|stock futures tips|Equity Research Lab :- Nifty Report 05 December

STOCK FUTURES TIPS:-

NIFTY FUTURE :          R1:8168                           R2:8228                       R3:8266
PIVOT :8130                  S1:8070                           S2:8032                       S3:7972

stock future tips

   CHART INTERPRETATION   

Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7800. Traders can go short on a break below 8000.On the other hand, a decisive break above 8200 will ease the downside pressure and take the index futures higher to 8300 and 8350 thereafter. MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8242 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8430 but above the long term average of 200dma Nifty – 7600. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in the long term timeframe still continues to remain Bullish.

MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

   INDEX OUTLOOK     
NIFTY FUTURE: The Nifty opened the week at 8088, made a high of 8272, low of 8078 and closed the week at 8110. Thus the Nifty closed the week with a loss of 16 points. The domestic equity indices plunged on Friday, with the Nifty and Sensex indices breaching crucial psychological levels of 8,100 and 26,500, respectively, amid brisk selling on the frontline blue chip counters. The Correction continues and the Correction levels are placed at Nifty 8000-7897-7644. As far as the Nifty 8000 level is concerned then, a Pull-back cannot be ruled out in the short term but the trend will remain Bearish. so holding below 8000 then 7,920, 7,880 levels might again start the next downward leg towards the 7,600 level in the coming sessions. Macroeconomic data, monetary policy decision by the Reserve Bank of India (RBI), trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead.

STRATEGY: Sell Nifty Future below 8100 for the target of 8050 -8000 with the stop loss of 8180.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Vedanta Resources Plc plans to invest as much as Rs 200 billion (USD 2.9 billion) over three years to expand its alumina and aluminium producing capacity in Odisha, its chairman Anil Agarwal said. The company plans to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes.
• Bajaj Auto reported 13% decline in total sales for November at 269,948 units compared to 309,673 units in the same month last year. Motorcycles sales fell by 12% to 237,757 units, while commercial vehicles sales stood at 32,191 units, down 17%. Exports declined 16% to 115,425 units on YoY basis.
• TVS Motor Company sold 219,088 units in November, o.6% higher on YoY basis. Motorcycles sales fell 17.3% to 67,896 units and scooters sales declined 3.8% to 73,135 units. Three wheelers were hit hard as sales slumped 23.5% to 5,883 units.

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