NIFTY SPOT : R1:9375 R2:9395 R3:9420
PIVOT : 9349.60 S1:9335 S2:9307 S3:9291
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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. 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 negative on the back of weak Asian cues. Its important to sustain above 9310-3335 to move upwards. Buy Nifty near 9310-9290 for targets of 9350,9400 stop loss: 9260 Nifty Bank Future: Sharp upside was seen in BankNifty index where apart from Kotak Bank, all bank stocks performed well which pushed the index to close at a new all time high levels. As the index has closed well above 22500 levels, we feel the current leg of fresh long accumulations is likely to extend towards 23000 levels. Buy Nifty Bank in the range of 22550-22600, targets: 22700-22800, stop loss: 22480
Nifty Future: The Nifty is likely to open negative on the back of weak Asian cues. Its important to sustain above 9310-3335 to move upwards. Buy Nifty near 9310-9290 for targets of 9350,9400 stop loss: 9260 Nifty Bank Future: Sharp upside was seen in BankNifty index where apart from Kotak Bank, all bank stocks performed well which pushed the index to close at a new all time high levels. As the index has closed well above 22500 levels, we feel the current leg of fresh long accumulations is likely to extend towards 23000 levels. Buy Nifty Bank in the range of 22550-22600, targets: 22700-22800, stop loss: 22480
SECTORIAL INDICES
CORPORATE NEWS
- HDFC reported a 21.6% decline in its standalone net profit at Rs 2,044.2cr in Q4FY17 against Rs 2,607cr reported for the corresponding quarter last year. The fall was largely due to one-off gains of Rs 1,513cr on the sale of investments reported in Q4FY16. Total Income from operations increased by 9.9% YoY to Rs 8,453.4cr. The net interest income surpassed analysts' expectations, growing by 26.5% YoY to Rs 3,122.6cr, while NIMs improved marginally to 4.1% from 3.95%. Gross NPAs remained stable at 0.79% in Q4FY17 compared to 0.81% in the previous quarter.
- Exide Industries reported a 6% YoY decline in its net profit at Rs 164.8cr in Q4FY17. Total income from operations rose 11.4% YoY to Rs 2,225.4cr during the quarter. EBITDA for the quarter rose 0.4% YoY to Rs 260cr with a 151bps contraction in EBITDA margins, which stood at 14.2%.
- MRF’s consolidated total income for Q4FY17 declined by 1.5% YoY to Rs 3,778.2cr. EBITDA fell by 28% YoY to Rs 523.1cr with a 23bps contraction in EBITDA margins, which stood at 15.7%. PAT for the quarter came in at Rs 286.7cr, a decline of 32.2% on a YoY basis. This was due to increase in finance costs. The stock ended lower by 2.5%.
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