NIFTY SPOT : R1:9365 R2:9388 R3:9409
PIVOT : 9343 S1:9320 S2:9299 S3:9276
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| stock future tips |
The Nifty took support precisely near the cluster of support placed around 9060-9070 region as it is the upper band of bullish gap area formed on March 14, 2017 post state election results (9060) and 80% retracement of the last rising segment placed around 9070. As highlighted in the earlier edition, the slower pace of current decline consuming 12 sessions and retracing about 80% of the preceding six session rise (9024 to 9273) highlights the corrective nature of the current down move upholding the overall positive price structure. Going forward, we expect the index to trade with a positive bias and a decisive close above 9310 will add fuel to the ongoing momentum and open further upsides towards 9450 over the short term as it is the value of the trend line joining 2016 yearly high and March 2017 peak of 9218
INDEX OUTLOOK
Nifty Future: The Nifty is likely to open on the back of week global cues. Its important to sustain above 9310- 3335 to move upwards. Buy Nifty near 9330 for targets of 9360-9380, stop loss: 9300
Nifty Bank Future: The index continued to end at all-time high levels with decent rolls for the next series. Looking at the overall options data, the index is likely to trade in a broader range in coming days. A surge in IVs can also be seen. Buy Nifty Bank in the range of 22000-22050, targets: 22150-22250, stop loss: 21940
Nifty Future: The Nifty is likely to open on the back of week global cues. Its important to sustain above 9310- 3335 to move upwards. Buy Nifty near 9330 for targets of 9360-9380, stop loss: 9300
Nifty Bank Future: The index continued to end at all-time high levels with decent rolls for the next series. Looking at the overall options data, the index is likely to trade in a broader range in coming days. A surge in IVs can also be seen. Buy Nifty Bank in the range of 22000-22050, targets: 22150-22250, stop loss: 21940
SECTORIAL INDICES
CORPORATE NEWS
- Maruti Suzuki India Ltd posted a 15.8% yoy rise in net profit for Q4FY17, helped by increases in sales of premium models such as the Brezza SUV and Baleno hatchback. Net profit rose to Rs 1,709 crs from Rs 1,476 crs in the year-ago quarter. Total income from operations of Maruti rose 20.4% yoy to Rs 20,751 crs. The company sold a total of 4,14,439 passenger vehicles during the quarter, up about 15% from the year ago period.
- TVS Motor Co Ltd reported disappointing Q4FY17 results primarily on account of lower domestic motorcycle sales. Net profit came in at Rs 127 crs, while total income climbed 1.6% yoy to Rs 3,139 crs. Profit for the quarter was impacted by a one-time provision of Rs 57 crs towards discounts for BS III compliant vehicles sold by the dealers in March.
- Kotak Mahindra Bank Ltd reported a 40.3% yoy rise in quarterly net profit at Rs 976.4 crs on the back of higher net interest income and other income. Net interest income rose 16.3% to Rs 2,161.3 crs in the March quarter from Rs 1,857.2 crs last year. Gross non-performing assets (NPAs) increased sharply by 12.6% to Rs 3,578.6 crs at the end of the March quarter from Rs 3,177.8 crs in the December quarter.
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