NIFTY FUTURE : R1:8946 R2:8969 R3:9006
PIVOT :8909.5 S1:8886 S2:8849 S3:8825
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| stock future tips |
Among oscillators, the 14 period RSI is inching southwards after exhibiting a minor negative divergence as it failed to make a higher high along with price suggesting waning momentum and points towards an extended round of consolidation going forward.Nifty find support at 8880 and have closed at 85922. The indices continue to remain above the medium term average of 28WMA Nifty – 8710. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. A significant close above 8860 may open the gates for new lows.
INDEX OUTLOOK
NIFTY FUTURE: We have revised the immediate support threshold for the index upwards to 8800 region as it is the confluence of following: Last week’s lows is placed at 8809 region, Bullish gap area formed on February 17, 2017 is placed between 8804 and 8778, Lower boundary of short-term rising channel marking equality with the intermediate corrective phases since December 2016 bottom measuring 135 points is placed around the 8850 region .
NIFTY FUTURE: We have revised the immediate support threshold for the index upwards to 8800 region as it is the confluence of following: Last week’s lows is placed at 8809 region, Bullish gap area formed on February 17, 2017 is placed between 8804 and 8778, Lower boundary of short-term rising channel marking equality with the intermediate corrective phases since December 2016 bottom measuring 135 points is placed around the 8850 region .
STRATEGY: Sell Nifty Future near 8940-8950 for the target of 8910-8880 with the stop loss of 8980.
SECTORIAL INDICES
CORPORATE NEWS
- Biocon shares surged 3.8% as investors cheered Delhi High Court’s verdict on the cancer drug. The court allowed Biocon to make and sell a cancer drug ‘Canmab’. It also gave a similar nod to Mylan for its cancer drug ‘Hertraz’.
- Apollo Hospitals fell 5.3% after a unit of Malaysian sovereign fund ‘Khazanah’ launched a block deal to sell $160mn worth of shares in the company.
- GAIL signed a time-swap deal with Swiss trader Gunvor to sell some of its US liquefied natural gas (LNG) as the Indian firm tries to ease the burden of its costly foreign LNG supplies. The shares closed higher by 3.5%.
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