NIFTY FUTURE : R1:9123 R2:9140 R3:9151
PIVOT :9112 S1:9094 S2:9083 S3:9065
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We have now revised the immediate support threshold for the index upwards to 8860 region as it is the confluence of following: The base of previous two week’s sideways consolidation is placed at 8860.Lower boundary of the short term rising channel in place since February 2017 is also placed around 8900 region. Among oscillators, the 14 period RSI is at the cusp of breaking out above the upper band of its narrow consolidation band of 55 to 75 readings. A resolute move above 75 will infuse further upward momentum going forward
INDEX OUTLOOK
NIFTY FUTURE The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in the range of 9140- 9150 for targets of 9090-9070, stop loss: 9170 Nifty Bank Future: Highest intraday additions in terms of open interest were seen in the index for the March series. It managed to end at all-time high levels. A sharp appreciation of the rupee against the US$ is likely to provide more steam to banking stocks. We feel the midcap banking space is likely to outperform heavyweights.
NIFTY FUTURE The Nifty is likely to open flat on the back of mixed global cues. Sell Nifty in the range of 9140- 9150 for targets of 9090-9070, stop loss: 9170 Nifty Bank Future: Highest intraday additions in terms of open interest were seen in the index for the March series. It managed to end at all-time high levels. A sharp appreciation of the rupee against the US$ is likely to provide more steam to banking stocks. We feel the midcap banking space is likely to outperform heavyweights.
STRATEGY: Buy Nifty Bank in the range of 21000-21040, targets: 21150-21250, stop loss: 20930
SECTORIAL INDICES
CORPORATE NEWS
- Talwalkars Better Value Fitness announced that it signed a memorandum of understanding (MoU) to acquire around 50% stake in Force Fitness India, the holder of master franchisee of ‘Snap Fitness’ gyms.
- Glenmark Pharmaceuticals received the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) on successful closure of inspection of its Ankleshwar plant in Gujarat.
- Government of Maharashtra allotted the balance works of construction of the irrigation scheme in Vidarbha under the Gosikhurd National Project to NBCC (India), for a total value of Rs. 6,000 Cr.
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