|stock futures tips|Equity Research Lab :- Nifty Report 21 march 2017

STOCK FUTURES TIPS:-

NIFTY SPOT :                   R1:9157                 R2:9188                           R3:9208
PIVOT :9136                     S1:9106                  S2:9085                           S3:9054

stock future tips

  CHART INTERPRETATION   
We have now revised the immediate support threshold for the index upwards to 8970 region as it is the confluence of following: The upper band of previous two weeks consolidation is at 8970,Rising 20-day EMA, which has acted as intermediate support in the entire up move since December 2016 lows, is placed at 8941. As per the change of polarity, yearly high of 2016 is at 8968 is likely to reverse its role and act as support, going forward.
Among oscillators, the short-term stochastic oscillator as well as the 14 period RSI are hovering in overbought territory with readings of 88 and 77, respectively.

   INDEX OUTLOOK     

Nifty Future: The Nifty is likely to open flat to positive on the back of mixed global cues. Sell Nifty in the range of 9160 for targets of 9120-9110, stop loss: 9200 Nifty Bank Future: The index continued to fall on monday and witnessed a round of short covering, helping it end near 21100. Sell Nifty Bank in the range of 21180-21220, targets: 21020, stop loss: 21300

   SECTORIAL INDICES   

    CORPORATE NEWS      

• Idea Cellular’s board approved the merger of Vodafone India and its subsidiary Vodafone Mobile Services with itself in a bid to create the country's largest telecom entity. The combined entity will have roughly Rs. 80,000 Cr of annual revenues, 400 million customers and a 41% market share in terms of revenues. Vodafone will hold 45% in the combined entity, Idea promoters will hold 26%, and the rest will be held by the public.
• Glenmark Pharmaceuticals announced that they received tentative approval from the United States Food and Drug Administration (USFDA) for Fingolimod capsules. The drug is used for relapsing forms of multiple sclerosis.
• Andhra Bank announced capital allocation from the government as a part of turnaround linked infusion plan. The indicative capital allocation is Rs. 1,100 Cr. Similarly, Dena Bank will also receive capital allocation worth Rs. 600 Cr. Andhra Bank’s stock closed up 2.5% whereas Dena Bank closed up 5%.

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