NIFTY FUTURE
NIFTY
FUTURE :
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R1:8666
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R2:8717
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R3:8767
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PIVOT : 8616
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S1:8564
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S2:8514
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S3:8463
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CHART INTERPRETATION
If upcoming results support then this positive movement would
continue till 8700 levels for Nifty .The only strategy for the traders should
be to hold long positions or initiate fresh long positions at every dip in the
market. And Expectations of a
good monsoon have once again reinforced the confidence among market
participants that the growth may come back on a good note, timely onset of the monsoons will be a
positive for the markets. A
strong break below 8500 will increase the downside pressure and drag it to
8400/8300. Traders can go short on a break below 8500.On the other hand, a
decisive break above 8635 will ease the downside pressure and take the index
futures higher to 8650 and 8700 thereafter.
Mechanical indicator stochastic RSI also showing consolidated trend.
Mechanical indicator stochastic RSI also showing consolidated trend.
INDEX OUTLOOK
NIFTY FUTURE: Stock
market in India ended with modest gains on Wednesday amid a highly volatile
trading session. Indices slipped sharply lower in the first half with the Nifty
slipping below the 8600 mark. However as the day progressed benchmarks
stabilized and staged a smart recovery in the last half an hour led by gains in
the telecom, auto, and telecom and banking stocks. The pharma, FMCG, consumer
durables and realty stocks. High volatility was seen ahead of F&O expiry on Thursday
and the FOMC decision on interest rates later today. On the global front, PM
Shinzo Abe stated that the planned stimulus package expected next week would be
over 28 trillion yen ($265 billion).
STRATEGY: Buy Nifty Future above 8620 for the tgt
of 8670 -8720 with the sl of 8550.
SECTORAL INDICES
CORPORATE NEWS
·
Yes
Bank reported
a 32.8% increase in Net profit to Rs 732 Cr for Q1FY17 from Rs 551 Cr in a year
ago period. Net Interest Income (NII) grew by 24.2% to Rs 1,317 Cr. ‘Other
Income’ increased sharply by 65.2% to Rs 900 Cr. Gross NPAs and Net NPAs stood
at 0.79% and 0.29% respectively.
·
HDFC reported a sharp
rise of 37.5% in their net profits, mostly on account of a stake sale in their
insurance business. Consolidated income jumped by 18.6% to Rs 13,517 Cr from Rs
11,397 Cr in Q1FY16. NII grew by 9.6% on YoY basis. Gross NPAs stood at 0.75%
for the quarter.
·
Bajaj
Auto reported
a growth of 2.2% (YoY) in Net profit to Rs. 978 Cr on account of slowdown in
export sales and operational performance. Revenues grew by 3.5% (YoY) to Rs
6,088 Cr from Rs 5,881 Cr. Sales volume fell 1.8% (YoY) on the back poor
exports which saw a 22% decline in unit sales.
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