TODAY NIFTY REPORT 29/07/16.
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NIFTY FUTURE :
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R1:8681
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R2:8701
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R3:8734
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PIVOT
: 8648
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S1:8628
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S2:8595
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S3:8575
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DAILY CHART
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: The Indian stock market rallied for second consecutive
session amid smooth rollovers in F&O expiry. Sentiment got a boost after
the Union Cabinet cleared changes in the GST Constitutional Amendment Bill in a
bid to strengthen the chances of passage of the crucial legislation that can
potentially transform the tax structure by subsuming all indirect taxes and
creating a single market. In addition, short covering also saw indices move
higher towards the end. FMCG, telecom, Consumer durables, consumer
discretionary and auto stocks led from the front. On the other hand, capital
goods, metal and oil & gas stocks were among the major losers.
STRATEGY: Buy Nifty Future above 8670 for the tgt
of 8720 -8780 with the sl of 8600.
SECTORAL INDICES
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Key Indices – Levels to watch out for the day
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|||||
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INDEX (Spot)
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RESISTANCE 2
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RESISTANCE 1
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LTP
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SUPPORT 1
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SUPPORT 2
|
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SENSEX
|
28620
|
28400
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28208.62
|
28000
|
27850
|
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NIFTY
|
8800
|
8725
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8666.30
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8615
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8570
|
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NIFTYBANK
|
19400
|
19200
|
19076.55
|
18900
|
18700
|
|
NIFTYIT
|
11190
|
11060
|
10935.65
|
10800
|
10700
|
CORPORATE NEWS
- Punjab
National Bank reported
a 57.6% (YoY) drop in its Net profit to Rs 306.4 Cr. Net Interest Income
(NII) declined by 9.8% to Rs 3,699 Cr. Asset Quality deteriorated further
as Gross NPAs increased by 85 basis points to 13.75%, and Net NPAs went up
by 55 basis points to 9.16% on a QoQ basis.
- Farm
Equipment maker –
Escorts, reported a 33.5% rise (YoY) to Rs 47 Cr in Q1 from Rs 35.2 Cr.
Total Revenues increased by 9.3% to Rs 1,051 Cr in Q1 as compared to Rs
961 Cr in the corresponding quarter of the last fiscal.
- Dish TV reported a drop in
consolidated net profits by 26% (YoY) to Rs 40.87 Cr for Q1 from Rs 54.21
Cr. Net Sales increased by 5.8% (YoY) to Rs 777.6 Cr from Rs 734.5 Cr.
|
ERL RESEARCH
TEAM
|
|
Member
Name
|
Designation
|
E-mail ID
|
|
Mr. Tuhinanshu Jain
|
Research
Head
|
Tuhinanshu.jain@equityresearchlab.co.in
|
|
Mr. Yogesh Subnani
|
Sr. Research
Analyst
|
Yogesh.subnani@equityresearchlab.co.in
|
|
Miss. Meenakshi Pal
|
Sr.
Research Analyst
|
Meenakshi.pal@equityresearchlab.co.in
|
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