NIFTY SPOT: 8335.95
 Nifty Future |
R1: 8377
|
R2:8400
|
R3: 8417
|
|
Pivot: 8359
|
S1: 8336
|
S2:8319
|
S3:8296
|
CHART PREPARATION
- Nifty future closed above to psychological support at 8350 on Tuesday. Next logical targets for nifty would be 8400-8450 and breaching of 8320 would force nifty to see levels of 8105-8200.whereas the 8350-8310 will act as very strong Support levels, if once it go to 8380 then there will higher probability for nifty to touch 8400-8450 levels.
INDEX OUTLOOK
NIFTY FUTURE: After gaining for six consecutive trading sessions, the
Indian equity market closed lower on Tuesday. Profit booking combined with
negative global cues and a weak rupee dampened sentiment.
On the economy front, the Nikkei-Market India services purchasing managers’ index came in at 50.3 in June, dropping from a reading of 51 in May and coming closer to the 50-point mark separating growth from contraction. Today’s decline was led by the utilities, telecom, auto, power, realty, banking and telecom stocks. On the other hand, capital goods, pharma, energy and metal stocks were among the major gainers.
INTRADAY STRATIGY: Buy Nifty future above 8350 for the tgt of 8400-8450 sl 8270.
On the economy front, the Nikkei-Market India services purchasing managers’ index came in at 50.3 in June, dropping from a reading of 51 in May and coming closer to the 50-point mark separating growth from contraction. Today’s decline was led by the utilities, telecom, auto, power, realty, banking and telecom stocks. On the other hand, capital goods, pharma, energy and metal stocks were among the major gainers.
INTRADAY STRATIGY: Buy Nifty future above 8350 for the tgt of 8400-8450 sl 8270.
SECTORIAL INDICES
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CORPORATE NEWS
· Shares of Jaiprakash
Associates surged by
28.57% after the company approved the sale of its cement business to Ultra Tech
Cements. The total
enterprise value of the deal is Rs. 16,189 Cr and an additional Rs. 470 Cr will
be paid by Ultra Tech for a grinding unit, which is currently under
implementation.
· The
Government decided to slash prices of non-urea fertilizers after a fall in
global raw material prices. The prices of fertilizers were reduced up to Rs
5000 per ton. Fertilizer companies took a beating post the announcement. Coromandel
International Ltd was the hardest hit, witnessing a fall of 11.67% in its share price.
· The
Nikkei/Market Services Purchasing Managers Index
fell to 50.3 for the month of June as compared 51.0 for the month of May
indicating that growth in the services sector of India had slowed down.
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