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

STOCK FUTURES TIPS:-

NIFTY FUTURE :     R1:8050               R2:8104                       R3:8142
PIVOT :8012             S1:7959               S2:7921                       S3:7867

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: Benchmark indices fell for the seventh consecutive session for the first time since March 2016, with the Sensex losing more than 300 points intraday Thursday amid thin volumes ahead of Christmas holiday. The consistent fall may be indicating that investors are worried about the impact of demonetisation on December quarter earnings, sales data and economic data due next month. upcoming cautious stance ahead of US president-elect Donald Trump's policies that will be announced in January. Sensex plunged 262.78 points or 1 % to 25979.60 and Nifty fell 82.20 points or 1.02 % to 7979.10. The BSE Midcap and Smallcap indices shedding 1.5% and 1.25 %, respectively. The market is down 10 % on both local and global factors and has faced two shocks - US Fed hike and demonetization.

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

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Sun Pharma plans to acquire a branded oncology product Odomzo from Novartis for an upfront payment of USD 175 million and additional milestone payments. Sun Pharma Advanced Research Company, was also in the news and went up 7 percent after receiving complete response letter from the US health regulator for preservative-free eye drop.
• Phoenix Mills shares spiked after the Canada Pension Fund signed non-binding term sheet to buy 49 percent stake in a subsidiary of the company over a 3-year period. The funds raised by subsidiary, ISML will be utilised for business development and growth purposes.
• A Delhi court has cancelled the non-bailable warrants against the two managing directors of real estate major Unitech Ltd, in a case of alleged misappropriation of Rs 500 cr collected from investors for one of its housing projects.

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