NIFTY FUTURE : R1:9165 R2:9176 R3:9195
PIVOT :9146 S1:9147 S2:9117 S3:9105
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| stock future tips |
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. Buy Nifty in the range of 9155- 9165 for targets of 9215-9235, stop loss: 9135 Nifty Bank Future: The index continued its positive streak and witnessed a round of short covering, helping it end marginally above 21300. Midcap banking stocks along with PSU banks continued to shine whereas some selling was seen in Axis and HDFC Bank. We feel the index is likely to test 21500 with another 4- 5% movement in midcap stocks.
Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Buy Nifty in the range of 9155- 9165 for targets of 9215-9235, stop loss: 9135 Nifty Bank Future: The index continued its positive streak and witnessed a round of short covering, helping it end marginally above 21300. Midcap banking stocks along with PSU banks continued to shine whereas some selling was seen in Axis and HDFC Bank. We feel the index is likely to test 21500 with another 4- 5% movement in midcap stocks.
Buy Nifty Bank in the range of 21170-21220, targets: 21330-21450, stop loss: 21110.
SECTORIAL INDICES
CORPORATE NEWS
- Larsen & Toubro announced that its arm Larsen Electrical won a Rs. 500 Cr order from Qatar rail. The scope of the order encompasses the supply, installation, testing, integration, commissioning and five years’ maintenance of network-wide building automation and control systems for 37 stations in Qatar.
- Ashoka Buildcon’s subsidiary Ashoka Concessions Ltd emerged as the lowest bidder to the NHAI for the sixlaning of Ranastalam to Anandpuram (Vishakhapatnam) section of NH-5 (New NH-16) in Andhra Pradesh under the NHDP Phase-V. The stock closed up by 4.7%.
- Reliance General Insurance Company Limited announced plans to separate its retail health insurance business from its general insurance business into a separate wholly-owned subsidiary of Reliance Capital. The proposal will be subject to IRDA and other approvals. Reliance Capital closed up by 8.5%.
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