NIFTY FUTURE : R1:8308 R2:8322 R3:8347
PIVOT :8284 S1:8269 S2:8245 S3:8230
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CHART INTERPRETATION
Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market
would enter into negative zone once Nifty closes below 8250 levels for Nifty Traders can initiate fresh short position once market closes below these levels. Market has consolidated for long time and now there are strong possibility of a breakout or breakdown in upcoming days. Once Nifty closes below 8250 levels then market would see a sharp breakdown. So traders can hold long positions only till Nifty hold these levels by closing. Nifty would see strong support at 8250-8226-
8180-8150 whereas strong resistance would be seen at 8330-8365-8405-8445 levels.
would enter into negative zone once Nifty closes below 8250 levels for Nifty Traders can initiate fresh short position once market closes below these levels. Market has consolidated for long time and now there are strong possibility of a breakout or breakdown in upcoming days. Once Nifty closes below 8250 levels then market would see a sharp breakdown. So traders can hold long positions only till Nifty hold these levels by closing. Nifty would see strong support at 8250-8226-
8180-8150 whereas strong resistance would be seen at 8330-8365-8405-8445 levels.
INDEX OUTLOOK
NIFTY FUTURE: Nifty and Sensex closed 0.65% up at 8289 and 26900 levels respectively. Broader markets maintained out performance where midcap and small cap indices closed 0.8% and 0.7% higher. Market bias remained positive with 1662 advances and 1151 declines. BSE Metal and BSE Industrials were the top performers with the indices gaining by 1.42% and 1.57%.PSU Bank Index gained impressively even as all sectoral indices close in green indicating a broad-based rally in markets today BSE consumer durables and BSE Auto were the other sectoral index that gained more than 1% on Tuesday. Nifty traded near 8294 levels and closed just below the crucial level at 8289. Nifty has managed to close above its 200 days EMA at 8242. Going forward the immediate resistance at 8298-8300 levels remain intact which is also its 100 days EMA level. On the downside 8260 followed by 8228 will act as the immediate supports for now.
STRATEGY: Buy Nifty Future above 8300 for the target of 8350 -8400 with the stop loss of 8230.
NIFTY FUTURE: Nifty and Sensex closed 0.65% up at 8289 and 26900 levels respectively. Broader markets maintained out performance where midcap and small cap indices closed 0.8% and 0.7% higher. Market bias remained positive with 1662 advances and 1151 declines. BSE Metal and BSE Industrials were the top performers with the indices gaining by 1.42% and 1.57%.PSU Bank Index gained impressively even as all sectoral indices close in green indicating a broad-based rally in markets today BSE consumer durables and BSE Auto were the other sectoral index that gained more than 1% on Tuesday. Nifty traded near 8294 levels and closed just below the crucial level at 8289. Nifty has managed to close above its 200 days EMA at 8242. Going forward the immediate resistance at 8298-8300 levels remain intact which is also its 100 days EMA level. On the downside 8260 followed by 8228 will act as the immediate supports for now.
STRATEGY: Buy Nifty Future above 8300 for the target of 8350 -8400 with the stop loss of 8230.
SECTORIAL INDICES
- IndusInd Bank’s net profit for Q3 rose by 29.2 to Rs. 750.6 Cr Cr from Rs. 581 Cr in the corresponding quarter last fiscal. Net interest Income grew by 34.5% to 1578.4 Cr in Q3 on a YoY basis. Other income grew by 21.2% to Rs. 1,016.8 Cr and operating profit went up 28.5% to Rs 1,363.3 Cr in Q3. Asset quality dipped slightly, as Gross NPAs increased to 0.94%, up from 0.9%,sequentially. Net NPAs rose to 0.39% from 0.37% sequentially.
- Engineers India secured a contract worth Rs. 2500 Cr from HPCL for execution of Vizag Refinery Modernization Project (VRMP). Shares closed up 2.7%.
- Share price of Ajanta Pharma gained 1.6% on the USFDA approval for Duloxetine hydrochloride delayed release capsules. The company will be launching the product in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules.
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