NIFTY SPOT : R1:9156 R2:9169 R3:9195
PIVOT : 9131 S1:9118 S2:9092 S3:9080
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| stock future tips |
Nifty has given trendline breakout and showed downside movement from there. The major resistance placed around 9220. Only a decisive close above 9220 will signal acceleration of the current up move, going forward. Failure to do so, will lead to broader consolidation between 9000 and 9220 in the short term. 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 50-day SMA, 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 negative on the back of week global cues. Its important to sustain above 9175 to move upwards. SELL Nifty near 9160-9170 for targets of 9120-9100, stop loss: 9220 Nifty Bank Future: Nifty Bank continued its negative bias in the last session as well and ended near 21491. We remain negative on the Nifty Bank till it trades below 21700. Participation of private sector heavyweights is likely to pull the index towards 21250-21000 in coming sessions. Sell Nifty Bank below 21400, targets: 21250- 21000, stop loss: 21610
Nifty Future: The Nifty is likely to open flat to negative on the back of week global cues. Its important to sustain above 9175 to move upwards. SELL Nifty near 9160-9170 for targets of 9120-9100, stop loss: 9220 Nifty Bank Future: Nifty Bank continued its negative bias in the last session as well and ended near 21491. We remain negative on the Nifty Bank till it trades below 21700. Participation of private sector heavyweights is likely to pull the index towards 21250-21000 in coming sessions. Sell Nifty Bank below 21400, targets: 21250- 21000, stop loss: 21610
SECTORIAL INDICES
CORPORATE NEWS
- Reliance Industries Ltd has commissioned world’s largest and most complex ethane project, including commissioning of its ethane receipt & handling facilities and ethane cracking, at its Dahej facility in Gujarat in a world record time of less than three years. Reliance is the first company to globally conceptualise large-scale imports of ethane from North America as feedstock for its cracker portfolio in India.
- The National Company Law Tribunal (NCLT) has approved India Cements' merger with its subsidiaries Trinetra Cement and Trishul Concrete Products. This will help the company to re-align its focus on core business segment and ultimately re-rate the stock valuations in the medium-term.
- Crisil Ltd, in its first quarter results for CY17 reported a 12% YoY increase in top-line to Rs 402cr. Growth in topline was driven by the research segment. Net Profits were flattish at Rs 73cr, impacted by a forex loss of Rs 11.9 cr.
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