NIFTY SPOT : R1:9262 R2:9287 R3:9332
PIVOT : 9217 S1:9192 S2:9147 S3:9122
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| stock future tips |
Nifty has taken support at trendline and showed upside movement from there. The major resistance placed around 9270. Only a decisive close above 9270 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 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 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
- The Supreme Court of India disapproved compensatory tariff to Tata Power Ltd. and Adani Power Ltd. The SC set aside the earlier tribunal ruling that allowed companies to charge compensatory tariff from consumers.
Shares of the companies closed down 1.8% and 16% respectively. - Indian Hume Pipe secured a work order of Rs. 109.6 Cr from the Public Health Engineering Department, NCR Region, Alwar, for execution of the work of reorganization of Urban Water Supply Scheme at Alwar and Bhiwadi towns.
- Suzlon Energy won an order of 50.4 MW wind power project from a leading Independent Power Producing (IPP) company. The order is for 24 units of Suzlon’s new hybrid wind turbine generator, each with a rated capacity of 2.1 MW. The project is located at Karnataka and will be completed by June 2017.
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