NIFTY SPOT : R1:9159 R2:9179 R3:9199
PIVOT : 9139 S1:9119 S2:9100 S3:9079
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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 negative on the back of week global cues. Its important to sustain above 9120 to move upwards. SELL Nifty near 9180-9170for targets of 9140-9120, stop loss: 9220 Nifty Bank Future: Nifty Bank continued its positive bias in the last session as well and ended near the highs of the day. We remain positive on the Nifty Bank till it trades above 21500. Participation of private sector heavyweights is likely to pull the index towards 22000 in coming sessions. Buy Nifty Bank in the range of 21600-21650, targets: 21750-21850, stop loss: 21500
Nifty Future: The Nifty is likely to open negative on the back of week global cues. Its important to sustain above 9120 to move upwards. SELL Nifty near 9180-9170for targets of 9140-9120, stop loss: 9220 Nifty Bank Future: Nifty Bank continued its positive bias in the last session as well and ended near the highs of the day. We remain positive on the Nifty Bank till it trades above 21500. Participation of private sector heavyweights is likely to pull the index towards 22000 in coming sessions. Buy Nifty Bank in the range of 21600-21650, targets: 21750-21850, stop loss: 21500
SECTORIAL INDICES
CORPORATE NEWS
- Indiabulls Real Estate is looking to re-organise its existing business via demerger. As per the restructuring exercise, the company will be segregating the commercial and leasing business which could be run through SPVs . It will either look for a strategic partner or demerge the commercial leasing business. The residential business after the exercise will have a debt of Rs 4,440 cr.
- Punj Lloyd announced that its subsidiary was awarded an EPC contract - Clean Fuels Interfacing Facilities Project in Yanbu, Saudi Arabia worth Rs 312 cr by the Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia.
- In the Pharma space, Dr. Reddy’s Laboratories announced that the US FDA completed the audit of its API plant at Srikakulam in Andhra Pradesh with no observations. On the other hand, Sun Pharma's Dadra unit has received 11 observations from the US health regulator after an audit.
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