NIFTY FUTURE : R1:8820 R2:8839 R3:8864
PIVOT :8795 S1:8776 S2:8751 S3:8732
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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: Nifty was hovering around 8800 level for the 2nd consecutive date day and gave closing below yesterday close of 8816.60. Market is going into the event with mixed consensus; however, chance of status quo seems high, considering the present liquidity situation in the economy and rise in the crude oil price. Amidst all, we're bullish on markets and suggest maintaining buy on dips approach in stocks. The highest Put base is at the 8500 strike with 57 lakh shares while the highest Call base is at the 9000 strike with 62 lakh shares. The 8900 and 9000 Call strikes saw additions of 2.9 and 3.2 lakh shares, respectively, while 8500 and 8300 Put strikes saw additions of 2.5 and 2.9 lakh shares, respectively.
STRATEGY: Buy Nifty Future above 8780 for the target of 8850 -8900 with the stop loss of 8720.
SECTORIAL INDICES
CORPORATE NEWS
- PNB reported a four-fold increase in Net Profit to Rs. 207.2 Cr in Q3 against Rs. 51 Cr in the corresponding quarter last year. Net Interest Income fell by 9.4% to Rs. 3,730.8 Cr as against Rs. 4,119.6 Cr in the corresponding quarter last year. Asset quality was stable as Gross NPA increased sequentially to 13.7% against 13.63% previously, and Net NPA fell to 9.09% in Q3 from 9.1%. Shares closed up 1.6%.
- BHEL reported a Net Profit of Rs. 93.5 Cr in Q3 against a loss of Rs. 1,085 Cr in the corresponding quarter last year. Revenue increased 18.7% to Rs. 6,325.4 Cr against Rs. 5,327.2 Cr in the corresponding quarter last year. Both segments - Power and Industry, reported healthy revenue growth of 18.2% and 20.4% respectively.
- IDBI Bank reported widening of losses to Rs. 2,255 Cr in Q3 as compared to loss of Rs. 2,184.7 Cr in the corresponding quarter last year. Net Interest Income fell sharply by 45.3% to Rs. 850.4 Cr from Rs. 1,555 Cr in the corresponding quarter last year. Asset quality worsened further as Gross NPA increased sequentially to 15.16% from 13.05%. Net NPA increased to 9.61% as compared to 8.32% previously. Shares closed down 2.2%.
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