NIFTY FUTURE
|
NIFTY
FUTURE :
|
R1:8686
|
R2:8717
|
R3:8751
|
|
PIVOT :8651
|
S1:8620
|
S2:8585
|
S3:8554
|
DAILY CHART
CHART INTERPRETATION
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 8750 and 8900 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 swung between gains and losses and closed higher
for the second consecutive session. Volatility continued ahead of expiry of
August futures & options contracts. Oil and Gas, pharma, energy, power, IT
and realty stocks led from the front, while telecom, metal and capital goods
index were among the major loser. Market participants were a bit jittery ahead
of the Fed chair Janet Yellen speech at the Jackson Hole in US later this week.
The India VIX (Volatility) index was down 2.95% at 13.4875. The rupee was
trading down five paise at 67.10 per US dollar. Aurobindo Pharma jumped 7% to
Rs.787 after the pharma company reported a 23.8% rise in consolidated net
profit to Rs.584.96 crore for the first quarter ended June 30, 2016, mainly on
account of robust sales.
STRATEGY:
Buy
Nifty Future above 8650 for the target of 8700 -8750 with the stop loss of 8580.
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
|
RESISTANCE 1
|
LTP
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SUPPORT 1
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SUPPORT 2
|
|
SENSEX
|
28310
|
28125
|
28059.94
|
27850
|
27690
|
|
NIFTY
|
8735
|
8700
|
8650.30
|
8590
|
8540
|
|
NIFTYBANK
|
19675
|
19500
|
19355.60
|
19200
|
19050
|
|
NIFTYIT
|
10980
|
10875
|
10786.35
|
10650
|
10550
|
CORPORATE NEWS
Nava Bharat Ventures reported
a 32% drop in net profit to Rs. 29.2 Cr in Q1, as against Rs. 43 Cr in the same
period last year. The Income from Operations went down by 9.3% to Rs. 313.7 Cr,
from Rs. 346 Cr previously. Shares tanked by 6% during the day’s trade.
Strides Shasun received
US Food and Drug Administration (FDA) approval for Ranitidine Tablets used for
treating intestinal and stomach ulcers and gastroesophageal reflux disease.
NTPC plans to raise up to Rs.
15,000 Cr through issuance of bonds on a private placement basis. The objective
of the issue is for capex, working capital and general corporate purpose. NTPC
shares closed higher by 1.1%.
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