections and the government's move to curb the black money. Recovery in global peers, short covering in healthcare & select banks and rupee appreciation helped the market cut losses. Nifty went closer to 8000 level but short covering drove it above 8400. The index settled the trade at 8432, down 111.55 points or 1.31 percent from the previous close. The market to be range bound in near term and the range can be 8400-8800 as new US president's move will be closely watched while the move to curb the black money may help the RBI ease monetary policy going ahead.

STRATEGY: Sell Nifty Future below 8450 for the target of 8400 -8350 with the stop loss of 8530.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Lupin reported a 57.7% increase in Net Profit to Rs. 662.2 Cr in Q2 as against Rs. 419.8 Cr in the corresponding quarter last year. Revenue in Q2 grew by 28.5% to Rs. 4,290.5 Cr against Rs. 3,329.7 Cr previously. Good results were accounted on the back of strong growth in North American sales, which grew by 73.1% to Rs. 1,997.8 Cr in Q2.
• Ujjivan Financial Services reported an 89.7% rise in Net Profit to Rs. 73 Cr in Q2FY17 as against Rs. 38.5 Cr in the corresponding quarter last year. Total Income stood at Rs. 357 Cr, reporting an increase of 46.7% over Q2FY16. Gross NPA and Net NPA stood at levels of 0.17% and 0.04% respectively.
• Apollo Tyres reported a Net Profit of Rs. 260 Cr in Q2FY17 as against Rs. 280.07 Cr in the corresponding quarter of the previous fiscal. Total Income stood flat at Rs. 3,312.3 Cr for the quarter, as against Rs. 3,270.4 Cr previously..

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