NIFTY REPORT | EQUITY RESEARCH LAB | 1,NOV 2016

 

 

NIFTY DAILY CHART

Technically, A strong break below 8550 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8550.On the other hand, a decisive break above 8680 will ease the downside pressure and take the index futures higher to 8750 and 8800 thereafter. Indian Stock Market is still in negative zone but market would see a bounce at lower levels near support. Nifty is laying near its major support level of 8500. 8500 is a make or break level on closing basis. If Nifty closes below those levels then a breakdown would be seen in the market and we can even see levels of 8200-8000-7700 in days to come. If Nifty holds 8500 for next couple of day then we would see a sharp positive rally.

MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum.

 NIFTY FUTURE: Equity benchmarks closed marginally higher amid consolidation on Friday, with the Nifty retaining 8600 level on the first day of November series ahead of Murat trading session on Sunday. Short covering in Tata Group stocks and key earnings supported the market sentiment. The
broader markets outperformed throughout the session. Nifty rose 22.75 points to 8638 while the BSE Midcap and Smallcap indices rallied 1 percent each on positive breadth. The market is expected to be rangebound amid quarterly earnings and global cues. Lots of companies are yet to announce earnings
like ICICI Bank, SBI, Tata Motors, Tata Steel, M&M, L&T, Sun Pharma etc. the market is consolidating at current levels, which is good as it had a major rally from the lows in February earlier
this year. The Indian markets will remain attractive with corporate earnings expected to pick up incoming months.STRATEGY: Buy Nifty Future above 8650 the target of 8700 -8750 with the stop loss of 8570.

IndusInd Bank reported a 25.8% rise in net profit to Rs. 704.3 Cr in Q2 FY17, against Rs. 560 Cr in the corresponding quarter last fiscal. NII grew by 33.5% to Rs. 1,460.3 Cr. Net NPA stood at 0.37% against 0.38% in Q1 and Gross NPA stood at 0.90% against 0.91% in the previous quarter.

Cipla received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (FDA) for its Indore facility. The report indicated formal closure of the inspection conducted in 2015. 

KEC International bagged orders worth Rs. 1,192 Cr in various segments. The company received Transmission and Distribution projects worth Rs. 859 Cr in India, Africa, North and South America, cable orders worth Rs. 105 Cr, orders for Railways overhead electrification worth Rs. 120 Cr and Rs.108 Cr worth EPC project for solar power projects.