|stock futures tips|Equity Research Lab :- Nifty Report 28 February 2017

STOCK FUTURES TIPS:-

NIFTY FUTURE :             R1:8945                   R2:8975                                R3:8993
PIVOT :8927                     S1:8897                   S2:8879                                S3:8849

stock future tips

  CHART INTERPRETATION   

RSI (75) suggests overbought situation on index. Nifty break 52week high but didn’t manage to close above that. Nifty find a stiff resistance near 8970 and have closing at 8956. This week, the indices tested the short term average of 6EMA Nifty – 8800 close above it and 14EMA Nifty- 8745.The indices continue to remain above the medium term average of 28WMA Nifty – 8710. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. A significant close above 8970 may open the gates for new highs.

   INDEX OUTLOOK     

NIFTY FUTURE: We have now revised the immediate support threshold for the index upwards to 8710-8650 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.

STRATEGY: Sell Nifty Future below 8940-8950 for the target of 8900-8860 with the stop loss of 8990.

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Cadila Healthcare’s subsidiary - Zydus Cadila received regulatory approvals to launch tetravalent inactivated influenza vaccine for seasonal flu in India. The company also received the approval from US Food and Drug Administration (FDA) for Linezolid tablets which are used to treat skin infections and pneumonia.
• Entertainment Network India (ENIL) announced that the company secured licenses for operating in 21 cities. These frequencies will become operational towards the end of FY18. Presence of the company will increase to 64 cities from the current 43 cities. Shares closed up 4.1%.
• Jubilant Life Sciences received ANDA approval from the USFDA for Itraconazole capsules 100 mg, the generic version of Sporanox, which is used for treatment of fungal infections.

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