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

STOCK FUTURES TIPS:-

NIFTY FUTURE :           R1:8112                    R2:8144                     R3:8163
PIVOT :8092                  S1:8060                    S2:8041                      S3:8009

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: Equity benchmarks extended losses for the sixth consecutive session on Wednesday, dragged by technology, FMCG and select banks stocks. The market started off trade on a positive note following Asian peers but erased gains in late trade on weak European cues. Investors will closely watch tomorrow's GST meeting. Sensex was down 65.60 points at 26242.38 and Nifty slipped 21.10 points to 8061.30, the lowest closing level since November 24. Nifty sectoral indices ended on a mixed note. Nifty Realty gained over 1% while Nifty FMCG dipped over 1%. While, Nifty Metal index ended on a positive note up 0.5%. The Nifty Metal index rose for the first time in four sessions led by gains in shares of Welspun Corp, Hindalco Industries and Hindustan Zinc. This positive trend was supported by a rise in rupee against the dollar. The BSE Midcap closed marginally low while BSE Smallcap closed marginally high. The India VIX (Volatility) index was up 0.84% at 14.66.

STRATEGY: Buy Nifty Future above 8100 for the target of 8150 -8200 with the stop loss of 8030.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Reliance Communications signed a binding agreement with the US asset management company Brookfield Group to sell its tower business. The company will receive an upfront cash payment of Rs. 11,000 Cr (USD 1.6 billion) on completion of the transaction, which will be used for debt reduction. Shares closed up 6.7%.
• Bajaj Hindusthan Sugar Ltd announced that its board approved the sale and transfer of co-generation power business of a capacity of 449 MW located at 14 locations to Lalitpur Power Generation Company Limited (LPGCL) for a lump sum consideration in cash of approximately Rs. 1,800 Cr.
• Pharma Major Sun Pharmaceuticals completed the acquisition of 85.1% stake in Russia based JSC Biosintez.

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