|stock futures tips|Equity Research Lab :- Nifty Report 29 December

STOCK FUTURES TIPS:-

NIFTY FUTURE :    R1:8079                 R2:8127                        R3:8155
PIVOT :8051            S1:8003                 S2:7975                        S3:7927

stock cash 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 Sensex, Nifty closed flat after paring all of their intraday gains in the last hour of trade dragged lower by a sell-off in oil and gas companies on Wednesday and ahead of the expiry of futures and options contracts of the December series due tomorrow. Weak global cues and a weak rupee dampened the sentiment. Nifty closed with a marginal gain of two points at 8,035. The India VIX (Volatility) index was up 3.04% at 15.54. On the global front, Asian markets were trading in green as many regional markets resumed trading after the long holiday weekend. While a weaker yen, higher oil prices and upbeat U.S. consumer confidence and housing data lent some support, new regulatory measures unveiled in China to bring insurers under strict supervision served to limit the potential upside to some extent. Shanghai Composite and Nikkei 225 closed lower, while Hang Seng added 1% to 21,575. European markets were trading mostly in green after upbeat U.S. economic data reinforced investor expectations for stronger economic growth under Trump presidency.

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

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Sunil Hitech Engineers said it won order amounting to Rs. 434 crores from the state of Arunachal Pradesh for National Highways & Infrastructure Development Corporation Ltd.
• RPP Infra Projects received order from Kamarajar Port for construction of container pre-staking yard and other ancillary facilities worth Rs 24.2 crores and work received from Annai Infra Developers, Erode for Chennai Corporation to construct the integrated storm water drains in expanded area of Chennai Corporation for worth Rs 30 crores.
• Electrosteel Steels Ltd shares rose on news report that stated that the Piramal Enterprises and the Renaissance Group are considering to jointly purchasing a 51% stake in Electrosteel Steels.

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