|stock futures tips|Equity Research Lab :- Nifty Report 09 December

STOCK FUTURES TIPS:-

NIFTY FUTURE :           R1:8290                   R2:8324                             R3:8382
PIVOT :8233                  S1:8198                    S2:8141                             S3:8106

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: Equity benchmarks staged spectacular performance on Thursday with the Sensex rising nearly 500 points intraday on short covering after yesterday's unexpected RBI action. Withdrawal of incremental CRR hike by the central bank, bargain hunting, weakness in dollar (& positive global cues) ahead of European Central Bank meeting due later today and renewed FIIs buying interest also boosted the market sentiment. The market ended at almost one-month closing high. Sensex shot up 457.41 points or 1.74 % to 26694.28 and the Nifty climbed 144.80 points or 1.79 % to 8246.85, outperforming broader markets. We expect the upside might continue in near term due to underperformance of India compared with global markets but they don't rule out extreme volatility or consolidation ahead of Federal Reserve policy meeting next week. The BSE Midcap and Smallcap indices gained 1.5 % and 1.3 %, respectively.

STRATEGY: Buy Nifty Future above 8250 for the target of 8300 -8350 with the stop loss of 8170.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Divi’s Labs announced that the US Food and Drug Administration (USFDA) had issued a Form 483 with 5 observations for the company’s Visakhapatnam unit. The Unit 2 of the Vizag plant accounts for 70% of the company’s overall business and more than 75% of its overall capacity.
• Crompton Greaves and Pauwels Spaco terminated a share purchase agreement (SPA) for its international power business. Pauwels Spaco is a special purpose vehicle of First Reserve, a global private equity and infrastructure investor. Shares of Crompton Greaves tanked 6%.
• Tata Motors JLR Nov 2016 retail sales rose 2% YoY basis to 47,588 units. JLR registered a healthy 42% growth in China sales, and 20% in North America (largely driven by Jaguar). UK sales declined 13% and Europe reported a 6% fall due to lower growth in Land Rover sales. The stock closed up 3.6%.

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