|stock futures tips|Equity Research Lab :- Nifty Report 08 December

STOCK FUTURES TIPS:-

NIFTY FUTURE :         R1:8196                    R2:8269                            R3:8320
PIVOT :8145                 S1:8072                    S2:8021                            S3:7948

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: Equity benchmarks reversed gains in last hour of trade with the Sensex falling 228 points intraday Wednesday as the Reserve Bank defied expectations of rate cut by keeping repo rate unchanged and lowered GVA estimates. However, the fall was arrested after the RBI decided to withdraw incremental CRR from December 10 and due to positive global cues. Sensex was down 155.89 points at 26236.87, and Nifty fell 41.10 points at 8102.05 after hitting an intraday low of 8077.50 and high of 8190.45. However, the broader markets outperformed as fall in Midcap index restricted to 0.16 percent. Not only equity markets but also bond markets reacted negatively given that 25 bps repo rate cut was already factored in. Benchmark indices are expected to be rangebound after pricing in surprise move from the Monetary Policy Committee.

STRATEGY: Sell Nifty Future below 8100 for the target of 8050 -8100 with the stop loss of 8170.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Sun Pharmaceuticals Industries Ltd fell 4.11% to Rs 676.95 after the USFDA has informed that the Halol facility has issued a 14-page Form 483 post inspection. The USFDA clearance to Halol unit is key to its revenue growth, especially for US business that contributed nearly 50 percent to overall revenue in FY16. The shares of the company closed at 664.4 after making an intraday low of 660.
• LT Foods Ltd gained 7.5% after Kishore Biyani-led Future Consumer has entered into a pact with LT Foods and Genoa Rice Mills for sourcing, marketing and distribution of rice.
• IL&FS Transportation Networks Ltd rose 2.2% after the company said its joint venture is the lowest bidder for Chennai metro contracts. The shares of the company rose to Rs.103 before closing at 99.25.

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