NIFTY FUTURE : R1:8948 R2:8970 R3:9010
PIVOT :8924 S1:8902 S2:8870 S3:884
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| stock future tips |
Among oscillators, the 14 period RSI is inching downwards 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 50SMA Nifty – 8725. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. A significant close above 8970 may open the gates for new highes.
INDEX OUTLOOK
NIFTY FUTURE The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in range of 8935-8945 for targets of 8995-9015, stop loss: 8915.Nifty Bank Future: The index witnessed a volatile day in the previous trade where ATM strike Call of 20700 saw a sharp bounce from 21 to 90 levels. However, weekly expiry action was seen towards the end, which finally led the index to end almost flat. Looking at the OI pattern in stock futures, we feel the index is well placed to test 21000 on upside. Buy Nifty Bank in the range of 20650-20700, targets: 20800-20900, stop loss: 20570
NIFTY FUTURE The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Nifty in range of 8935-8945 for targets of 8995-9015, stop loss: 8915.Nifty Bank Future: The index witnessed a volatile day in the previous trade where ATM strike Call of 20700 saw a sharp bounce from 21 to 90 levels. However, weekly expiry action was seen towards the end, which finally led the index to end almost flat. Looking at the OI pattern in stock futures, we feel the index is well placed to test 21000 on upside. Buy Nifty Bank in the range of 20650-20700, targets: 20800-20900, stop loss: 20570
STRATEGY: Buy Nifty Future above 8800 for the target of 8850 -8900 with the stop loss of 8720.
SECTORIAL INDICES
CORPORATE NEWS
- The shares of Dr. Reddy’s Laboratories Ltd hit a 31-month low after the company’s oncology formulation plant at Duvvada in Visakhapatnam received 13 observations relating to violation of norms from the US Food and Drug Administration (FDA). The stock closed down by 5.1%.
- A2Z Infra Engineering has been awarded three Contracts from Chhattisgarh State Power Distribution Company (CSPDCL). The aggregate value of the said contracts is Rs 222.6crs for execution of works for ‘Supply of material and erection of lines & substations' under IPDS of Durg, Raipur and Bilaspur Region in the State of Chhattisgarh. The stock closed up by 4.2%.
- Tata Motors Ltd and Volkswagen AG (VW) signed an in-principle agreement to explore the possibility of working together to develop a new range of products to be shared by Tata, VW and the German automaker’s unit Skoda Auto AS. The stock closed up by 1%.
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