NIFTY FUTURE : R1:8866 R2:8905 R3:8938
PIVOT :8833 S1:8794 S2:8761 S3:8721
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MACD and Price ROC are both positive and continue in Buy mode. RSI (70) still suggests bullish
momentum. Stochastic Oscillator %K (96) is above %D, indicating a Buy. But both RSI and Stochastic Oscillator are overbought. ADX is at 36 which suggest that the Uptrend is very strong. This week, the indices tested the short term average of 22dma Nifty – 8473 close above it. the indices continue to remain above the medium term average of 55dma Nifty – 8268 but above the long term average of 200dma Nifty –8356. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. The support for the Nifty is 8602-8572-8535-8469 and the resistance to the up move is at 8818-8833-8923-8968 levels.
momentum. Stochastic Oscillator %K (96) is above %D, indicating a Buy. But both RSI and Stochastic Oscillator are overbought. ADX is at 36 which suggest that the Uptrend is very strong. This week, the indices tested the short term average of 22dma Nifty – 8473 close above it. the indices continue to remain above the medium term average of 55dma Nifty – 8268 but above the long term average of 200dma Nifty –8356. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. The support for the Nifty is 8602-8572-8535-8469 and the resistance to the up move is at 8818-8833-8923-8968 levels.
INDEX OUTLOOK
NIFTY FUTURE: With the Nifty Bank index opening at all-time high levels, the Nifty also started on an optimistic note. However, follow-up pace was missing, which led the index to end only 44 points higher. Nifty futures settled at a premium of 5 points. India VIX fell 2.2% to 13.4. We have now revised the immediate support threshold for the index upwards to 8650 region. We believe the current breather to work out the overbought conditions will attract demand at the earmarked support zone of 8650 as it is the confluence of following: ¾ 61.8% retracement of the up move post Union Budget (8537 to 8814) is placed at 8650 region ¾ Previous weeks congestion area is placed near 8670 region¾ Lower band of the short term rising channel encompassing current up move is also placed around 8650 region • Among oscillators, the short-term stochastic has seen a rebound after cooling off to neutral level.
STRATEGY: Buy Nifty Future above 8780 for the target of 8850 -8900 with the stop loss of 8720.
SECTORIAL INDICES
CORPORATE NEWS
- For Bicon, US drug regulator USFDA has accepted Mylan’s biologics licence application (BLA) for a proposed biosimilar of branded Trastuzumab for treatment of certain breast and gastric cancers. The stock closed at Rs 1105 before making a new 52 week high of Rs 1123.
- Cipla, a global pharmaceutical company, announced that it has launched adult Hepatitis B vaccine in India, under a co-exclusive agreement with Serum Institute of India Private Limited (SII). The shares of the company closed at Rs 593, up 1.5%
- Power equipment manufacturer Bharat Heavy Electricals (BHEL) and telecom operator Idea Cellular have been excluded from the Nifty 50 index. Replacing these two firms are housing mortgage company Indiabulls Housing Finance and oil marketing company Indian Oil Corporation. The changes will come into effect from March 31, 2017. IDFC Bank will replace Bank of India in the Nifty Bank index.
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