SENSEX GAINS AFTER OPENING FLAT, NIFTY EYES | TODAY NIFTY REPORT UPDATE 27 FEB 2017.

NIFTY REPORT 

NIFTY FUTURE :	R1:9004	R2:9053	R3:9087
PIVOT :8970	S1:8921	S2:8887	S3:8838

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:  With the Nifty index opening at 52week high levels.However, follow-up pace was missing, which led the index to end below 8970. 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 8970-8960 for the target of 8930-8900 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	29130	29000	28892.97	28730	28570
NIFTY	9000	8965	8939.50	8885	8835
NIFTYBANK	21300	21050	20876.65	20675	20500
NIFTYIT	10930	10800	10689.65	10550	10450

CORPORATE NEWS

Bharti Airtel entered into a definite agreement with Telenor South Asia Investments to acquire Telenor (India) Communications Private Ltd. Airtel will acquire Telenor India’s running operations in important markets of Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.

SEBI raised mutual funds' investment exposure limits in the housing finance companies. Debt mutual funds can now invest up to 15% of their total net assets in housing finance companies against 10% previously. Housing finance companies reacted positively as DHFL, GIC Housing Fin, LIC Housing closed up 1-4%.

Cadila Healthcare announced that the USFDA approved the group's plans to initiate phase II clinical studies of saroglitazar magnesium in patients with primary biliary cholangitis. This randomized, double-blind phase 2 trial will evaluate Saroglitazar Magnesium 2 mg and 4 mg vs. Placebo.