NIFTY FUTURE : R1:8416 R2:8446 R3:8492
PIVOT :8370 S1:8340 S2:8294 S3:8265
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| stock future tips |
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: Equity benchmarks extended gains for second consecutive session Wednesday, with the Sensex closing at two-month high after stable earnings from banks (despite demonetisation) and China's decision to cut steel production. Globally investors will closely watch US President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies. Sensex closed above 27000 level for the first time since November 10, 2016, up 240.85 points or 0.90 % at 27140.41. Nifty moved closer to 8400 level, up 92.05 points or 1.11 %at 8380.65. Nifty managed to close above its 100 days EMA level of 8300 and hence we may expect some more upside from here. Going forward, if Nifty breaks above 8380 on closing basis we hold 8460 followed by 8510 as the near-term resistances. If 8300 is broken on the downside we hold 8275-8230 as the supports.
STRATEGY: Buy Nifty Future above 8400 for the target of 8450 -8500 with the stop loss of 8330.
NIFTY FUTURE: Equity benchmarks extended gains for second consecutive session Wednesday, with the Sensex closing at two-month high after stable earnings from banks (despite demonetisation) and China's decision to cut steel production. Globally investors will closely watch US President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies. Sensex closed above 27000 level for the first time since November 10, 2016, up 240.85 points or 0.90 % at 27140.41. Nifty moved closer to 8400 level, up 92.05 points or 1.11 %at 8380.65. Nifty managed to close above its 100 days EMA level of 8300 and hence we may expect some more upside from here. Going forward, if Nifty breaks above 8380 on closing basis we hold 8460 followed by 8510 as the near-term resistances. If 8300 is broken on the downside we hold 8275-8230 as the supports.
STRATEGY: Buy Nifty Future above 8400 for the target of 8450 -8500 with the stop loss of 8330.
SECTORIAL INDICES
- South Indian Bank reported a 9.6% rise in Net Profit to Rs. 111.4 Cr in Q3 from Rs. 101.6 Cr in the corresponding quarter last year. Total Income rose by 5.1% to Rs. 1,479 Cr from Rs. 1407.7 Cr previously. Asset Quality was stable as Gross NPA stood at 3.98% in Q3, as compared to 3.96% in Q2. Net NPA stood 2.52%, as against 2.77% previously. Shares closed up 2.9%.
- Welspun India announced that it will invest Rs. 4,000 Cr in 3 new projects in Gujarat. The company signed a MoU for the 3 projects during the Vibrant Gujarat Summit. Shares closed up 4.8%.
- Suzlon Energy secured the order of a 226.8 MW wind power project from a leading independent power producer (IPP) in Anantapur district of Andhra Pradesh. The project is scheduled for completion by March, 2017. Shares closed up 3%.
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