|stock futures tips|Equity Research Lab :- Nifty Report 06 December

STOCK FUTURES TIPS:-

NIFTY FUTURE :             R1:8201                     R2:8237                            R3:8300
PIVOT :8138                    S1:8102                      S2:8039                            S3:8003

free trading 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 started off the week on a positive note Monday, especially ahead of monetary policy committee meeting that will start tomorrow. Sharp recovery in Europe after Italian referendum also boosted the market sentiment. The Nifty struggled below 8100 level, before the recovery in last couple of hours of trade. Sensex was up 118.44 points at 26349.10 and Nifty rose 41.95 points to 8128.75 despite weakness in services PMI. The BSE Midcap marginally outperformed benchmarks, rising 0.66 % on positive breadth. About 1510 shares advanced against 1117 declining shares on the exchange. Analysts strongly expect the RBI to cut repo rate by 25 basis points but they will closely watch commentary, especially after currency demonetisation. Overall, the market is expected to be rangebound in December.

STRATEGY: Buy Nifty Future above 8200 for the target of 8250 -8300 with the stop loss of 8130.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Strides Shasun received an Establishment Inspection Report (EIR) from the US Food & Drug Administration for its R&D unit in Chennai. The inspection of the center took place in August 2016.
• Nikkei/Markit Services PMI fell to 46.7 in November 2016 from 54.5 in October 2016. The index went below the 50 mark for the first time since June 2016. A 50 PMI level separates growth from contraction.
• KEC International received orders worth Rs. 840 Cr in various segments – transmission, distribution and cable business. The Company received a turnkey order worth Rs. 429 Cr for construction of a 275 kV transmissions line in Malaysia and a similar order of Rs. 248 Cr for a 500 kV overhead transmission line in Egypt.

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