NIFTY SPOT : R1:9213 R2:9244 R3:9263
PIVOT : 9193 S1:9162 S2:9143 S3:9111
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The major resistance placed around 9250. Only a decisive close above 9250 will signal acceleration of the current up move, going forward. Failure to do so, will lead to broader consolidation between 9000 and 9250 in the short. The immediate support is revised upwards to 9020 region as it is the confluence of following: The double bottom formed at last two weeks identical lows is placed at 9019 Rising 20-day EMA, which has acted as intermediate support in the entire up move since December 2016 lows, is at 9060 region The major bullish gap area formed post the state election results is between 9060 and 8934. Among oscillators, the 14 period RSI is exhibiting a negative divergence.
INDEX OUTLOOK
Nifty Future: The Nifty is likely to open flat to positive on the back of positive global cues. Its important to sustain above 9180 to move upwards. Buy nifty near 9180-9170for targets of 9200-9225, stop loss: 9155 Nifty Bank Future: Post the policy, the market participants dint take the policy on cheerful note and saw some fresh additions of short positions. Huge profit booking was seen in Call options whereas the positions on the Put side have shifted towards 21500 and 21200 strike. Current Put build-up is at 21500 suggesting index may see extended profit booking if it is unable to move above 21500. Sell Nifty Bank in the range of 21500-21550, targets: 21300-21200, stop loss: 21620
Nifty Future: The Nifty is likely to open flat to positive on the back of positive global cues. Its important to sustain above 9180 to move upwards. Buy nifty near 9180-9170for targets of 9200-9225, stop loss: 9155 Nifty Bank Future: Post the policy, the market participants dint take the policy on cheerful note and saw some fresh additions of short positions. Huge profit booking was seen in Call options whereas the positions on the Put side have shifted towards 21500 and 21200 strike. Current Put build-up is at 21500 suggesting index may see extended profit booking if it is unable to move above 21500. Sell Nifty Bank in the range of 21500-21550, targets: 21300-21200, stop loss: 21620
SECTORIAL INDICES
CORPORATE NEWS
- Dilip Buildcon announced that they received a Letter of Award (LoA) from the Ministry of Road Transport & Highways, Government of India for two EPC road projects in the state of Maharashtra. The 2 projects are worth Rs. 580.5 Cr.
- Adani Power announced the signing of a $2 bn pact with Bangladesh Power Grid. According to the pact, the company will supply 1,600 MW electricity produced in the Jharkhand plant to electricity starved Bangladesh.
- Madhya Pradesh’s Chief Minister announced that liquor shops across the state will be closed in a phased manner. Liquor stocks namely; United Spirit Ltd, Globus Spirits, Empee Distilleries, GM Breweries, Tilaknagar Industries and Radico Khaitan closed down 3-8%.
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