NIFTY FUTURE
|
NIFTY
FUTURE :
|
R1:8679
|
R2:8725
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R3:8757
|
|
PIVOT :8647
|
S1:8601
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S2:8569
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S3:8523
|
DAILY CHART
CHART INTERPRETATION
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 equity market ended with losses for second consecutive trading session
on Monday. Weak global cues, profit booking and a weak rupee dampened the
sentiment. Urjit Patel’s appointment as the new RBI Governor too failed to
bring any cheer on the street. The new governor will take charge for a 3 year
term from 4 September 2016 .Market participants were also jittery as they await
the speech by Fed chair Janet Yellen at an annual summer gathering in Jackson
Hole, for indications of how policymakers view the interest rates outlook. Heavy
selling pressure was witnessed in IT, auto, pharma, metal, power and banking
stocks, while FMCG and consumer durables stocks were among the gainer. The
rupee was trading down 14 paise at 67.20 per US dollar.
STRATEGY:
Buy
Nifty Future above 8640 for the target of 8690 -8740 with the stop loss of
8570.
SECT-ORAL 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
|
28310
|
28125
|
27985.54
|
27850
|
27690
|
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NIFTY
|
8725
|
8670
|
8629.15
|
8590
|
8540
|
|
NIFTYBANK
|
19675
|
19500
|
19330.25
|
19200
|
19050
|
|
NIFTYIT
|
10850
|
10700
|
10593.20
|
10475
|
10340
|
CORPORATE NEWS
NTPC reported
a 4.1% YoY growth in net profit for Q1 to Rs. 2,369.5 Cr, as against Rs.
2,276.5 Cr in the same period last fiscal. Revenue stood at Rs. 19,063 Cr for
the quarter as compared to 17,093 Cr previously, up by 11.5% YoY.
Shares of Textile Company – Welspun
India Limited fell by 20% after its second biggest client, Target
Corp, announced that it was terminating its business with the textile company.
Target Corp stated the reason of the termination that Welspun India had
substituted Egyptian cotton with a cheaper variant of cotton while supplying it
bedsheets.
Indraprastha Gas Limited reported
a 44.4% YoY increase in Net profit for Q1FY17 to Rs. 148 Cr as compared to Rs.
102.5 Cr in the same period last year. Income from Operations stayed flat at
Rs. 899.6 Cr as compared to Rs. 901.7 Cr previously.
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