NIFTY SPOT : R1:9354 R2:9394 R3:9436
PIVOT : 9312 S1:9271 S2:9229 S3:9188
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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. 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. Among oscillators, the 14 period RSI is exhibiting a negative divergence as it has formed lower high against higher high on price front. This may keep the index vulnerable to bouts of profit taking at higher levels
INDEX OUTLOOK
Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Its important to sustain above 9310-3335 to move upwards. Sell Nifty near 9330-3340 for targets of 9300,9275 stop loss: 9360 Nifty Bank Future: After witnessing decent upside from the level of 22300, the index ended positive with participation seen in PSU and midcap private sector banks. Looking at the overall open interest data, we feel the index is well placed to test 22500. A close above these levels would open more upside. Buy Nifty Bank in the range of 22200-22250, targets: 22350-22500, stop loss: 22120
Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Its important to sustain above 9310-3335 to move upwards. Sell Nifty near 9330-3340 for targets of 9300,9275 stop loss: 9360 Nifty Bank Future: After witnessing decent upside from the level of 22300, the index ended positive with participation seen in PSU and midcap private sector banks. Looking at the overall open interest data, we feel the index is well placed to test 22500. A close above these levels would open more upside. Buy Nifty Bank in the range of 22200-22250, targets: 22350-22500, stop loss: 22120
SECTORIAL INDICES
CORPORATE NEWS
- Auto major M&M reported a 6% decline in its total sales at 39,357 units in the month of April 2017. The company had sold 41,863 units in the same month last year. In the domestic market, sales were down 4% at 37,829 units last month compared to 39,357 units in April 2016. While the overall numbers were disappointing, the total tractor sales outperformed, up 22%.
- Kansai Nerolac reported a sharp fall of 81.2% in standalone reported net profit at Rs 116.2cr in Q4FY17 as against a net profit of Rs 619.3cr in Q4FY16. Such sharp fall in profits was attributed to exceptional gains of Rs 535cr from the sale of fixed assets reported in Q4FY16. Adjusting for these one-time gains, the net profit growth was healthy. The total income grew by 8.2% to Rs 1,086cr during the quarter, as against Rs 1,003.3cr in the year-ago period. The stock ended up by 1.3%.
- Ratnakar Bank Ltd. (RBL) reported a 46.6% increase in net interest income from Rs.240.2cr in Q4FY16 to Rs. 352.2cr in Q4FY17. The net profit grew by 54.5% from 84.2cr in Q4FY16 to Rs.130.1cr in Q4FY17. NIM for the quarter improved to 3.52% in Q4FY17 vs 3.21% Q4FY16. Gross NPAs stood at 1.2% in Q4FY17 vs 0.98% during Q4FY16. The stock ended higher by 3.7%.
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