BANKS RALLY PUSHES UP SENSEX OVER 200 POINTS, NIFTY EYES 8950 | TODAY NIFTY REPORT UPDATE 01 MARCH 2017.

NIFTY REPORT

NIFTY FUTURE :	R1:8937	R2:8964	R3:8991
PIVOT :8910	S1:8882	S2:8856	S3:8828

CHART INTERPRETATION

RSI (75) suggests overbought situation on index. Nifty break 52week high but didn’t manage to close above that. Nifty find a stiff resistance near 8970 and have closing at 8956. This week, the indices tested the short term average of 6EMA Nifty – 8800 close above it and 14EMA Nifty- 8745.The indices continue to remain above  the medium term average of 28WMA Nifty – 8710. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. A significant close above 8970 may open the gates for new highs.

INDEX OUTLOOK

NIFTY FUTURE:  We have now revised the immediate support threshold for the index upwards to 8710-8650 region. We believe the current breather to work out the overbought conditions will attract demand at the earmarked support zone of 8650 as it is the confluence of following: ¾ 61.8% retracement of the up move post Union Budget (8537 to 8814) is placed at 8650 region ¾ Previous weeks congestion area is placed near 8670 region¾ Lower band of the short term rising channel encompassing current up move is also placed around 8650 region

STRATEGY:  Sell  Nifty Future below 8940-8950 for the target of 8900-8860 with the stop loss of 8990.

SECTORIAL INDICES

Key Indices – Levels to watch out for the day
INDEX (Spot)	RESISTANCE 2	RESISTANCE 1	LTP	SUPPORT 1	SUPPORT 2
SENSEX	29100	28900	28743.32	28600	28450
NIFTY	8985	8930	8879.60	8840	8800
NIFTYBANK	20950	20800	20607.25	20450	20300
NIFTYIT	10930	10800	10680.95	10580	10450

CORPORATE NEWS

Tata Teleservices gained as Tata Sons agreed to pay USD 1.17bn in damages to NTT DoCoMo in their long running dispute over the latter’s exit from the Joint Venture in India. Shares closed up 19.4%.

Lupin announced that the US Food and Drug Administration (US FDA) had granted it approval to market the generic version of Braintree Laboratories’ Suprep Bowel Prep Kit, which has a market of USD 207mn in the USA.

Shares of Logistics companies rallied after the Economic Affairs Secretary announced that the GST will be rolled out on 1st July 2017. Shares of Gati, VRL, Snowman, Allcargo Logistics gained 1-6%.