NIFTY SPOT : R1:9150 R2:9179 R3:9210
PIVOT :9119 S1:9089 S2:9058 S3:9029
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| STOCK FUTURE TIPS |
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 14 period RSI are hovering in overbought territory with readings of 71.
INDEX OUTLOOK
Nifty Future: The Nifty is likely to open flat to negative on the back of week global cues. Its important to sustain above 9130 to move upwards. Sell Nifty below 9100 for targets of 9050, stop loss: 9140
Nifty Bank Future: The index continued to trade below 21300 but is now facing some support near the 21040 zone. With 8 out of 12 Bank Nifty components ending negative, profit booking may continue at higher levels. Hence, in the short-term one can look at going short at higher levels. Sell Nifty Bank in the range of 20970- 20960, targets: 20880-20800, stop loss: 21050
Nifty Future: The Nifty is likely to open flat to negative on the back of week global cues. Its important to sustain above 9130 to move upwards. Sell Nifty below 9100 for targets of 9050, stop loss: 9140
Nifty Bank Future: The index continued to trade below 21300 but is now facing some support near the 21040 zone. With 8 out of 12 Bank Nifty components ending negative, profit booking may continue at higher levels. Hence, in the short-term one can look at going short at higher levels. Sell Nifty Bank in the range of 20970- 20960, targets: 20880-20800, stop loss: 21050
SECTORIAL INDICES
CORPORATE NEWS
- The USFDA has issued an import alert for Divi’s Laboratories Visakhapatnam unit-II. The company’s Visakhapatnam unit contributes 60-65% to total sales and 20-21% to US sales. Stock was down 20%.
- Dr. Reddy's Laboratories witnessed selling pressure as its Duvvada facility received 13 USFDA observations. The latest observations are a setback for the company as it dims hopes of new approvals for the US market in the next year.
- Jubilant Life Sciences has announced that its subsidiary Jubilant Pharma will negotiate a potential acquisition of a specialty business in the US through internal accruals.
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