NIFTY FUTURE : R1:8920 R2:8970 R3:9020
PIVOT :8855 S1:8830 S2:8780 S3:8720
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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 8802-8772-8635-8569 and the resistance to the up move is at 8918-8933-9023-9068 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 8802-8772-8635-8569 and the resistance to the up move is at 8918-8933-9023-9068 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
- Dilip Buildcon received the Letter of Award (LOA) from National Highways Authority of India (NHAI) for a four lane road project in Maharashtra worth Rs. 911 Cr. The order is for a 67-kilometer long road project from Tuljapur to Ausa section of National Highway- 361.
- Marksans Pharma announced that the health regulator - UK MHRA had completed inspection at the company’s Goa Plant without any critical observations. Shares zoomed up 20%.
- Tata Consultancy Services (TCS) announced a buy-back of shares at a price of Rs. 2,850 per share. The company plans to buy-back up to 5.6 Cr equity shares worth a total of Rs. 16,000 Cr.
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