|stock futures tips|Equity Research Lab :- Nifty Report 28 December

STOCK FUTURES TIPS:-

NIFTY FUTURE :      R1:8082                     R2:8133                          R3:8221
PIVOT :7994              S1:7943                     S2:7855                          S3:7804

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 Indian stocks market rallied on Tuesday on account of buying of some blue-chip counters, which were heavily over-sold in last few trading sessions and covering-up of pending short positions by speculators ahead of the December futures and options expiry on Thursday. Nifty closed with a gain of 125 points at 8,033. The buying was so fierce that not a single sectoral index on the NSE ended with losses; metal, FMCG, pharma, auto, IT, banking and realty stocks ended among the top gainers. Even the mid-cap and the small-cap stocks participated in today’s rally. The India VIX or volatility index fell more than 9% to 15.08 as benchmark indices notched up near 1.5% gains each. The rupee was trading down 21 paise at 67.94 per US dollar. On the global front, Asian stocks ended mixed on a day of thin trade as some markets were closed on account of Christmas and New Year holiday week. European stocks were trading in green today. The FTSE 100 rose 0.06%, while the CAC 40 and DAX was trading up 0.12% each.

STRATEGY: Buy Nifty Future above 8050 for the target of 8100 -8150 with the stop loss of 7970.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Glenmark Pharmaceuticals received the final approval from the US Food and Drug Administration (US-FDA) for the sale of Tretinoin Capsules, used in the treatment of leukemia.
• Kaya announced that its subsidiary - Kaya Middle East DMCC (Kaya DMCC) completed the acquisition of 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.
• Jindal Steel and Power Ltd (JSPL) secured the approval of its lenders to restructure Rs. 7,125 Cr of its (5-7years) debt into a long term debt of 20 years. The restructuring will is likely to enhance cash flow as the interest outgo will come down significantly.

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